Prestige Brands Holdings, Inc. (NYSE:PBH) Q1 2018 Earnings Conference Call - Final Transcript

Aug 03, 2017 • 08:30 am ET

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Prestige Brands Holdings, Inc. (NYSE:PBH) Q1 2018 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day, ladies and gentlemen, and welcome to the Q1 2018 Prestige Brands Holdings Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

I would like to introduce your host for today's conference, Mr. Phil Terpolilli, Director of Investor Relations. Sir?

Executive
Phil Terpolilli

Thank you, operator, and good morning to everyone on the phone. Joining me on the call today are Ron Lombardi, our President, Chief Executive Officer and Chairman of the Board; and Christine Sacco, our Chief Financial Officer. On today's call we will cover the highlights of our fiscal 2018 first quarter, review the financial results, and provide an update to our full-year outlook. At the end, as the operator mentioned, we will open up the call to questions.

As a reminder, we have a slide presentation, which accompanies this call, which can be accessed by visiting prestigebrands.com, clicking on the Investor link, and then on today's webcast and presentation. Please remember, some of the information contained in the presentation today includes non-GAAP financial measures. The reconciliations between adjusted and reported financial measures are included in today's earnings release and at the end of the slide presentation.

During this call, management may make forward-looking statements regarding their beliefs and expectations as to the Company's future business prospects and results. All forward-looking statements involve risks and uncertainties, which, in many cases, are beyond the control of the Company and may cause actual results to differ materially from those in the forward-looking statements. We have a complete Safe Harbor disclosure on Page 2 of the slide presentation accompanying the call. Additional information concerning the factors that could cause actual results to differ materially from those in forward-looking statements are contained under the heading, Risk Factors in the Company's Annual Report on Form 10-K, filed for the fiscal year ended March 31, 2017 with the SEC.

With that, let's turn to Page 5 of our earnings presentation, where I'll turn it over to our CEO, Ron Lombardi, to walk through the highlights of our fiscal first quarter performance. Ron?

Executive
Ronald M. Lombardi

Thanks, Phil. Good morning, everyone, and let's start on Page 5. We are very pleased with our solid Q1 results, which got the year off to a strong start across several fronts. Much of this performance can be credited to our long-term three pillar strategy, which starts with brand building. Over the last five years, we have consistently improved our portfolio mix to support our long-term growth targets. We've executed on brand building efforts and investments and have generated strong consistent free cash flow, which has underpinned our successful M&A strategy. Our strategy and portfolio evolution has resulted in impressive top and bottom line performance, including low-single-digit organic sales growth, which is in line with our long-term target, and strong adjusted EPS and cash flow as highlighted on Page 5. We're pleased with our initial performance and feel good about our business trends heading into the remainder of fiscal '18.

Let's turn to Slide 6 and walk through a more detailed