Spectrum Brands results including HHI top profit and revenue expectations

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Spectrum Brands Holdings Inc. SPB, +9.20% reported Friday fiscal fourth-quarter profit and sales including HHI results that topped expectations, despite challenges resulting from ongoing COVID-19 pandemic-related supply chain disruptions. Shares of the household products company, which brands include Remington, George Foreman, SmartBones and Black Flag, were still inactive in premarket trading. The company had announced in September plans to sell its Hardware & Home Improvement (HHI) business for $4.3 billion to ASSA Abloy, in deal that has not yet closed. Including the HHI results, net income for the quarter to Sept. 30 rose to $50.3 million, or $1.16 a share, from $45.5 million, or $1.05 a share, in the year-ago period. Excluding nonrecurring items, adjusted EPS came to $1.11, above the FactSet consensus of $1.10. Sales slipped 1.2% to $1.16 billion, above the FactSet consensus of $1.10 billion, as home and personal care sales grew 2.3%, global pet care sales rose 9.1% and home and garden sales fell 7.3%. The company expects to fiscal 2022 sales to grow in the mid-to-high single-digits percentage range, even after absorbing an expected additional level of inflation of about $230 million to $250 million. The stock has rallied 17.2% over the past three months while the S&P 500 SPX, +0.72% has gained 4.2%.

This article was originally published by Marketwatch.com. Read the original article here.

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