Energizer Q3 net sales $721.8M (+9.7%); raises FY sales growth outlook, announces $75M ASR

ENERGIZER HOLDINGS, INC.

2020-Q3 EPS reported $0.95 revenue$2,255,500,000

Net sales $721.8M (+9.7% YoY; organic +5.8%); adjusted EPS $0.74 (+48%).
Raises FY2021 net sales growth outlook to 8%-9% (from prior); reaffirms adj. EPS $3.30-$3.50 and adj. EBITDA $620-$640M.
Announces $75M accelerated share repurchase program in Q4; funded by cash and revolver.
Gross margin down due to cost pressures; adjusted gross margin 39.2% (-160 bps); synergies $14M partially offset.
Adjusted free cash flow outlook raised to >$225M; YTD operating cash $17.5M reflects inventory build for peak season.

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