Prestige Consumer Healthcare Inc. Reports Fiscal 2019 Third Quarter Results
Revenue was $241.4 Million in Q3 Fiscal 2019 as Previously Announced
GAAP Diluted EPS of $0.73 in Q3
Reduced Debt by $55 Million in Q3 and $155 Million Year-to-Date From Cash Generation and Divestiture Proceeds
TARRYTOWN, N.Y.--(GLOBE NEWSWIRE)-February 7, 2019-- Prestige Consumer Healthcare Inc. (NYSE:PBH) today reported financial results for its third quarter and nine months ended December 31, 2018.
“In Q3 our business generated solid earnings and cash flow, which was enabled by both our sales diversity across retail channels and continued brand success across our portfolio driven by our long-term brand-building efforts. These portfolio attributes helped offset the previously announced retailer inventory reductions in Q3, and we expect these drivers of long-term value to continue in our coming fiscal year,” said Ron Lombardi, Chief Executive Officer of Prestige Consumer Healthcare.
Third Fiscal Quarter Ended December 31, 2018
Reported revenues in the third quarter of fiscal 2019 decreased 10.8% to $241.4 million, compared to $270.6 million in the third quarter of fiscal 2018. Revenues decreased 3.1% on an organic basis which excludes the impact related to the divested Household Cleaning segment and foreign currency. The decrease in organic revenues for the quarter was primarily driven by inventory reductions at certain key retailers.
Reported gross profit margin in the third quarter fiscal 2019 was 57.7%, compared to 54.6% for the third quarter of fiscal 2018. The improvement versus the prior year was driven primarily by the divestiture of the Household Cleaning segment and the change in revenue recognition and the timing of related expenses.
Reported net income for the third quarter of fiscal 2019 totaled $38.2 million versus the prior year comparable quarter’s net income of $314.8 million, or $37.3 million in the prior year comparable quarter on a non-GAAP adjusted basis. The prior year period reported results included a benefit from income tax adjustments related to the domestic Tax Cuts and Jobs Act. Diluted earnings per share were $0.73 for the third quarter of fiscal 2019 compared to $5.88 reported for the third quarter of fiscal 2018, or $0.70 in the prior year comparable period on a non-GAAP adjusted basis.
Adjustments to net income in the third quarter of fiscal 2018 included integration, transition, purchase accounting, legal and various other costs associated with acquisitions and divestitures, and the related income tax effects of the adjustments as well as income tax adjustments related to the domestic Tax Cuts and Jobs Act.
Nine Months Fiscal 2019 Ended December 31, 2018
The following information was filed by Prestige Brands Holdings, Inc. (PBH) on Thursday, February 7, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Prestige Brands Holdings, Inc.'s financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed, and by Prestige Brands Holdings, Inc..
Ticker: PBH CIK: 1295947 Form Type:10-Q Quarterly Report Accession Number: 0001295947-19-000007 Submitted to the SEC: Thu Feb 07 2019 1:29:14 AM EST Accepted by the SEC: Thu Feb 07 2019 Period: Monday, December 31, 2018 Industry: Pharmaceutical Preparations