Alberto-Culver 4Q Profit Quadruples on Unit Sale

2008-10-27 | 12:46

Boost due to sale of Cedderoth business.

Alberto-Culver Co. said Monday its fiscal fourth-quarter profit more than quadrupled as it recorded a one-time gain of $110.7 million for the sale of its Cederroth consumer products business to a private equity firm.

The maker of hair care and other consumer products earned $147.1 million, or $1.48 per share, in the three months ended Sept. 30. It earned $36.5 million, or 36 cents per share, in the same period a year ago.

Revenue rose 7.3 percent to $386 million from $359.7 million.

Excluding restructuring and tax costs related to the Cederroth sale, the company said it earned 31 cents per share in the quarter, meeting a consensus estimate by analysts according to a Thomson Reuters survey.

Analysts projected revenue of $375.2 million.

Cederroth was sold to the Nordic private equity firm CapMan on July 31.

Alberto-Culver also said it completed the acquisition of the Noxzema skin care brand during the quarter.

For the full year, the company's profit nearly tripled to $228.2 million, or $2.27 per share, from $78.3 million, or 80 cents per share, a year before. Revenue rose 9.7 percent to $1.44 billion. Excluding one-time items, analysts expected income of $1.23 per share on revenue of $1.43 billion.