Strong OTC growth bolsters Prestige Brands performance

TARRYTOWN, N.Y. — Shares of Prestige Brands rose 6.6% in Thursday afternoon trading at $56.49 per share, driven by strong third-quarter earnings and solid performance from the company's OTC business.



Reported revenues for the North American OTC Healthcare segment were $177.3 million for the third quarter of fiscal 2017, 7.4% higher than the prior year comparable quarter's revenues of $165.1 million, the company stated. For the first nine months of the current fiscal year, reported revenues for the North American OTC Healthcare segment were $521.8 million, an increase of 7.2% compared to $486.9 million in the prior year comparable period.



The recent acquistion of C.B. Fleet, announced last month, and the divestiture of several underperforming brands also contributed to a strong third-quarter performance.

“Third quarter fiscal 2017 was eventful for the company, as we divested multiple non-core brands and announced the acquisition of C.B. Fleet Company,” stated Ron Lombardi, CEO Prestige Brands. “These strategic moves completed over the last 12 months shift our portfolio favorably toward our stated long-term organic sales growth objectives.”