Spectrum Brands: Better-than-expected profits and sales

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Spectrum Brands Holdings reported earnings and sales for the fourth quarter, including HHI results, which were higher than expected, despite the coronavirus challenges affecting supply chains.

The company announced plans in September to sell its Hardware & Home Improvement (HHI) business for $ 4.3 billion to ASSA Abloy, in a deal that has not yet been closed.

Including HHI results, net income for the quarter ended Sept. 30 rose to $ 50.3 million, or $ 1.16 a share, from $ 45.5 million, or $ 1.05.

Excluding extraordinary items, adjusted earnings per share stood at $ 1.11, compared to estimates for $ 1.10.

Sales fell 1.2 percent to $ 1.16 billion, compared to estimates for $ 1.10 billion as personal and home care sales rose 2.3 percent.

The company expects sales for the year 2022 to increase by a medium-high single-digit rate, even after absorbing an expected floating level of inflation of $ 230-250 million.

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Source From: Capital

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