Both Avon Products, Inc. (NYSE:AVP) and ConocoPhillips (COP) released the results from their most recently completed quarters this morning. Avon reported earnings of 12 cents per share on $2.2 billion in revenue. Analysts had been expecting 21 cents per share in earnings on $2.2 billion in revenue.
ConocoPhillips (NYSE:COP) reported adjusted earnings of $1.81 per share, excluding items. Analysts had been expecting earnings of $1.56 per share on $15.13 billion in revenue.
Breaking down Avon’s results
Avon Products, Inc. (NYSE:AVP) CEO Sheri McCoy said she isn’t “satisfied” with the company’s first quarter performance, but she is “encouraged” by the progress they have made. The total revenue of $2.2 billion fell 11% or 3% in constant currency. Total units fell 6%, and price / mix rose 3%. Beauty sales fell 12% or 4% in constant currency, while Fashion and Home sales fell 9% or 1% in constant dollars.
The gross margin for the quarter was 56.2%, including a $116 million charge in connection with Avon Products, Inc. (NYSE:AVP)’s Venezuelan operations as it shifted to a new foreign exchange system. Operating losses were $51 million, and operating margin was -2.3%. Adjusted operating profit was $134 million, while adjusted operating margin was 6.1%, a 240 basis point decline driven by negative impacts from exchange rates. Net loss from continuing operations was 38 cents per share of $167 million. That’s compared to losses of 3 cents per share in the same quarter a year ago.
Breaking down ConocoPhillips’ results
ConocoPhillips (NYSE:COP) came out significantly ahead of estimates, reporting earnings of $1.71 per share, including items. The oil company said increases in production resulted in strong performance in their unconventional plays in North America. Also their Canadian liquids segment grew, and the company began ramping up projects in Europe. Production during the first quarter was 1.53 billion barrels of oil each day or 1.568 billion excluding Libya.
The company expects to produce between 1.49 billion and 1.54 billion barrels of oil each day excluding Libya in the current quarter. ConocoPhillips (NYSE:COP) said it expects volumes and margins for the full year to be up by between 3% and 5%.