Revlon Turns a Rare Profit
Buyers piled in to
Revlon
(REV) - Get Report
Tuesday after the makeup company said it earned $46 million in the fourth quarter of 2004.
Per-share earnings were 12 cents, compared with a loss of $12.6 million, or 18 cents a share, in the year-ago quarter. Sales were $378.3 million in the latest quarter compared with $368.5 million a year ago. Revlon said the profit in the 2004 quarter was its first in six years.
Analysts had been forecasting earnings of 11 cents a share. The stock jumped 23 cents, or 9%, to $2.78.
While voicing optimism for 2005, Revlon noted it will raise marketing spending for its key brands and products, a move that will "obviously have an impact on the quarterly flow of our results."
Revlon said sales growth was paced in the fourth quarter by its North America division, reflecting acceptance of new products for 2005 and favorable currency translations.