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Chattem 3Q profit up on sales boost, lower costs
CHATTANOOGA, Tenn. (AP) — Consumer products maker Chattem Inc. said Tuesday its third-quarter profit rose 17 percent on a mix of higher revenue from products including Gold Bond skin care creams, along with lower costs.
Chattem earned $23.4 million, or $1.22 per share, for the quarter ended Aug. 31., compared with profit of $14 million, or 73 cents per share, a year earlier. Revenue grew 3 percent to $115.2 million from $111.9 million.
Analysts polled by Thomson Reuters expected profit of $1.21 per share on $116.7 million in revenue.
The company said domestic sales grew 3.5 percent to $108.6 million, due to greater sales of Gold Bond, ACT and Icy Hot products. Meanwhile, costs and expenses fell 14 percent to $72.9 million.
Chattem maintained its outlook, calling for an adjusted profit of $4.80 to $4.90 per share for the fiscal year ending in November. Analysts forecast $4.54 per share.
In premarket trading, Chattem gained $1.94, or 3.1 percent, to $65.