Spectrum Brands Slips To Loss In Q4
(RTTNews) - Consumer products company Spectrum Brands Holdings, Inc. (SPB) reported Friday a net loss from continuing operations of $24.8 million or $0.61 per share, compared to net income of $6.1 million or $0.14 per share in the prior-year quarter.
Excluding items, adjusted earnings from continuing operations was $0.48 per share, compared to $0.38 per share in the year-ago quarter.
Net sales decreased 1.1 percent to $749.5 million from $757.8 million in the same quarter last year, with significant unfavorable foreign currency impact. Net sales grew 7.3 percent organically, excluding the impact of fx and acquisition.
"Our latest financial results for the fourth quarter complete a challenging year for our business where we faced high input cost inflation, supply chain disruptions, and cost headwinds related to currency changes," said David Maura, Chairman and CEO.
Looking ahead to fiscal 2023, the company now expects to deliver low single-digit net sales growth, with foreign exchange expected to have a negative impact based upon current rates.
The company also said it expects to collect $4.3 billion upon completion of the sale of HHI, which is anticipated to close no later than the end of June 2023.
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