Edgewell Personal Care raises FY17 adj. EPS view to $3.90-$4.05 from $3.80-$4.00
Consensus $3.84. Sees FY17 revenue down 1%-2%. Edgewell is also revising its organic net sales outlook to be down 1% to 2%, previously flat, compared to the prior year, reflecting a lower sales outlook in Wet Shave and Feminine Care. The company anticipates that fiscal 2017 free cash flow will be approximately 100% of GAAP net earnings. The full-year estimate for restructuring related costs is now $28 to $30 million, previously $25 to $28 million. Full year incremental restructuring savings are expected to be approximately $20 to $25 million in fiscal 2017, with an additional $20 to $25 million in fiscal 2018 and 2019 combined. The company does not expect to incur material restructuring charges related to this project in fiscal 2018. The company's Zero Based Spending initiative is anticipated to drive $10 to $15 million in savings in FY17, with an additional $25 to $30 million of savings expected in FY18.