Prestige Earnings: Strong International Performance Drives Growth and Clear Eyes Recovery Underway

Narrow-moat Prestige Consumer Healthcare reported strong third-quarter results that came in slightly higher than our expectations. Total sales increased nearly 3%, reaching $290 million, fueled by robust growth in international markets and broad-based expansion across nearly all North American categories. Following this quarter's performance, management has raised its full-year 2025 revenue guidance to a range of $1.128 billion to $1.132 billion, with adjusted diluted EPS expected to be approximately $4.50. After updating our model and accounting for time value, we increase our fair value estimate to $75 per share from $70.