Spectrum Brands Reports Profit In Q2 - Quick Facts

(RTTNews) - Spectrum Brands Holdings, Inc. (SPB) reported second-quarter net income of $33.8 million, or $0.64 per share, compared to a net loss of $41.2 million, or $0.79 per share, previous year. Adjusted earnings per share was $0.72 in the second quarter of fiscal 2014.

On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $0.75 for the quarter. Analysts' estimates typically exclude special items.

Net sales increased to $1.02 billion from $987.8 million, a year ago. The company said the improvement was predominantly the result of higher net sales in its battery, personal care, home and garden, and HHI businesses. Excluding the negative impact of foreign exchange, net sales in the second quarter of fiscal 2014 improved 4.0 percent. Analysts expected revenue of $1.02 billion for the quarter.

The company reconfirmed its fiscal year outlook. Spectrum Brands expects fiscal 2014 net sales, as reported, to increase approximately at the rate of U.S. GDP growth compared to fiscal 2013 net sales, including HHI in the prior year on a pro forma basis.