reiterated its second-quarter and full-year outlook, saying it is comfortable with Wall Street's consensus.
The makeup direct seller said it expects to meet or beat the second-quarter consensus estimate of 63 cents a share provided by Thomson Financial/First Call, compared with 57 cents a share in the year-ago quarter. For the full year, the company said it will see double-digit earnings growth to $2.30 a share, compared to $2.09 last year and the consensus estimate of $2.31.
Avon said its updated outlook comes in response to volatility in foreign exchange rates. The company expects gains from its investments to offset any negative effects of weaknesses in Latin American currencies.
In a press release, the company said, "We're looking for accelerating top line growth in local currencies to continue throughout this year, driven by strong fundamentals in our global direct selling operations. And we are confident that 2002 will be our third consecutive year of double-digit earnings growth, despite volatility in currency markets."
Shares of Avon Products closed at $48.09 Tuesday.