Spectrum Brands Q2 Profit Declines, Backs 2015 Sales Outlook - Quick Facts

(RTTNews) - Consumer products company Spectrum Brands Holdings, Inc. (SPB) reported that second-quarter net income declined to $27.8 million or $0.52 per share from $33.8 million or $0.64 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $0.69 per share, compared to $0.72 per share in the year-ago quarter.

On average, nine analysts polled by Thomson Reuters expected the company to report earnings of $0.77 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter increased 4.4 percent to $1.07 billion from $1.02 billion in the same quarter last year. Analysts expected revenue of $1.06 billion for the quarter.

Excluding the negative impact of $54.8 million of foreign exchange, as well as acquisition sales of $71.8 million, net sales increased 2.8 percent from the prior year.

The company also reiterated its outlook for a sixth consecutive year of record financial performance in fiscal 2015. The company continues to expect sales growth in the low to mid-single digits in fiscal 2015, while analysts see $4.55 billion of sales.