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.