Avon Products 2nd-quarter profit drops

NEW YORK (AP) — Avon Products says its second-quarter profit fell 65 percent because of the stronger dollar, restructuring charges and the global recession, but adjusted results beat analyst expectations.

The New York-based cosmetics company's quarterly profit slid to $82.9 million, or 19 cents per share, from $235.6 million, or 55 cents per share, in the second quarter last year.

Excluding a restructuring charge of 19 cents per share, Avon recorded profit of 38 cents per share in the latest quarter. That beat analysts' prediction for income of 34 cents per share excluding one-time items.

Revenue fell 10 percent to $2.47 billion from $2.74 billion. Excluding the effect of the stronger dollar, however, sales rose 5 percent. Analysts expected Avon Products Inc. to post $2.43 billion in revenue.