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Avon Products profit misses consensus by 56.9% in Q1

Avon Products Inc. said its normalized net income for the first quarter was 1 cents per share, compared with the S&P Capital IQ consensus estimate of 3 cents per share.

EPS fell 82.9% year over year from 7 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $4.9 million, a decrease of 82.8% from $28.8 million in the prior-year period.

The normalized profit margin declined to 0.4% from 1.9% in the year-earlier period.

Total revenue fell 15.8% year over year to $1.31 billion from $1.55 billion, and total operating expenses decreased 14.1% year over year to $1.25 billion from $1.46 billion.

Reported net income totaled a loss of $156.9 million, or a loss of 36 cents per share, compared to a loss of $143.5 million, or a loss of 33 cents per share, in the year-earlier period.