Last $9.22 USD
Change Today -0.07 / -0.75%
Volume 2.9M
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As of 5:15 PM 12/24/14 All times are local (Market data is delayed by at least 15 minutes).

avon products inc (AVP) Key Developments

Avon Products Inc.(NYSE:AVP) dropped from S&P 500 Growth Index

Avon Products Inc.(NYSE:AVP) dropped from S&P 500 Growth Index

Avon Products Inc. Announces Executive Changes

Avon Products Inc. announced a series of changes to the company's management structure designed to support its multiyear turnaround plan. Avon's Latin America management responsibilities will be divided between two Avon executives who will each oversee a defined set of markets within the region. David Legher, currently Senior Vice President and President of Avon Brazil, will assume additional responsibility for the South Market Group. Mr. Legher will report directly to Ms. McCoy and join Avon's Executive Committee. Fernando Acosta, currently Senior Vice President and President, Latin America, will retain responsibility for North Latin America and the Andean Cluster. Mr. Legher is a 13-year veteran of Avon having held positions of increasing responsibility throughout Avon Latin America, Avon Brazil. Mr. Legher will maintain his responsibility for the Brazilian market. Mr. Acosta, in addition to his management responsibilities in North Latin America and the Andean Cluster, will take on additional responsibility as Avon's Head of Global Brand Marketing. In this role, he will lead all global marketing activities, including brand, product category strategy, and research & development. He continues to report to Ms. McCoy and serve on the company's Executive Committee. Mr. Acosta has led Avon's Latin America region for more than three years. Prior to joining Avon, he spent 19 years at Unilever where he advanced through a series of senior marketing and operating positions for some of Unilever's most prominent brands. Patricia Perez-Ayala, currently, Senior Vice President, Chief Marketing Officer, and Global Brand & Category President, will be leaving Avon effective January 2, 2015. John Higson, currently Senior Vice President & President, Europe, Middle East, Africa (EMEA), will take on an expanded role as Head of Global Field Operations. In this capacity, he will provide assessment and advisory support to the sales teams in Avon's top 12 markets, aiming to accelerate the onboarding for Sales Heads new to their role and improve the Avon pipeline to ensure more 'ready now' successors for key field management assignments. Mr. Higson will maintain responsibility for the Avon EMEA business unit. He continues to report to Ms. McCoy and serve on the company's Executive Committee. During his 29-year career at Avon, Mr. Higson has held a variety of sales, strategy and general management assignments.

Securities Fraud Class Action Claims Against Avon Arising from Bribery Allegations Dismissed

The U.S. District Court for the Southern District of New York dismissed a securities fraud class action brought against arising from alleged misstatements intended to conceal the firm's violation of the Foreign Corrupt Practices Act (FCPA). An institutional investor in Avon Products Inc. sued the company and certain of its officers, alleging violation of 10(b) and 20(a) of the Securities Exchange Act of 1934 arising from misstatements made by the company concerning the firm's compliance with the FCPA. The plaintiffs alleged that the defendants concealed bribes paid to Chinese officials in exchange for a limited license to use direct selling, previously banned in China, to sell its products there. The complaint alleged violations of 10(b) and 20(a) of the Securities Exchange Act of 1934. The defendants moved to dismiss. The district court concluded the complaint failed to adequately plead scienter with respect to statements concerning Avon's compliance programs and internal investigation. In attempting to make a showing that the defendants knew or consciously disregarded the fact that Avon's compliance programs and internal controls were inadequate at the time they made the purportedly misleading statements, the plaintiffs relied on a lawsuit filed by the firm's former Executive Director of Global Ethics. The subject lawsuit, however, was not filed until after the close of the class period. And the court held that at as a result, its allegations did not demonstrate that the defendants were aware that the company’s compliance programs were inadequate at the time the purportedly misleading statements were made.

Avon Products Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Capital Expenditure Guidance for the Full Year of 2014

Avon Products Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net sales of $2,059.0 million compared to $2,265.3 million a year ago. Total revenue was $2,138.2 million compared to $2,322.9 million a year ago. Operating profit was $187.9 million compared to $68.2 million a year ago. Income from continuing operations, before taxes was $144.4 million compared to $31.6 million a year ago. Net income attributable to the company was $91.4 million compared to net loss attributable to the company of $5.5 million a year ago. Basic and diluted earnings per share were $0.21 compared to basic and diluted loss per share of $0.01 a year ago. Adjusted operating profit was $197.8 million against $125.0 million a year ago. Adjusted income from continuing operations, before tax was $154.3 million against $88.4 million a year ago. Adjusted diluted EPS from continuing operations was $0.23 against $0.14 a year ago. For the nine months, the company reported net sales of $6,340.5 million compared to $7,139.2 million a year ago. Total revenue was $6,510.4 million compared to $7,287.8 million a year ago. Operating profit was $230.2 million compared to $444.4 million a year ago. Income from continuing operations, before taxes was $69.1 million compared to $206.2 million a year ago. Net loss attributable to the company was $57.9 million compared to net income attributable to the company of $12.7 million a year ago. Basic and diluted loss per share was $0.13 compared to basic and diluted earnings per share of $0.03 a year ago. Net cash provided by operating activities of continuing operations was $125.8 million compared to $96.3 million a year ago. Capital expenditures were $88.2 million compared to $118.2 million a year ago. Net debt (total debt less cash) at September 30, 2014 was $1.8 billion, up $191 million from the year-end 2013 level, and $172 million lower than at September 30, 2013. Adjusted operating profit was $517.2 million against $571.7 million a year ago. Adjusted income from continuing operations, before tax was $242.3 million against $453.5 million a year ago. Adjusted diluted EPS from continuing operations was $0.55 against $0.68 a year ago. The company provided capital expenditure guidance for full year 2014. The company expects adjusted operating margin to be up year-over-year. company expects full year capital expenditures will be in the range of $120 million to $140 million. This is a reduction from earlier expectation of $200 million to $230 million. The reduction is probably due to foreign currency.

Avon Products Inc. Declares Quarterly Dividend Payable on December 1, 2014

Avon Products Inc. declared a regular quarterly dividend on its common stock of $0.06 per share, payable December 1, 2014, to shareholders of record on November 13, 2014.

 

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