Fortune Brands Sees Profits Rise

April 21st, 2016 by Editor

Fortune Brands Home & Security Inc., the parent company of Therma-Tru doors and Master Lock and SentrySafe security products, announced positive financial results for the first quarter  of 2016.

Sales in the period were $1.1 billion, an increase of 16 percent over the first quarter of 2015. Earnings per share were $0.35, compared to $0.25 in the prior-year quarter. EPS before charges/gains were $0.39, compared to $0.28 the same quarter last year. Operating income was $95.5 million, compared to $67.3 million in the prior-year quarter. Operating income before charges/gains was $104.6 million, compared to $73.2 million the same quarter last year, up 43 percent.

Door sales were up 13 percent with growth in both the wholesale and retail channels. Security sales increased 1 percent. Excluding the negative impact of currency and exited product lines, sales increased approximately 3.5 percent.

“We drove strong sales and profit gains in the first quarter as the home products market continued to grow at the pace that we had planned and we remained focused on driving profitable growth in all channels,” said Chris Klein, the CEO of Fortune Brands. “Based on our solid first quarter performance and recent share repurchases, we are increasing our full year EPS outlook. In the first quarter, sales increased 20 percent for our U.S. home products businesses. Operating margin before charges/gains for the total company grew significantly by 180 basis points to 9.5 percent, with solid performance across all operating segments.”

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