Prestige Brands Q1 Profit Down, Matches Estimates; Confirms Annual Outlook

(RTTNews) - Prestige Brands Holdings, Inc. (PBH), a seller of OTC health and cleaning products, Thursday reported first-quarter earnings which decreased, as higher costs overshadowed revenue growth. Earnings were in line with analysts' estimates. The company reaffirmed its annual outlook.

For the three months to June, net earnings declined to $16.73 million or $0.32 per share, from $20.69 million or $0.40 per share a year earlier.

Excluding certain items, earnings stood at $21.48 million or $0.41 per share. On average, five analysts polled by Thomson-Reuters estimated the company's earnings to be $0.41 for the quarter. Analysts' estimates typically exclude one-time items.

Adjusted EBITDA totaled $51.04 million, compared with $53.29 million a year earlier.

Quarterly revenues increased by 2.2 percent to $145.7 million, from $142.5 million last year. Wall Street expected revenues of $143.2 million

For the full year, the company confirmed its outlook for adjusted earnings of $1.75 to $1.85 per share on revenue growth of 15 to 18 percent.

Analysts expect annual earnings of $1.79 per share on revenues of $701.6 million.