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June 23, 2014
17:07 EDTAVPAvon Products announces workforce reduction of approximately 600
Avon Products announced additional actions as part of the company's ongoing turnaround efforts to return Avon to sustainable, profitable growth. These steps are related to continued efforts to right size the cost structure, improve organizational effectiveness, streamline processes to gain efficiencies and reduce cost across the organization. These actions are primarily global headcount reductions of approximately 600 positions, largely in the corporate organization and North America business unit. Total charges to be recorded as a result of these actions are expected to be approximately $45M-$50M before taxes, with approximately $40M expected to be recorded in the second quarter. The company expects these restructuring actions to result in annualized savings of approximately $50M-$55M before taxes as part of the $400M Cost Savings Initiative. In connection with the restructuring actions approved to-date associated with the $400M Cost Savings Initiative, we expect to realize annualized before-tax savings of approximately $240M-$250M.
News For AVP From The Last 14 Days
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May 5, 2015
18:10 EDTAVPOn The Fly: Top stock stories for Tuesday
Stocks on Wall Street were lower for the day. The market began the session in negative territory and remained there throughout the day, taking cues from similar losses in European indexes. ECONOMIC EVENTS: In the U.S., the trade balance deficit grew 43% to $51.4B., significantly higher than analyst expectations for a move to $41.2B. Markit's services PMI declined to 57.4 for April, missing forecasts of 57.8. The Institute for Supply Management's non-manufacturing April PMI was 57.8, beating the anticipated 56.2 reading. WTI crude oil settled up 1.86, or 3.16%, at $60.79 per barrel. In China, the Shanghai Composite Index fell 4.1% on reports of increased margin requirements. COMPANY NEWS: Shares of Salesforce (CRM) advanced 5.92% to $75.84 and were halted near 3:00 pm ET after reports that Microsoft (MSFT) was considering placing a bid for the company, though those rumors were downplayed as the afternoon continued... Disney (DIS) stock rose roughly 1% before finishing the session down fractionally after the company's second quarter results beat analyst expectations. During a CNBC interview, CEO Bob Iger remarked that the company's movie studio business currently has "no holes to fill" after "Avengers: Age Of Ultron" topped box office charts for its opening weekend. MAJOR MOVERS: Among the notable gainers was Cliffs Natural (CLF), which rose 12.29% after reports that Quebec province is prepared to buy a rail line, certain port facilities, and 20% of Bloom Lake mine from the company. Also higher were shares of Netflix (NFLX), advancing 1.92% for the day to finish at $565.55 after BofA/Merrill upgraded the company by a full two ratings to Buy. The firm raised its price target to $722 from $350, citing strong original content and "enormous" international opportunities. Among the noteworthy losers was Avon (AVP), falling 11.87% after the New York Post reported that Coty (COTY) and certain private equity firms may have lost interest in acquiring the company due to financing difficulties. Also lower were multiple companies in the containerboard market, with International Paper (IP), KapStone Paper (KS), Packaging Corp. (PKG), RockTenn (RKT) and MeadWestvaco (MWV) all declining 2%-5% after the IRS proposed rules which analysts believe could exclude papermakers from master limited partnerships. INDEXES: The Dow was down 142.20, or 0.79%, to 17,928.20, the Nasdaq was down 77.60, or 1.55%, to 4,939.33, and the S&P 500 was down 25.03, or 1.18%, 2,089.46.
06:56 EDTAVPBuyout firms losing interest in Avon Products, NY Post says
Coty (COTY) and some private equity firms may have lost interest in pursuing an acquisition of Avon Products (AVP), due to difficulties financing an offer, reports the New York Post, citing a two sources close to the situation. Reference Link
April 30, 2015
07:21 EDTAVPAvon Products sees FY15 adj operating margin in USD down 200 basis points YoY
Avon Products continues to expect constant-dollar revenue to be up modestly in 2015 as compared with 2014. However, based on recent foreign currency rates, revenue in reported dollars is expected to be negatively impacted by foreign currency translation, which is now expected to have an approximate 17 point negative impact vs. previous outlook of an approximate 12 point negative impact. The company now expects Constant-dollar Adjusted operating margin to be approximately 50 basis points lower than 2014. As a result, the company now expects Adjusted operating margin in reported dollars to be down approximately 200 basis points vs. 2014, due to the expected impact from foreign currency translation and IPI.
07:18 EDTAVPAvon Products reports Q1 adjusted EPS 4c, consensus 7c
Reports Q1 revenue $1.8B, consensus $1.83B.
April 29, 2015
11:44 EDTAVPAvon Products volatility elevated into Q1 and outlook
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April 28, 2015
06:08 EDTAVPAvon may consider 'fundamental' shift in business, WSJ reports
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