Prestige Brands Holdings Inc. said Thursday that its fiscal first-quarter net income rose 41 percent from prior-year results that were weighed down by acquisition-related costs.
For the period ended June 30, Prestige —which distributes over-the-counter items like Clear Eyes and PediaCare as well as household cleaning products — earned $20.7 million, or 40 cents per share. That’s up from $14.7 million, or 29 cents per share, a year earlier.
Analysts polled by FactSet expected earnings of 38 cents per share.
The Tarrytown, N.Y., company said that the year-ago results were 35 cents per share when stripping out costs tied to the acquisition of some GlaxoSmithKline PLC brands.
Last year Prestige paid $660 million to buy 17 over-the-counter product brands from GlaxoSmithKline, including the Beano, Gaviscon and Tagamet gastrointestinal brands, BC and Goody’s pain relievers, and Sominex sleep aids.
Revenue fell 3 percent to $143 million from $147 million as it sold off the Phazyme gas treatment brand that was part of the GlaxoSmithKline deal. Wall Street was looking for $146.4 million in revenue.
Prestige anticipates full-year revenue of about $638 million to $643 million. This accounts for its acquisition of Australian over-the-counter health care products company Care Pharmaceuticals. Analysts predict full-year revenue of $633.3 million.
Its shares closed at $33.91 on Wednesday.
