Fortune Brands Posts Profit in Third QuarterOctober 21st, 2015 by Editor
Fortune Brands Home & Security Inc., the parent company of Therma-Tru doors and Master Lock and SentrySafe security products, announced third-quarter earnings of 64 cents per share, just under analysts’ expectations of 65 cents per share. However, sales were $1.24 billion for the third quarter of 2015, an increase of 17 percent over the third quarter of 2014. Operating income before charges/gains was $167.7 million, compared to $131.3 million the same quarter last year, up 28 percent.
Door sales were up 8 percent with growth in both the wholesale and retail channels, and security sales increased 2 percent, driven by strong sales in the U.S. for SentrySafe and Master Lock products. Sales were partially offset by the fall in the value of Canadian currency and the European market.
“As we expected, the rate of growth for the home products market accelerated in the third quarter, and our teams again delivered profit growth that was right on plan,” said Chris Klein, chief executive officer of Fortune Brands. “We continue to anticipate similar new-construction activity in the fourth quarter. Based on that market assumption and our solid execution, we are maintaining our expectations for our core business for the remainder of 2015. The third quarter home products market improved at an increasing rate, as we had expected. We continue to see positive signs and look for similar market conditions in the fourth quarter, and are building our momentum heading into 2016.”