Another Earnings AssessmentAside from Defiance, I'm pretty much talking to myself here (athough a least a few people are reading). GLTA
PBH reported first-quarter 2022 sales of $1.25 billion, representing a 23.9% increase compared to 1Q21, beating market estimates of $1.23 billion. EBITDA came in at $95.8 million, while EPS of $0.88 was reported, both beating market estimates. Management maintained the 2022 guidance and reiterated confidence in the five-year plan set in 2018 of achieving $6 billion in sales and $600 million in adj. EBITDA by 2023. It was an average but positive quarter given the history of more beats than misses. Inflation has mostly been passed through to customers, sometimes in real-time and sometimes on a lagging basis. Given the ability to pass on inflation, PBH has the ability to withstand short-term margin compression, but retain margins and/or improve in the long run. It is 18X earnings now, very much at the lower end of its historical range. (last Tuesday from 5iResearch)