Fortune Brands Home & Security Inc. announced third quarter 2013 results which included a net sales increase of 24 percent year-over-year to $1.125 billion. The company raised its expected annual sales growth to 15-16 percent.
“We continue to leverage our structural competitive advantages and the market recovery to deliver profitable growth,” says Chris Klein, CEO. “We are again increasing our 2013 annual outlook based on our strong performance.”
For the third quarter of 2013, net sales were $1.125 billion, an increase of 24 percent over the third quarter of 2012. Diluted earnings per share were $0.37, compared to $0.24 in the prior year quarter. Diluted EPS before charges/gains were $0.46, compared to $0.29 the prior year. Operating income was $98.6 million, compared to $60.6 million in the prior year quarter. Operating income before charges/gains was $121.6 million, compared to $72.9 million the prior year.
“Sales were up double digits versus last year for each of our segments in the third quarter, with our home product segments growing a combined 26 percent. Importantly, total operating income before charges/gains increased 67 percent,” Klein says.
Advanced Material Windows & Door Systems net sales were up 14 percent, as entry doors and windows each grew double digits. Operating income before charges/gains for the segment increased 39 percent, while GAAP operating income was down 8 percent.
(From dwmmag.com October 2013)