- Spectrum Brands Holdings Inc SPB reported fourth-quarter FY21 sales growth of 2.8% year-on-year, to $757.8 million. Combined Q4 Net sales, including HHI, totaled $1.156 billion.
- On September 8, 2021, Spectrum Brands agreed to sell Hardware & Home Improvement (HHI) segment to ASSA ABLOY (OTC: ASAZY), a Swedish conglomerate, for $4.3 billion in cash.
- Net sales from the Home & Personal care segment rose 2.3% Y/Y to $309.3 million, Global pet care grew 9.1% to $303.6 million, and Home & Garden fell 7.3% Y/Y to $144.9 million.
- The gross profit rose 1.6% Y/Y to $258.2 million with a profit margin of 34%. The company reported an operating loss of $4 million primarily due to higher restructuring and transaction-related expenses.
- Spectrum Brands held $187.9 million in cash and equivalents as of September 30, 2021. The operating cash flow for the twelve months ended September 30, 2021, was $288.4 million, with an adjusted free cash flow of $273 million.
- Adjusted EBITDA of $79.1 million increased 8.5% Y/Y.
- Adjusted EPS from Continuing Operations was $0.38. Combined Q4 Adjusted EPS, including HHI, were $1.11.
- Outlook: Spectrum sees FY22 net sales growth of mid to high single-digit and expects low single-digit adjusted EBITDA growth from Continuing Operations.
- "We expect the current step up in inflationary pressures to continue into FY22 and that the year-over-year impact will be more acute in the first half of the year. We have implemented price increases in fiscal 2021 and have put in place further price actions in the first half of this year to counter these headwinds," said David Maura, Chairman, and CEO.
- Price Action: SPB shares closed 0.20% lower at $94.07 on Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
