Spectrum Brands Reports Mixed Q2 Results Amid Product Availability Challenges

Loading...
Loading...
  • Spectrum Brands Holdings Inc SPB reported second-quarter FY22 sales growth of 6.2% year-on-year, to $807.8 million, beating the consensus of $792.27 million.
  • Net sales from the Home & Personal Care increased 6.1%, Global Pet Care sales gained 0.5%, and Home & Garden rose 16.5%.
  • Gross profit fell 2.1% Y/Y to $255.6 million, and the margin contracted 270 basis points to 31.6%.
  • The operating expenses rose 22.3% Y/Y to $263.7 million. The operating loss for the quarter was $(8.1) million versus an operating income of $45.3 million.
  • The company held $195.8 million in cash and equivalents as of April 3, 2022.
  • Adjusted EBITDA of $79 million decreased 26.5% Y/Y.
  • Adjusted EPS of $0.41 missed the consensus of $0.42.
  • SPB's quarterly dividend of $0.42 per share is payable on June 9, 2022, to stockholders of record on May 19, 2022.
  • Outlook: Spectrum Brands raised its FY22 sales growth outlook to the mid-to-high teen range (prior view: mid to high single-digit).
  • Adjusted EBITDA growth outlook raised to mid-single-digits range from low-single-digits.
  • The company continues to expect $310 million - $330 million of additional inflation during FY22 and intends to offset most of the high inflation through pricing actions.
  • Price Action: SPB shares closed lower by 3.63% at $81.70 on Thursday.
Loading...
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceGeneralBriefs
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!

Loading...