| Spectrum Brands Holdings Reports Fiscal 2024 Third Quarter Results |
- Net Sales Increased 6.0% Driven by Favorable Weather Conditions and Improved Retailer Inventory Health in Our Home & Garden Business Along with Continued Strength in E-Commerce
- Net Income From Continuing Operations of $19.1 Million and Adjusted EBITDA of $106.3 Million Improved by $191.3 million and $7.8 million, Respectively
- Excluding Investment Income of $12.7 million, Adjusted EBITDA was $93.6 million Improved and Simplified Capital Structure with Repayment of $1.174 Billion of Senior, Unsecured Bonds and Issuance of $350 Million Senior, Unsecured Exchangeable Bond with 3.375% Coupon; All Bond Covenants for HHI Proceeds Fully Satisfied
- New $500 Million Share Repurchase Authorization Approved; Repurchased 1.6 million Shares in Q3 for $142 million
- Updating Fiscal 2024 Earnings Framework, Continue to Expect Net Sales to be Relatively Flat Compared to Prior Year; However Excluding Investment Income, Adjusted EBITDA is Now Expected to Grow Approximately 20%
|
| Spectrum Brands Holdings, Inc. (NYSE: SPB); “Spectrum Brands” or the “Company”), a leading global branded consumer products and home essentials company focused on driving innovation and providing exceptional customer service, today reported results from continuing operations for the third quarter of fiscal 2024 ended June 30, 2024. |
| “We are pleased to report a strong third quarter of fiscal 2024, building off the operating momentum we drove in the first half of the year. Each business delivered reported and organic net sales growth, and year-to-date our net sales growth is now positive. This quarter, our operations produced a gross margin of 38.9%, a 310 basis point improvement over last year. Our net income increased $191.3 million and our Adjusted EBITDA, excluding investment income, was $93.6 million despite almost $23 million of incremental brand and innovation-focused investments we made in the quarter. Net income margins increased to 2.5% and Adjusted EBITDA margins, excluding investment income, were 12.0%. Given our performance and expectations for the remainder of the year, we are updating our full year Earnings Framework. While we continue to expect net sales to be relatively flat, Adjusted EBITDA is now expected to grow approximately 20%,“ said David Maura, Chairman and Chief Executive Officer of Spectrum Brands |
| Mr. Maura continued, "I am particularly pleased with each of our business’ performance in e-commerce this quarter. We had another quarter of growth in e-commerce across all three business units, with each business growing sales by double-digits and total company e-commerce sales growing by over 20%. E-commerce sales represented over 21% of our quarterly sales. Our Home and Personal Care (“HPC”) business continued to deliver improving financial performance, reinforcing our confidence that the time is right to separate this business unit. Our teams, together with outside advisors, have now launched a multi-track process pursuing the sale, merger or spin-off of this business, and we filed an initial Form 10 registration statement with the SEC |
| For the full document click the link below:
Spectrum Brands Holdings |
