logo-loader

Spectrum Brands misses fiscal 2Q revenue expectations on weakness in Home and Garden segment

Published: 09:22 12 May 2023 EDT

Spectrum Brands Holdings, Inc. - Spectrum Brands misses on fiscal 2Q revenue on weakness in Home and Garden segment

Consumer products-maker Spectrum Brands Holdings, Inc. (NYSE:SPB) reported a fiscal second-quarter loss of $53.7 million, or $1.31 per share, on revenue of $729.2 million.

However, the loss was better than analysts' expectations, while revenue fell short.

Adjusted for one-time gains and costs, the loss was $0.14 per share. Analysts had estimated a loss of $0.23 per share and revenue of $767.2 million.

In the same quarter last year, Spectrum Brands recorded net income of $15.9 million, or $0.39 per share, on revenue of $807.8 million.

The company recently resolved a lawsuit with the US Department of Justice over the sale of its Hardware and Home Improvement business, expecting to collect $4.3 billion when the sale closes by the end of June 2023.

Spectrum Brands aims to focus on its Global Pet Care and Home & Garden businesses following the transaction. However, the company expressed disappointment with the performance of its Home and Garden segment in the current quarter, primarily due to reduced inventory by key retail partners.

As a result, Spectrum Brands lowered its sales expectations for the year but highlighted positive results from inventory reduction and cost management.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

5 hours, 13 minutes ago