Natura acquiring Avon in all-share transaction

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Avon adjusted profit beats estimates as revenue falls short

Avon Products Inc. said Thursday it had a net loss of $32.7 million, or 9 cents a share, in the first quarter, after a loss of $20.3 million, or 6 cents a share, in the year-earlier period. Adjusted per-share earnings came to 3 cents a share, compared with a FactSet consensus for breakeven. Revenue fell to $1.187 billion from $1.394 billion, below the $1.238 billion FactSet consensus. The direct seller of cosmetics and beauty products said revenue gains in Asia Pacific, South Latin America and North Latin America were offset by a decline in Europe, Middle East and Africa. Margins shrank by 160 basis points to 56.8%. The company booked restructuring charges of about $54 million, offset by a gain on the sale of China manufacturing plant of about $10 million. Share rose 0.6% premarket and have gained 26% in the last 12 months, while the S&P 500 has gained 11%.

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