Prestige earnings rise 6 percent in 2Q
Prestige Brands Holdings Inc., an Irvington-based consumer products company that markets Comet cleanser, Compound W wart remover and Chloraseptic sore throat treatments, said that a 6 percent jump in quarterly profits resulted primarily from lower interest expense.
Interest costs for Prestige and other companies have fallen with interest rates near historic lows after Federal Reserve cuts to stimulate the economy.
Prestige reported net income of $8.3 million, or 17 cents a share, during its fiscal first quarter, up from net income of $7.8 million, or 16 cents a share, a year earlier.
Operating income declined 10 percent as the company continued to feel the effects of slower consumer spending during the recession. Revenues dropped 0.4 percent to $73.2 million.
“While our first quarter results were in line with our expectations, our outlook for the full year continues to be cautious in light of the prevailing macroeconomic environment,” Chief Executive Officer Mark Pettie said in a written statement.