Spectrum Brands Reports Improved Sales For Q3; Sees Nearly Flat Revenue For Full Year

(RTTNews) - Spectrum Brands Holdings, Inc. (SPB), a home essentials company, Thursday reported net income from continuing operations of $19.1 million or $0.66 per share for the third quarter, compared with net loss from continuing operations of $172.2 million or $4.27 per share in the comparable quarter last year.

In the previous-year quarter, Spectrum Brands had impairment expenses related to goodwill as well as intangible assets of $111.1 million and $53.7 million respectively.

Excluding one-time items, adjusted EPS from continuing operations was $1.10, up from $0.93 a year ago.

Net income, including discontinued operations was $6.1 million or $0.21 per share, down from $1.859 billion or $46.07 per share last year.

The company posted operating income of $47.7 million compared with operating loss of $124.7 million a year ago.

Sales for the quarter increased to $779.4 million from $735.5 million in the previous year.

For the full year, the company continues to expect sales to be relatively flat with fiscal 2023.