- Wednesday, October 16, 2024
Fortune Brands Innovations, a leading maker of home goods including Master Lock security products and Moen faucets, has announced higher revenue in the fourth quarter. Despite a decrease in profit compared to the same period last year, the company's earnings per share were in line with analysts' expectations.
Q4 Financial Results
Fortune Brands Innovations reported a profit of $81.3 million, or 64 cents per share, down from $109.9 million, or 85 cents per share, in the previous year's fourth quarter. However, after excluding one-time items, earnings reached 95 cents per share, surpassing analysts' forecast of 93 cents per share.
The company attributed its earnings decline to one-time items associated with the spinoff of its cabinets business into a publicly traded company called MasterBrand, which took place in late 2022.
Revenue Growth and Division Performance
Fortune Brands Innovations achieved a 3% increase in revenue, totaling $1.16 billion, surpassing analyst projections of $1.14 billion. The water innovations division experienced a 3% sales growth, while the security division saw a significant 20% increase, both attributed to recent acquisitions. On the other hand, sales for the outdoors division declined by 7%.
Outlook for 2024 and Share Buyback Plan
Looking ahead to 2024, Fortune Brands Innovations aims to achieve net sales growth between 3.5% and 5.5%. The company expects its operating margins to generate 16.5% to 17.5% of sales, while adjusted earnings per share are targeted to range from $4.20 to $4.40.
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