Executive Summary

• Avon Products reported 4Q17 adjusted EPS of $0.12, beating the $0.07 consensus estimate and compared with $0.01 in the year-ago quarter. Revenues were $1.57 billion, below consensus of $1.60 billion and flat year over year.
• The company realized more than $250 million of cost savings under its 2016 Transformation Plan, exceeding its cost savings target of $230 million for 2017.
• The company is maintaining its long-term goals of achieving mid-single-digit constant-dollar revenue growth and a low-double-digit operating margin, which will take some time.