"Beauty is as beauty does, the saying goes, and Avon Products Inc. (NYSE: AVP) has delivered a beautiful earnings report," says Jack Adamo in his industry-leading Insiders Plus. Here's his latest.

"Despite a 14% increase in advertising (or perhaps, because of it) the company delivered EPS up 26%. In North America, the only underperforming region, revenues continued their slow downward slide. But active representatives increased for the first time in ages, which may brighten the future on the company's home turf.

"International sales continued to soar. Latin America was 19% higher in local currencies, and 32% higher after translation into the American Peso, also known as the U.S. Dollar. In Central & Eastern Europe, first-quarter revenue rose 17% (6% in local currency). Revenue in China grew 29% (19% local). Only Japan dragged things down a bit with its 2% gain.

Revlon (NYSE: REV) is changing hands at $1.15 in early trading. That's up 10%.

The big rise does not keep the cosmetics company from being one of the most mismanaged public companies going.

In the quarter, revenue grew to $349.2 million from $321.1 million. The company's net loss was $11.3 million, or $0.02 per diluted share, compared to a net loss of $87.1 million, or $0.20 per diluted share.

All of the earnings figures were the good news. The company quoted ACNielsen statistics to show that it market share was down across most of its brands.

Because the company did a bit better than expected, its share are getting a bit of a goose.

Over the last five years, Revlon's share price is down 70%. The shareholders are probably out of sorts, but let them eat lipstick.

Douglas A. McIntyre is a partner at 24/7 Wall St.