Wisconsin-based Spectrum Brands misses 4Q profit forecasts
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.