Avon Products 1st-quarter profit drops on charges; sees strong international sales

Avon Products 1Q profit falls on charges

NEW YORK — Avon Products’ fiscal first-quarter profit fell 64 percent on charges as strong results overseas boosted its revenue. Adjusted results beat Wall Street’s forecast.

The seller of beauty products like Mark and its namesake brand earned $42.5 million, or 10 cents per share, for the period ended March 31.

Excluding restructuring costs and those related to the devaluation of the Venezuelan currency, profit was 33 cents per share. This topped analysts’ estimates by a penny.

Revenue rose 15 percent to $2.49 billion. Wall Street expected $2.46 billion.

Sales were particularly strong in Latin America, up 22 percent. Revenue for Central and Eastern Europe climbed 28 percent. In North America, revenue dipped 2 percent.

Avon is in the midst of a restructuring that includes job cuts and trimming overhead.