Prestige Consumer Healthcare Inc. has reported its fiscal year 2024 results, showing a mix of performance across different metrics. The company reported revenues of $277.0 million in Q4 and $1,125.4 million for the fiscal year 2024. The fiscal year's revenue remained relatively stable, experiencing a marginal increase of 0.2% excluding the impact of foreign currency.
In the fourth quarter of fiscal 2024, reported revenues decreased by 2.9% compared to the same period in fiscal 2023. Moreover, the company faced supply chain constraints that affected its ability to meet retailer order demand, primarily in eye care products. Despite this, the company managed to report a net income of $49.5 million for the fourth quarter, a significant improvement from the prior year's net loss of $240.6 million.
For the fiscal year ended March 31, 2024, reported net income was $209.3 million compared to a net loss of $82.3 million in the prior year. This translated to a diluted earnings per share of $4.17, a substantial improvement from the previous year's diluted loss per share of $1.65.
The company's free cash flow increased from $221.9 million in the prior fiscal year to $239.4 million in fiscal 2024. Additionally, Prestige Consumer Healthcare Inc. reduced its leverage ratio to 2.8x, below its long-term target of 3x. The company's net debt position as of March 31, 2024, was approximately $1.1 billion.
Prestige Consumer Healthcare Inc.'s board of directors also authorized a new $300 million share repurchase program, reflecting the company's confidence in its financial position and its commitment to maximizing shareholder value.
Looking ahead to fiscal 2025, the company expects supply chain challenges, particularly in eye care, to persist through the first half of the year, with an anticipated improvement in the second half. As a result, Prestige Consumer Healthcare Inc. has provided an initial full-year fiscal 2025 outlook of approximately 1% organic revenue growth and a diluted EPS of $4.40 to $4.46.
The company's performance in different segments varied, with the North American OTC segment experiencing a decline in revenues, while the International OTC segment saw revenue growth.
Prestige Consumer Healthcare Inc. will host a conference call to review its fourth quarter and full-year fiscal 2024 results, providing more details and insights into its performance.
Following these announcements, the company's shares moved 1.4%, and are now trading at a price of $71.47. Check out the company's full 8-K submission here.
