Consumer-goods maker Chattem Inc posted a better-than-expected quarterly profit, helped by cost cuts and growth in its domestic business, and reaffirmed its full-year adjusted earnings forecast.
Chattem, which makes and sells household and personal-care products like over-the-counter drugs, cosmetics and dietary supplements, earned $23.4 million, or $1.22 a share, compared with $14.0 million, or 73 cents a share, a year ago.
Excluding debt extinguishment, litigation settlement and other items, the company earned $1.31 a share.
Revenue rose 3 percent to $115.2 million in the third quarter ended Aug. 31.
Analysts on average were looking for a profit of $1.21 a share, before items, on revenue of $116.7 million, according to Thomson Reuters I/B/E/S. Chattem said its domestic business grew 3.5 percent in the quarter, while expenses fell 14 percent to $72.9 million.
The company, whose brands include skin care powder Gold Bond and pain relief product Icy Hot, sees full-year earnings of $4.80 to $4.90 a share, excluding items.
Shares of Chattanooga, Tennessee-based Chattem closed at $63.06 Monday on Nasdaq. (Reporting by Vidya Lakshmi in Bangalore; Editing by Anne Pallivathuckal)