Cosmetics seller Avon Products Inc. says its first-quarter profit more than tripled on higher selling prices and growth in Latin America.
Avon, based in New York, says net income increased to $143.6 million, or 33 cents per share, in the quarter that ended March 31. That's up from $42.5 million, or 10 cents per share, in the same quarter last year.
A 16 percent increase in Latin American revenue helped total revenue rise 7 percent to $2.59 billion. Excluding the effects of a weaker dollar, revenue rose 4 percent. Avon makes about 80 percent of its revenue outside North America.
Excluding discontinued operations, earnings were 35 cents per share. Analysts expected earnings of 32 cents per share on revenue of $2.59 billion.
Its shares rose 43 cents, or 1.5 percent, to $30 in pre-market trading.
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