Cosmetics maker Revlon Tuesday posted a narrower quarterly loss that beat Wall Street expectations, as it focused on cutting costs and an ongoing restructuring plan.
The company also said that it now expects to exceed $210 million in adjusted earnings -- earnings before interest, taxes, depreciation and amortization -- in 2007, which it had forecast earlier.
Its net loss in the third quarter was $10.4 million, or 2 cents a share, compared with a loss of $100.5 million, or 24 cents a share, a year earlier.
Four analysts, on average, had expected it to post a loss of 8 cents a share excluding items, according to Reuters Estimates.
Net revenue rose 11 percent to $339.7 million; analysts had been expecting $313.6 million.
Sales rose 19.7 percent in the United States and were up 1.6 percent internationally. While sales were strong in the eye makeup category, that was offset by weakness in the face, lip and nail product segments, Revlon Chief Executive David Kennedy said in a statement.
The company also cut its net expenses by nearly $10 million in the quarter.
For 2008, the company said it will launch an extensive product lineup in its Revlon and Almay color makeup segments.
The company, which has already stepped up its marketing spending, said it will continue to do so for its new products.