Manufacturing Industry
Profit warning forces Avon share price down.(Avon Products Inc.)(Brief Article)
Cosmetics International, October, 2005
Hurricanes Katrina and Rita haven't just wrecked homes, they're also doing pretty mean damage to stock prices. Avon's stock price recently fell 12 per cent after the direct sell company released a profits warning citing weak consumer sales and higher fuel costs (spiking fuel prices were caused by shortages of home-produced US oil as refineries were forced to close while hurricanes lashed the Gulf of Mexico).
Avon predicts it will only achieve low to mid single digit growth for 2005, with earnings per share also getting a beating. Previously Avon had expected earnings per share to be in the $2.03 to $2.08 range; it has now slashed this to a possible $1.75 to $1.85.
Avon also says slower sales in China and Eastern Europe have put a brake on sales...
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