- Revenue of $277.1 Million in Q1 fiscal 2023 increased 2.9% versus Prior Year
- Diluted EPS of $1.09 for Q1, ahead of expectations
- Net Cash Provided by Operating Activities of $58.2 Million and Non-GAAP Free Cash Flow of $57.2 Million
- Reaffirming Full-Year Fiscal 2023 Revenue and Earnings Outlooks
TARRYTOWN, N.Y., Aug. 04, 2022 (GLOBE NEWSWIRE) — Prestige Consumer Healthcare Inc. (NYSE:PBH) today reported financial results for its first fiscal quarter ended June 30, 2022.
“We are pleased with our first quarter performance that delivered a solid start to the year, with financial metrics slightly ahead of our expectations. We continued to use our strong and consistent cash flow strategically to reduce debt, finishing Q1 at 3.8x leverage while enhancing shareholder value by executing a portion of our authorized share repurchase program. Our proven business strategy and the benefits of our leading portfolio of brands have enabled this success against the backdrop of a dynamic operating environment. Following this solid Q1 start, we are reaffirming our fiscal year outlook for revenue and earnings and believe we are well positioned for the remainder of the year,” said Ron Lombardi, Chief Executive Officer of Prestige Consumer Healthcare.
First Fiscal Quarter Ended June 30, 2022
Reported revenues in the first quarter of fiscal 2023 of $277.1 million increased 2.9% versus $269.2 million in the first quarter of fiscal 2022. Revenues decreased 1.2% excluding the impact of foreign currency and a $12.6 million contribution from the acquisition of Akorn. The revenue performance for the quarter was driven by continued strong performance across many of the Company’s key brands but offset, as anticipated, by comparing to the prior year Q1 which experienced significantly increased demand for certain brands, categories and channels that had previously been impacted by the COVID-19 virus.
Reported net income for the first quarter of fiscal 2023 totaled $55.3 million, compared to the prior year first quarter’s net income of $57.8 million. Diluted earnings per share of $1.09 for the first quarter of fiscal 2023 compared to $1.14 in the prior year comparable period.
Free Cash Flow and Balance Sheet
The Company’s net cash provided by operating activities for first quarter fiscal 2023 was $58.2 million, compared to $69.3 million during the prior year comparable period. Non-GAAP free cash flow in the first quarter of fiscal 2023 was $57.2 million compared to $67.8 million in the prior year first quarter attributable to the timing of working capital.
In the first quarter fiscal 2023, the Company repurchased approximately 0.7 million shares at a total investment of $37.7 million.
The Company’s net debt position as of June 30, 2022 was approximately $1.5 billion, resulting in a covenant-defined leverage ratio of 3.8x.
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