Wisconsin-based Spectrum Brands misses 4Q profit forecasts

Published: Nov. 16, 2017 at 6:13 AM CST
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Spectrum Brands Holdings Inc. (SPB) on Thursday reported fiscal fourth-quarter net income of $94.9 million.

The Middleton, Wisconsin-based company said it had profit of $1.63 per share. Earnings, adjusted for one-time gains and costs, were $1.35 per share.

The results fell short of Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.46 per share.

The maker of consumer products including the George Foreman grill, Rayovac batteries and Kwikset locks posted revenue of $1.32 billion in the period, beating Street forecasts. Six analysts surveyed by Zacks expected $1.3 billion.

For the year, the company reported profit of $295.8 million, or $5.02 per share. Revenue was reported as $5.01 billion.

Spectrum Brands shares have declined 19 percent since the beginning of the year. The stock has declined 24 percent in the last 12 months.