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Avon Products profit beats consensus by 34.6% in Q2

Avon Products Inc. said its second-quarter normalized net income came to 11 cents per share, compared with the S&P Capital IQ consensus estimate of 8 cents per share.

EPS decreased 36.5% year over year from 17 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $45.9 million, a decrease of 36.4% from $72.2 million in the prior-year period.

The normalized profit margin declined to 2.5% from 3.3% in the year-earlier period.

Total revenue fell 16.7% on an annual basis to $1.82 billion from $2.19 billion, and total operating expenses fell 15.9% from the prior-year period to $1.72 billion from $2.04 billion.

Reported net income rose 75.2% on an annual basis to $30.5 million, or 7 cents per share, from $17.4 million, or 4 cents per share.