The company reported adjusted EPS from continuing operations of $1.36, beating the street view of $1.03.

Gross profit increased 2% Y/Y to $244.4 million due to improved pricing and cost improvements, partially offset by unfavorable transaction fx.

Operating income was relatively flat at $16.2 million despite lower volumes due to gross profit improvements, operating spend reduction initiatives, and lower project spending on restructuring and integration.

Adjusted EBITDA from continuing operations jumped 52.2% to $113.7 million.

As of the end of the fiscal year, the company had a cash balance of $754 million plus $1.103 billion of short-term investments.

"We started increasing our investments in marketing and advertising during the fourth quarter and will continue that trend going forward," said David Maura, Chairman and Chief Executive Officer of Spectrum Brands.

"We believe the overall macro-economic environment will continue to deteriorate and will result in top-line pressure, particularly in our Home and Personal Care business."

Fiscal 2024 adjusted EBITDA is expected to increase by high single-digits.

From a capital structure perspective, the company is targeting a long-term net leverage ratio of 2.0-2.5 times after the full deployment of HHI sale proceeds.

Price Action: SPB shares were trading lower by 8.01% at $70.81 on the last check Friday.

Photo Via Company