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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Mallinckrodt plc announced Wednesday that the U.S. Food and Drug Administration or FDA has approved StrataGraft (allogeneic cultured keratinocytes and dermal fibroblasts in murine collagen - dsat) for the treatment of adult patients with thermal burns containing intact dermal elements for which surgical intervention is clinically indicated. Worldwide 5G mobile subscriptions are estimated to exceed 580 million by the end of 2021, according to the Ericsson Mobility Report. With subscriptions increasing at a rate of about a million per day, 5G remains on track to become the fastest adopted mobile generation in history. The growth in subscriptions is being lead by China, North America and the Gulf Cooperation Council markets. Elanco Animal Health Inc. (ELAN) and veterinary biopharmaceutical company Kindred Biosciences, Inc. (KIN) announced Wednesday they have entered into a definitive agreement for Elanco to acquire Kindred for $9.25 per share, or approximately $440 million. The acquisition further accelerates Elanco's...
Follow RTT