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Dec 31, 2022
Inter Parfums Q4 2022 Earnings Report
Inter Parfums reported record fourth quarter and full year results, raised 2023 net sales and earnings guidance, and announced a 25% increase in cash dividend.
Key Takeaways
Inter Parfums, Inc. reported record results for the fourth quarter and full year ended December 31, 2022. The company's net sales crossed $1 billion, with growth in all regions. The company also raised its 2023 net sales and earnings guidance and announced a 25% increase in the annual cash dividend rate.
2022 was a milestone year with net sales crossing $1 billion.
North America achieved sales growth of 22%, followed by Western Europe and Asia where sales rose 28% and 19%, respectively.
2023 net sales are expected to approximate $1.2 billion, 10% ahead of 2022 net sales.
Diluted earnings per share guidance raised to $4.00, up 6% from 2022.
Forward Guidance
The company expects 2023 net sales to approximate $1.2 billion, 10% ahead of 2022 net sales, and diluted earnings per share to be $4.00, up 6% from 2022.
Positive Outlook
- 2023 started out on a strong note.
- Sizable orders already booked.
- New products and brand extensions unveiling throughout the year.
- Montblanc and Interparfums have extended their partnership for an additional five years.
- Strong financial position enables investment in growth opportunities.
Challenges Ahead
- Guidance assumes that the average dollar/euro exchange rate remains at current levels.
- Guidance assumes there is no significant resurgence of the COVID-19 pandemic.
- The second payment for the Lacoste fragrance license of an estimated $42 million is due on December 31, 2023.
- Evaluation of the Rochas fashion trademark resulted in a $6.8 million impairment charge in the fourth quarter of 2022.
Historical Earnings Impact
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