Fortune Brands 4Q profits, revenue beat Street
DEERFIELD, Ill. (AP) — Home supplies and security company Fortune Brands Home & Security Inc. on Thursday posted a net profit for the final quarter of the year, reversing a loss, as revenue rose thanks to new housing construction and as people repaired and remodeled their homes.
Net income in the fourth quarter through Dec. 31 came to $18.4 million, or 11 cents per share, reversing a loss of $71 million, or 46 cents per share, a year ago.
Adjusted to exclude certain items, earnings came to 23 cents per share, beating the 22 cents per share expected by analysts polled by FactSet.
Revenue grew 8 percent to $948 million, also beating the $928 million expected by analysts.
Looking ahead, the company said it expects annual adjusted earnings of $1.13 to $1.23. The midpoint is above the $1.17 per share analysts were looking for.
The company said it also expects full year sales to increase by a "high-single-digit" percentage. That was largely in line with the expectation of analysts, who had been expecting 2013 revenue of $3.84 billion, an increase of 7 percent.
In 2012, the company posted an 8 percent revenue gain to $3.59 billion and net income of $118.7 million, or 71 cents per share.
Fortune Brands' stock slipped 22 cents to $32.52 in aftermarket trading following the release of the earnings report.