Spectrum Brands (SPB) Q2 Earnings Miss, Sales Beat Estimates
Zacks Investment Research | May 08, 2019 10:02PM ET
Spectrum Brands Holdings, Inc. (NYSE:SPB) reported mixed second-quarter fiscal 2019 results, wherein earnings lagged the Zacks Consensus Estimate but sales beat. Adjusted earnings came in at 26 cents per share from continuing operations, missing the Zacks Consensus Estimate of 38 cents.
On a pro forma basis, the bottom line declined year over year. This downturn can be attributed to escalated operating expense due to higher stock-based compensation and interest expenses from assumed HRG debt.
Deeper Insight
Spectrum Brands’ net sales increased 2.7% year over year to $906.7 million and also surpassed the Zacks Consensus Estimate of $874 million. This upside was backed by a 14% rise in its Home & Garden unit and robust growth at Hardware & Home Improvement. Excluding the $19.3 million adverse impact from foreign exchange, organic net sales grew 4.9% driven by organic sales improvement at all its segments.
Spectrum Brands Holdings Inc. Price, Consensus and EPS Surprise
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