Edgewell Personal Care Co. (EPC) on Thursday announced its financial results for the third quarter that beat consensus forecast, despite difficult operating environment due to the pandemic. EPC shares rose more than 7 percent this morning following the results.
The Shelton, Connecticut-based consumer product company said that it earned $21.0 million, or 38 cents per share in the three-month period ended September 30, as compared to $40.7 million, or 75 cents per share in the year-ago quarter. Adjusted profit came in at 59 cents per share, beating the analysts’ average estimate of 57 cents per share.
Revenue declined to $488.8 million in the quarter, as compared to $528 million in the same period last year. However, it was better than $466.0 million forecasted by analysts.
If we analyze the sales performance of different categories, revenue from Sun and Skin Care segment jumped 15 percent to $12.1 million in the quarter, while revenue from Wet Shave declined 4 percent to $13.5 million. Comparatively, Feminine Care sales were $8.4 million, down 10.8 percent on year-over-year basis.
Speaking on the results, the company’s CEO Rod Little said "we are pleased to close out fiscal 2020 with a fourth quarter that demonstrated a clear return to more stable underlying top line and bottom line performance, underpinned by healthy gross margin results. North American Wet Shave and Sun Care, and continued expansion of our Wet Ones brand, were all areas of strength. Our strong focus on execution and disciplined approach to commercial investment and brand activation, all helped fuel this performance."
Looking forward, the company projected earnings in the range of $2.18 per share to $2.38 per share for fiscal 2021, while revenue is expected to increase in the mid-single digits.
Edgewell Personal Care (NYSE: EPC) share price has surged more than 13 percent so far this year, including today’s gain.
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