Avon Products, Inc. (NYSE:AVP) surprised investors with its earnings report for the second quarter of 2017, but not in a good way.
During the second quarter of the year, Avon Products, Inc. reported losses per share of 3 cents. This is down from its earnings per share of 7 cents from the same time last year. It also came in below Wall Street’s earnings per share estimate of 7 cents for the quarter and was a hindrance to AVP stock.
Revenue reported by Avon Products, Inc. in the second quarter of 2017 also didn’t help AVP stock. The company reported revenue of $1.40 billion for the quarter. Revenue reported during the second quarter of 2016 was $1.43 billion. Analysts were looking for AVP to report revenue of $1.44 billion in the second quarter of 2017.
Avon Products, Inc. reported operating profit of $31.60 million during its second quarter of the year. This is a drop from its operating profit of $95.10 million reported in the same period of the year prior.
A net loss of $45.80 million was reported by Avon Products, Inc. in the second quarter of 2017. The beauty products manufacturer and seller reported a net income of $33.20 million in the second quarter of the previous year.
Adding to YUM stock’s distress today is news that its CEO will be stepping down next year. CEO Sheri McCoy will be leaving the company on March, 31, 2018. AVP has brought in Heidrick & Struggles to help it search for McCoy’s replacement.
AVP stock was down 10% as of noon Thursday and is down 40% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.