Revlon Jumps After Reporting Narrower Q3 Net Loss, Unveiling Restructuring Plan

(RTTNews) - Shares of Revlon, Inc, (REV) have shown a substantial move to the upside during trading on Friday, with the cosmetics maker surging up by 27.8 percent.

The jump by Revlon comes after the company reported a third quarter net loss of $11.1 million compared to a loss of $32.4 million in the prior-year period.

Revlon said the lower net loss was driven by higher operating income as well as a larger tax benefit primarily due to the impact of the U.S. Tax Act.

The company also unveiled a restructuring plan expected to deliver in the range of approximately $125 million to $150 million of annualized cost reductions by the end of 2019.