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Fortune Brands Q1 Profit Climbs

Fortune Brands Home & Security Inc. (FBHS) reported that its first-quarter net income attributable to the company climbed to $177.8 million or $1.26 per share from $109.1 million or $0.77 per share in the prior year.

Earnings per share before charges / gains were $1.36, compared to $0.81 in the prior-year quarter, an increase of 68 percent.

Operating income was $248.4 million, compared to $155.0 million in the prior-year quarter.

Quarterly sales were $1.77 billion, an increase of 26 percent over the prior year.

The company now anticipates delivering full-year sales growth in the range of 20 percent to 22 percent, or 13 percent to 15 percent excluding the LARSON acquisition. It reflects the company's revised assumptions of a global home products market now expanding by 9 percent to 11 percent, including growth in the U.S. home products market of approximately 10 percent to 12 percent.

The company now expects earnings per share before charges / gains for the full year to be in the range of $5.45 to $5.65, which would be an increase at the midpoint of 32 percent versus a year ago. Analysts polled by Thomson Reuters expect the company to report earnings of $5.05 per share for fiscal year 2021. Analysts' estimates typically exclude special items.

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