Revlon, Inc. (REV) on Friday announced a wider net loss for the third quarter ended September 30, despite a strong showing on the revenue front. The comparative decline is primarily attributed to large gains on early extinguishment of debt recorded in the previous third quarter as well as large unfavorable foreign currency impacts between the two periods.
Net loss for the period was $53.1 million or $0.98 per share as compared to $44.5 million or $0.83 per share in the previous period. The higher net loss was primarily due to a $31.2 million gain from the early extinguishment of debt in 2020, and $19.7 million of unfavorable variance in foreign currency year-over-year. Excluding these impacts, the net loss would have improved by $42.3 million.
Adjusted loss for the period was $40.2 million or $0.74 per share as compared to $30.8 million or $0.58 per share in the previous period.
Net sales for the period were $521.1 million as compared to $477.1 million in the year-ago quarter, registering a growth of 9.2 percent.
Operating income for the period was $34.1 million, versus an operating loss of $9.7 million in the third quarter of the previous financial year. The higher operating income was driven primarily by $44.0 million in higher net sales, and a gross margin improvement of 670 basis points over the prior-year period, offset by $9.7 million in higher restructuring charges and $2.7 million in higher selling, general and administrative expenses (SG&A).
Adjusted operating income for the third quarter of 2021 increased by $33.0 million to $47.3 million from $14.3 million in the prior-year period.
Shares of Revlon. Inc. are currently trading in pre-market at $12.00, up $0.13 or 1.10 percent from previous close.
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