Edgewell Personal Care Company announced its fourth fiscal quarter and full fiscal year 2024 results, ending September 30, 2024. For the full fiscal year, net sales increased 0.1% to $2,253.7 million, with organic net sales up 0.2%, driven by 7.3% growth in international markets partially offset by a 3.8% decrease in North America.
GAAP diluted EPS for fiscal 2024 decreased 11% to $1.97, while adjusted diluted EPS increased 18% to $3.05, or 21% at constant currency. Adjusted gross margin expanded by 140 basis points, benefiting from productivity savings of approximately 280 basis points and favorable pricing of 115 basis points, which offset inflation and unfavorable mix.
For the fourth quarter of fiscal 2024, net sales were $517.6 million, a decrease of 3.1%, with organic net sales down 2.8%. This decline was primarily due to a 6% drop in North America, despite 2.4% growth in international markets. GAAP net earnings for the quarter were $8.8 million, or $0.17 per diluted share, compared to $29.9 million, or $0.58 per diluted share in the prior year quarter.
The company initiated its fiscal 2025 outlook, anticipating organic net sales growth in the range of flat to 1%, adjusted EPS between $2.85 and $3.05, and adjusted EBITDA between $329 million and $341 million. This outlook incorporates a cautious view on consumption, increased brand investments, and an estimated $3 million to $4 million in-year COGS headwind from tariffs.
Edgewell's Chief Operating Officer, Dan Sullivan, indicated the company is actively working to secure new two- to three-year contracts for Chinese chemicals to control costs, anticipating potential tariff hikes. The company acknowledges a 'China dependency' for certain sunscreen chemicals due to a lack of steady alternate supply, making mitigation efforts crucial for managing future cost increases.
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