Beauty products maker Avon Products Inc. (AVP: chart) reaffirmed its earnings and sales targets for the second-quarter and all of 2003. Moreover, the company noted that full-year earnings could even exceed previous estimates.

The New York-based direct seller of cosmetics expects to report a second-quarter mid-single-digit rate increase over last year's comparable earnings of 64 cents a share. According to the company, earnings in the prior-year quarter included gains from successful hedging strategies that would not repeat in the current quarter.

Analysts polled by Thomson First Call expect the company to earn 69 cents a share for the quarter.

Avon said that its sales growth in the second quarter should match the first-quarter's sales rise of 7% in dollars and 12% in local currencies compared with a year earlier when total sales amounted to $1.48 billion. Analysts anticipate second-quarter revenue to come at $1.63 billion. The company forecast that sales of its beauty products would rise between 11% and 13%, primarily due to successful new product launches.

Avon also announced that full-year earnings could exceed its targeted level of $2.55 a share if foreign-exchange rates stay around current levels. Wall Street analysts are expecting the company to earn $2.56 a share for 2003.

Shares of Avon added just 1 cent, or 0.02%, to close at 60.43 on the New York Stock Exchange (NYSE).

British budget carrier Ryanair Holdings PLC (RYAAY: chart) posted Tuesday a significant rise in its annual profit, but warned that growth would slow during the next fiscal year as the low-fare airline opens more new routes.

Net profit for the year ended on March 31, 2003 soared 59% to €239.4 million ($280.98 million) from €150.4 million ($176.52 million) last year. At the same time, revenue hit €842.5 million ($988.84 million), up 35% from €624.1 million ($732.51 million) in 2002.

Passenger traffic during the latest twelve months surged 42% to 15.7 million. Meanwhile, the load factor - a measure of the number of passengers as a proportion of the number of seats available - for May was 77%, compared with 83% in May last year, totaling 84% for the rolling twelve months.

However, the world's No. 3 passenger airline by share value said the result was unlikely to be repeated. 'Shareholders should be aware that these results for the past twelve months have been exceptional. We have repeatedly stated that profit margins of almost 30% are a one off and non-sustainable,' said Michael O'Leary, Ryanair's chief executive, in a prepared statement.

Looking ahead, the top discount airline warned that its fares and yields would fall by 10% to 15% in the current financial year, which would hurt its profit margin. The company's load factor is also seen falling by 5% to 80%.

U.S. shares of Ryanair were the most actively traded American Depositary Receipts (ADRs) on the Nasdaq Stock Exchange Tuesday. The stock dipped 2.24, or 5.29%, to finish at 40.07.

Shares of British Energy PLC (BGY: chart) slumped 11.62% on the NYSE after the British nuclear electricity generator posted a full-year pretax loss of £4.3 billion ($7.01 billion), compared with a loss of £493 million ($804.92 million) last year.

The loss reflected exceptional charges, including the write down of its nine British power plants by £3.7 billion ($6.04 billion). The company, which produces about a fifth of Britain's electricity, delivered losses after tax of £3.9 billion ($6.37 billion) for the year ended March 31, 2003.

British Energy also warned that the group might face insolvency proceedings if its restructuring efforts fail. 'Significant progress has been made but the proposed restructuring remains subject to a large number of significant uncertainties. If, for any reason, British Energy is unable to implement the restructuring, it may be unable to meet its financial obligations as they fall due, in which case it may have to take appropriate insolvency proceedings,' the company said.

British Energy has to sell its 50% interest in AmerGen, which owns and operates one pressurised water reactor and two boiling water reactors. The sale should be completed by June 30, 2003 and its value is a key component of the above-mentioned restructuring.

Shares of the company tumbled 72 cents to close at 5.47 in regular trading Tuesday.

Chipmaker Altera Corp. (ALTR: chart) raised its second-quarter earnings guidance to the high end of its previous targeted range, citing rising demand for its newest products.

The programmable-semiconductor maker expects its second-quarter revenue to increase 3% to 4% on a sequential basis. On April 29, the company had forecast sequential revenue growth of 1% to 4%, or $197 million to $203 million. Altera's new range places revenue between $200.9 million and $203 million.

Shares gained 19 cents, or 1.04% to 18.55 on the Nasdaq following the announcement. The stock added another 15 cents to 18.70 in extended trading.