Spectrum Brands adjusted profit, sales rise but come a bit shy of expectations

Spectrum Brands Holdings Inc. reported Friday a fiscal third-quarter profit and revenue that came up a bit shy of expectations, as headwinds from inflationary pressures "stepped up," driven by transportation and commodity costs. Shares of the home essentials products company, which brands include Pfister, George Foreman, and Kwikset, were still inactive in premarket trading. Net income for the quarter to July 4 fell to $30.7 million, or 72 cents a share, from $145.1 million, or $3.36 a share, in the year-ago period. Excluding nonrecurring items and discontinued operations, adjusted earnings per share rose to $1.57 from $1.36, but missed the FactSet consensus of $1.58. Sales grew 18.1% to $1.16 billion, compared with the FactSet consensus of $1.17 billion. Hardware & Home Improvement sales rose 48.8% to $419.0 million, Home & Personal Care sales increased 9.5% to $274.4 million, Global Pet Care sales grew 6.5% to $257.3 million and Home & Garden sales were up 0.7% to $212.1 million. The company affirmed its full-year sales outlook for growth in the mid-teens percentage range. The stock has lost 9.2% over the past three months while the S&P 500 has gained 5.4%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Spectrum Brands adjusted profit, sales rise but come a bit shy of expectations
Spectrum Brands Holdings Inc. reported Friday a fiscal third-quarter profit and revenue that came up a bit shy of expectations, as headwinds from inflationary pressures "stepped up," driven by transportation and commodity costs. Shares of the home essentials products company, which brands include Pfister, George Foreman, and Kwikset, were still inactive in premarket trading. Net income for the quarter to July 4 fell to $30.7 million, or 72 cents a share, from $145.1 million, or $3.36 a share, in the year-ago period. Excluding nonrecurring items and discontinued operations, adjusted earnings per share rose to $1.57 from $1.36, but missed the FactSet consensus of $1.58. Sales grew 18.1% to $1.16 billion, compared with the FactSet consensus of $1.17 billion. Hardware & Home Improvement sales rose 48.8% to $419.0 million, Home & Personal Care sales increased 9.5% to $274.4 million, Global Pet Care sales grew 6.5% to $257.3 million and Home & Garden sales were up 0.7% to $212.1 million. The company affirmed its full-year sales outlook for growth in the mid-teens percentage range. The stock has lost 9.2% over the past three months while the S&P 500 has gained 5.4%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.