Fortune Brands Home & Security, Inc. (FBHS) Thursday reported a rise in earnings of $37.5 million or $0.22 per share from $13.0 million or $0.08 per share in the year-ago quarter.
Chris Klein, chief executive stated, "We have the confidence to raise our annual outlook because the market is improving and our performance outpaced the recovering market."
Net sales for the quarter rose to $890.0 million from $798.8 million a year ago.
Analysts polled by Thomson Reuters expected the company to earn $0.16 per share on revenue of $862.54 million for the first quarter. Analysts' estimates typically exclude special items.
Looking forward to the full year 2013, the company raised its earnings before charges/gains outlook to $1.23 per share to $1.33 per share from its prior range of $1.13 to $1.23 per share. The Street currently expects it to earn $1.23 per share for fiscal 2013.
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