- Company Exceeds Full Year 2021 Guidance for Revenue, Adjusted EPS and Free Cash Flow
- Revenue was $237.8 Million in Q4 and $943.4 in Full-Year Fiscal 2021
- Record Diluted EPS of $3.25 for Full-Year Fiscal 2021
- Net Cash Provided by Operating Activities for Fiscal 2021 of $235.6 million and Record Adjusted Free Cash Flow of $213.4 Million in Full-Year Fiscal 2021
- Provides Full-Year Fiscal 2022 Outlook for Revenue and Earnings Per Share of $957 to $962 Million and $3.58 or More, Respectively
TARRYTOWN, N.Y., May 06, 2021 (GLOBE NEWSWIRE) — Prestige Consumer Healthcare Inc. (NYSE:PBH) today reported financial results for its fourth quarter and fiscal year ended March 31, 2021.
“We exceeded full year 2021 guidance by generating solid earnings and cash flow growth along with market share gains. This performance is a testament to our proven business strategy and the benefits of our leading and diverse portfolio of brands, especially against the backdrop of the unique pandemic business environment that disrupted several of our categories in fiscal 2021. We expect our business attributes to continue to create value in the upcoming fiscal year as we anticipate returning to sales growth and continue to leverage our strong free cash flow to execute our capital allocation strategy,” said Ron Lombardi, Chief Executive Officer of Prestige Consumer Healthcare.
Fourth Fiscal Quarter Ended March 31, 2021
Reported revenues in the fourth quarter of fiscal 2021 decreased 5.4% to $237.8 million versus $251.2 million in the fourth quarter of fiscal 2020. Revenues decreased 6.6% excluding the impact of foreign currency. The revenue performance for the quarter was driven by strong performance across the majority of the Company’s key brands versus their respective categories, but was more than offset by reduced consumption for certain brands where the category has been disrupted by the COVID-19 virus, including the comparison against a sharp rise in consumption during the fourth quarter fiscal 2020 as consumers “stocked up” on products as a result of the COVID-19 virus.
Reported net income for the fourth quarter of fiscal 2021 totaled $35.5 million, compared to the prior year quarter’s net income of $37.0 million. Non-GAAP adjusted net income of $39.9 million in the fourth quarter fiscal 2021 compared to the prior year quarter’s adjusted net income of $41.9 million. Diluted earnings per share of $0.70 for the fourth quarter of fiscal 2021 compared to $0.73 in the prior year comparable period. Non-GAAP adjusted earnings per share were $0.79 per share for fourth quarter fiscal 2021, compared to $0.82 per share in fourth quarter fiscal 2020.
The adjustment of net income in the fourth quarter fiscal 2021 includes a loss on extinguishment of debt and the related income tax effects. Adjustments to net income in the fourth quarter of fiscal 2020 included costs associated with a new logistics provider and location and the related income tax effects of the…