Edgewell Personal Care (EPC) FY2023 results: revenue $2.3 billion, up 3.7% on the year

Edgewell Personal Care Co. (EPC) reported revenue of $2.3 billion for fiscal 2023, the year ended 30 September 2023, up 3.7% on the year before. Net income was $115 million, up 15.3%, and diluted earnings per share $2.21. The figures are the company's own, from the 10-K it filed with the SEC on 28 November 2023.

Revenue

$2.3 billion

+3.7% on the year

FY2016FY2023

Operating margin

10.1%

8.4% a year earlier

FY2016FY2023

Net income

$115 million

+15.3% on the year

FY2016FY2023

Diluted EPS

$2.21

+19.5% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	2,252	2,172	2,087	+3.7%
Cost of revenue	1,311	1,292	1,137	+1.4%
Gross profit	941	879	950	+7.0%
Gross margin	41.8%	40.5%	45.5%
Research and development	58.5	55.5	57.8	+5.4%
Selling, general and administrative	410	n/a	n/a
Operating income	227	182	240	+24.5%
Operating margin	10.1%	8.4%	11.5%
Interest expense	78.5	71.4	67.9	+9.9%
Pre-tax income	148	124	147	+19.0%
Income tax	33.0	24.6	29.3	+34.1%
Effective tax rate	22.3%	19.8%	19.9%
Net income	115	99.5	118	+15.3%
Net margin	5.1%	4.6%	5.6%
Diluted EPS	$2.21	$1.85	$2.12	+19.5%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	-216	102	229
Capital expenditure	49.5	56.4	56.8	-12.2%
Free cash flow	-266	45.6	172
Free cash flow margin	-11.8%	2.1%	8.2%
Cash from investing	-50.5	-355	-48.7
Cash from financing	-146	-17.6	-65.4
Depreciation and amortisation	91.4	89.9	87.1	+1.7%
Share-based compensation	27.5	23.8	27.3	+15.5%
Buybacks	75.2	125	9.2	-40.0%
Dividends paid	31.5	32.6	25.6	-3.4%
Diluted shares, weighted	52m	54m	55m	-3.4%
Shares outstanding at period end	50m	52m	54m	-2.8%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,540	1,467	1,591	+5.0%
Debt	1,380	1,405	1,261	-1.8%
Operating lease liabilities	53.9	41.5	46.9	+29.9%
Other liabilities	766	800	776	-4.2%
Total liabilities and equity	3,741	3,713	3,675	+0.7%
Fixed assets	338	346	363	-2.2%
Goodwill	1,331	1,322	1,163	+0.7%
Intangible assets	974	997	906	-2.3%
Cash and equivalents	216	189	479	+14.7%
Receivables	106	137	151	-22.4%
Inventory	492	449	346	+9.6%
Other assets	283	274	267	+3.2%
Total assets	3,741	3,713	3,675	+0.7%

10-K for the year ended 30 September 2023, filed 28 November 2023: the filing.