Fortune Brands Home & Security, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Provides Earnings Guidance for the Year 2018
April 26, 2018 at 04:05 pm EDT
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Fortune Brands Home & Security, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported net sales of $1,254.6 million against $1,186.8 million a year ago. Operating income was $119.4 million against $111.0 million a year ago. Income from continuing operations before income taxes was $107.5 million against $103.8 million a year ago. Income from continuing operations, net of tax was $75.1 million against $77.4 million a year ago. Net income was $74.9 million against $77.4 million a year ago. Net income attributable to the company was $75.0 million against $77.4 million a year ago. Earnings per common share, diluted from continuing operations were $0.49 against $0.50 a year ago. EBITDA before Charges/Gains was $160.6 million against $154.6 million a year ago. Net cash used by operating activities was $51.9 million against $17.9 million a year ago. Capital expenditures were $37.6 million against $29.5 million a year ago. Free cash out flow was $85.6 million against $38.7 million a year ago. Net debt was $1,643.6 million as of March 31, 2018.
The company provided earnings guidance for the year 2018. For the year, the company's 2018 annual outlook continues to be based on a U.S. home products market growth assumption of 5% to 7% and an assumption of 5% to 6% growth for the total global market. The company expects full-year 2018 sales growth in the range of 6% to 7%. The company increased its outlook for EPS before charges/gains to be in the range of $3.58 to $3.70, which compares to 2017 EPS before charges/gains from continuing operations of $3.08. The company also expects to generate free cash flow of approximately $525 million to $550 million for the full year 2018. Capital expenditures expected to be in the range of $150.0 million to $155.0 million. Cash flow from operations expected to be in the range of $650.0 million to $675.0 million.
Fortune Brands Innovations, Inc. is a home, security and commercial building products company. The Company has three segments. Water Innovations segment manufactures or assembles and sells faucets, accessories, kitchen sinks and waste disposal, predominantly under the Moen, ROHL, Riobel, Victoria+Albert, Aqualisa and Shaws brands. Outdoors segment manufactures and sells fiberglass and steel entry door systems, storm, screen and security doors, composite decking, railing and cladding under the Fiberon brand, urethane millwork under the Fypon brand, and wide-opening exterior door systems and outdoor enclosures under the Solar Innovations brand. Security segment manufactures, sources and distributes locks, safety and security devices, and electronic security products and fire-resistant safes and security containers. The Company, through SpringWell Water Filtration Systems, provides residential whole-home water filtration and water softening solutions via direct-to-consumer channels.
Fortune Brands Home & Security, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Provides Earnings Guidance for the Year 2018