Updated from 7:39 AM EDT.
NEW YORK (TheStreet) -- Shares of Avon Products (AVP) were down 1.25% to $6.33 late Thursday afternoon after the company posted earnings and revenue that missed analysts' expectations for the 2016 third quarter.
Before the opening bell, the New York-based make-up company reported adjusted earnings of 2 cents per diluted share on revenue of $1.41 billion, missing analysts' expectations.
Analysts surveyed by FactSet were looking for adjusted earnings of 3 cents per share on revenue of $1.42 billion for the most recent period.
"Avon's third-quarter results reflect broad-based performance improvements resulting in local currency sales growth across our top markets and significant operating margin expansion versus the prior year," CEO Sheri McCoy said in a statement.
"We have also taken actions to significantly improve our balance sheet and have accelerated the pace of our 2016 cost savings initiative," McCoy added.
Avon said it expects pre-tax annualized cost savings of about $350 million after three years, with roughly $200 million from supply chain reductions and approximately $150 million from other cost cuts.
"These pre-tax cost savings are expected to be achieved through restructuring actions as well as other cost-savings strategies that will not result in restructuring charges," the company said in a statement.
The company plans to reinvest a portion of these cost savings in growth initiatives, including media, social selling and information technology systems.
For the full-year, Avon said it has accelerated certain cost savings initiatives and is ahead of schedule to realize its target of $70 million in savings. The transformation plan was announced in January.
Shares of Avon were up nearly 8% in pre-market trading today.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.
This is driven by some concerns, which should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks covered by the team.
Among the areas that are negative, one of the most important has been weak operating cash flow.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: AVP