Spectrum Brands posts Q3 net income of US$28.6M compared with loss of US$86.5M a year ago, helped by acquisition of appliance maker Russell Hobbs, improving revenue; revenue rose 23% to US$804.6M
August 11, 2011
– Spectrum Brands Holdings Inc., which products include Rayovac batteries, Remington shavers and Cutter insect repellents, returned to a profit in its fiscal third-quarter, helped by an acquisition and improving revenue.
The Madison, Wis., consumer products maker reported net income of $28.6 million, or 56 cents per share, for the quarter ended July 3. That compares with a loss of $86.5 million, or $2.53 per share, a year earlier.
Excluding acquisition and restructuring charges as well as other items, earnings climbed to 66 cents per share from 49 cents per share.
Revenue rose 23 percent to $804.6 million from $653.5 million, benefiting from the buyout of appliance maker Russell Hobbs buyout and favorable currency exchange rates.
Spectrum reported sales increases in its global batteries and appliances and global pet supplies segments. Sales for the home and garden business dropped due to bad weather in the U.S.
Spectrum said Thursday that it was maintaining its outlook for full-year revenue to climb 1.5 percent to 2.5 percent.
Wall Street forecasts revenue of $3.18 billion for the year.
© 2021 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.