reported a narrower-than-expected third-quarter loss, aided by its cost-cutting efforts.
The loss in the latest third quarter, before restructuring costs, was $12.6 million, or 25 cents a share, compared with a loss from ongoing operations of $159.7 million, or $3.12 a share, last year. Four analysts polled by
First Call/Thomson Financial
expected a loss of 32 cents a share.
Sales fell 1.1% to $351.9 million from ongong sales of $355.8 million in the third quarter a year ago. U.S sales for the quarter were $215.2 million, compared with $210.7 million last year, while international sales were $136.7 million, compared with $145.1 million a year ago.
Revlon also said it plans to consolidate North American cosmetics manufacturing at its Oxford, N.C., facility during the next 12 months, and will shut down its factories in Canada, Phoenix and New Zealand. The company expects to record restructuring costs and expenses in the next 12 to 15 months of $55 million to $60 million, and sees annual savings of $25 million to $30 million.
Shares of Revlon were recently up 19 cents, or 3.2%, to $6 in
New York Stock Exchange