Avon Products beats by $0.05, misses on revs
- Reports Q4 (Dec) earnings of $0.12 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus of $0.07; revenues rose 0.1% year/year to $1.57 bln vs the $1.6 bln Capital IQ Consensus, declined 2% in constant dollars. Active Representatives declined 2% primarily due to decreases in South Latin America and North Latin America. Average order was relatively unchanged primarily due to growth in South Latin America that was offset by a decline in Europe, Middle East & Africa. Ending Representatives was relatively unchanged primarily due to growth in Europe, Middle East & Africa that was offset by a decline in South Latin America.
- "Our top line remains under pressure as we continue to operate in challenging macro and competitive conditions, particularly in our largest markets. We delivered improving operating margins in the fourth quarter supported by continued benefit from our ongoing cost savings initiatives. Importantly, we continued to strengthen our cash position, enhancing the financial flexibility necessary to fund priority investments." Zijderveld went on to say, "With the support of the Board of Directors, and the reality of our current performance, I am taking a fresh look, diving deeply into our business, starting with spending time in our key markets to gain a full picture of the operating climate as a basis to improve performance. I am committed to accelerating the pace of change and to positioning Avon for success."
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