Benzinga | Aug 5, 2021 06:12AM EDT

Edgewell Personal Care Raises FY21 Adj. EP Guidance From $1.80-$2.00 To $2.00-$2.10 vs $2.77 Est.

Full Fiscal Year 2021 Financial Outlook

The Company is updating its previously provided outlook assumptions for fiscal 2021:

* Reported net sales to increase mid-single digits Includes: 160 basis-point net benefit from the Cremo acquisition and the Infant and Pet Care divestiture and a 190 basis-point benefit from currency translation

* Organic sales to increase low-single digits

* Adjusted operating profit margin to be consistent with fiscal 2020 Project Fuel costs of approximately $25 million (previously $25 to $30 million) Project Fuel Gross Savings of approximately $70 million (previously $50 to $60 million)

* GAAP EPS in the range of $2.00 to $2.10 (Previously $1.80 to $2.00) Includes: Project Fuel restructuring charges, cost of early retirement of long-term debt, IT enablement costs, the UK tax rate increase, acquisition and integration costs

* Adjusted EPS in the range of $2.80 to $2.90 (previously $2.62 to $2.82)

* Adjusted EBITDA in the range of $358 to $366 million (previously $345 to $360 million)

* Adjusted effective tax rate in the range of 23.5% to 24.5%

* Capital expenditures of approximately 3.0% of net sales

* Free cash flow expected to be approximately 100% of non-GAAP net earnings