By Karen Roman
Edgewell Personal Care Co. (NYSE: EPC) updated its full year outlook to an adjusted EBITDA of approximately $356 million, compared with a previous range of $348 to $360 million.
The maker of Schick brand razors said third quarter net sales were $647.8 million, decreasing 0.3% from the same quarter the year prior.
Gross profit was $287.1 million compared to $280.3 million for the same quarter last year, while gross margin as a percent of net sales increased to 44.3%, it said. Adjusted gross margin rose 160-basis points, it said.
“Our third quarter results reflected robust gross margin accretion leading to substantial adjusted EBITDA and earnings per share growth,” said Rod Little, Edgewell’s President and CEO. “Amidst a competitive and dynamic market landscape, organic net sales growth featured continued strength in our Right-to-Win portfolio, propelled by our industry-leading Sun Care and Grooming businesses.”
Separately, the company said Dan Sullivan, currently CFO and President of Europe and Latin America, has been appointed to the position of COO; and Francesca Weissman, currently Senior Vice President of Finance and Business Strategy, will assume the role of CFO effective Dec. 1.
“With these strategic changes, Edgewell is well-positioned to further capitalize on the growth opportunities we see in the markets we serve,” said Little.
Contact:
Editor@executives-edge.com
