Fortune Brands Home & Security, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017; Provides Earnings Guidance for the Year 2017
April 26, 2017 at 04:07 pm EDT
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Fortune Brands Home & Security, Inc. reported unaudited consolidated and parent earnings results for the first quarter ended March 31, 2017. For the quarter, the company's sales were $1,186.8 million against $1,106.5 million a year ago. Operating income was $114.9 million against $95.5 million a year ago. Income before income taxes was $103.8 million against $84.0 million a year ago. Net income was $77.4 million or $0.50 per diluted share against $61.0 million or $0.38 per diluted share a year ago. Net cash used in operating activities was $17.9 million against $6.1 million a year ago. Capital expenditures, net of proceeds from asset sales was $29.5 million against $43.8 million a year ago. Net debt was $1,280.7 million. Negative free cash flow was $38.7 million against $45.0 million a year ago.
For the full year 2017, the company expects capital expenditures to be $135.0 million - $140.0 million, cash flow from operations to be $565.0 million and free cash flow of $450 million. The company is targeting diluted EPS before charges/gains to be in the range of $3.00 to $3.12 per share. For the full year, on a GAAP basis, the company is targeting diluted EPS to be in the range of $2.96 to $3.08 per share. The company also expects to generate free cash flow of approximately $450 million for the full year 2017. The company expects full-year 2017 sales growth in the range of 6% to 8%.
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, 2017; Provides Earnings Guidance for the Year 2017