UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________
FORM 10-Q
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2022
or
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from _______________ to _______________
Commission File Number: 001-15401
____________________________________________________________________________________________________________
EDGEWELL PERSONAL CARE COMPANY
| Missouri | 43-1863181 | ||
| (State or other jurisdiction of incorporation or organization) | (I. R. S. Employer Identification No.) | ||
| 6 Research Drive | (203) | 944-5500 | |
| Shelton, | CT | 06484 | (Registrant’s telephone number, including area code) |
| (Address of principal executive offices and zip code) |
| Title of each class | Trading symbol(s) | Name of each exchange on which registered |
| Common Stock, par value $0.01 per share | EPC | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☒No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes☒No ☐
| Large accelerated filer | ☒ | Accelerated filer | ☐ | |
| Non-accelerated filer | ☐ | (Do not check if a smaller reporting company) | Smaller reporting company | ☐ |
| Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
Common shares, $0.01 par value – 51,826,214 shares as of July 31, 2022.
EDGEWELL PERSONAL CARE COMPANY
INDEX TO FORM 10-Q
| PART I. | FINANCIAL INFORMATION | |
| Item 1. | Financial Statements. | |
| Condensed Consolidated Statements of Earnings and Comprehensive Income for the three and nine months ended June 30, 2022 and 2021. |
3 |
|
| Condensed Consolidated Balance Sheets as of June 30, 2022 and September 30, 2021. |
4 |
|
| Condensed Consolidated Statements of Cash Flows for the nine months ended June 30, 2022 and 2021. |
5 |
|
| Condensed Consolidated Statements of Changes in Shareholders’ Equity for the three and nine months ended June 30, 2022 and 2021. |
6 |
|
| Notes to Condensed Consolidated Financial Statements. |
8 |
|
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
22 |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk. |
33 |
| Item 4. | Controls and Procedures. |
34 |
| PART II. | OTHER INFORMATION | |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. |
35 |
| Item 6. | Exhibits. |
35 |
| SIGNATURE |
36 |
2
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements.
EDGEWELL PERSONAL CARE COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME
(unaudited, in millions, except per share data)
|
Three Months Ended June 30, |
Nine Months Ended June 30, |
|||||||
| 2022 | 2021 | 2022 | 2021 | |||||
| Net sales | $ | 623.8 | $ | 573.7 | $ | 1,634.8 | $ | 1,544.1 |
| Cost of products sold | 383.2 | 303.4 | 974.2 | 838.8 | ||||
| Gross profit | 240.6 | 270.3 | 660.6 | 705.3 | ||||
| Selling, general and administrative expense | 92.7 | 97.5 | 290.9 | 284.0 | ||||
| Advertising and sales promotion expense | 80.9 | 81.9 | 197.0 | 191.5 | ||||
| Research and development expense | 13.6 | 14.6 | 40.1 | 42.6 | ||||
| Restructuring charges | 3.5 | 5.2 | 9.2 | 11.6 | ||||
| Operating income | 49.9 | 71.1 | 123.4 | 175.6 | ||||
| Interest expense associated with debt | 18.0 | 16.4 | 53.3 | 51.1 | ||||
| Cost of early retirement of long-term debt | – | – | – | 26.1 | ||||
| Other (income) expense, net | (4.4) | 0.8 | (9.5) | (0.2) | ||||
| Earnings before income taxes | 36.3 | 53.9 | 79.6 | 98.6 | ||||
| Income tax provision | 5.8 | 13.1 | 14.7 | 25.7 | ||||
| Net earnings | $ | 30.5 | $ | 40.8 | $ | 64.9 | $ | 72.9 |
| Earnings per share: | ||||||||
| Basic net earnings per share | $ | 0.58 | $ | 0.75 | $ | 1.21 | $ | 1.34 |
| Diluted net earnings per share | $ | 0.57 | $ | 0.74 | $ | 1.20 | $ | 1.32 |
|
Statements of Comprehensive Income: </ 
Sienna Blake
Sienna Blake is a licensed aesthetic consultant and beauty writer specializing in cosmetic surgery advancements and non-invasive treatments. With a background in dermatology and over eight years of industry experience, Sienna is passionate about helping people achieve confidence through informed beauty decisions. She holds a Bachelor's degree in Health Sciences and regularly collaborates with top plastic surgeons to stay at the forefront of aesthetic innovations. Outside of her work, Sienna enjoys traveling, skincare research, and practicing Pilates.
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