Avon ( AVP) posted a 54% drop in second-quarter earnings as the cosmetics company continues to restructure.For the second quarter ended June 30, earnings plunged to $151 million, or 33 cents a share, from the year-ago $328 million, or 69 cents a share. The latest quarter included a 7-cent restructuring charge and a gain of less than a penny a share on unusual tax items. The year-ago quarter included a 20-cent-per-share benefit primarily from settlements of tax audits. Revenue rose to 5% from a year ago to $2.08 billion. Revenue rose 4% in local currency, as did active representatives. Units decreased 1% year over year. Total sales of beauty products in the quarter rose 4% in dollars and 3% in local currency. Analysts surveyed by Thomson Financial were looking for a 35-cent profit on sales of $2.04 billion. "At this midpoint in the year, we have essentially completed actions to delayer our organization, and are beginning to see early savings from that initiative," said CEO Andrea Jung. "When fully realized, we estimate that annualized savings from delayering will approach $200 million, a majority of the more than $300 million total benefit we expect to generate from our restructuring effort."