By Dean Seal
Spectrum Brands Holdings recorded a higher profit in its fiscal fourth quarter as margins improved and sales rose.
The maker of Remington hairbrushes and George Foreman Grills posted a profit of $28.6 million, or $1.01 a share, for the quarter ended Sept. 30, compared with $16.8 million, or 47 cents a share, in the same period a year ago.
Stripping out one-time items, adjusted earnings were 97 cents a share. Analysts polled by FactSet had been expecting $1.04 a share.
Sales rose 4.5% to $773.7 million, topping forecasts for $747.8 million, according to FactSet.
The company logged gains across all of its segments. In its pet-care business, volumes got a lift from retailers pulling forward their orders in advance of the switch over to a new resource planning system, Spectrum said.
Favorable weather during the quarter also extended the selling season and improved retailer inventory levels in its home and garden division, the company said.
Spectrum's gross margin, meanwhile, widened from productivity improvements and inventory actions taken in the prior year.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
November 15, 2024 06:55 ET (11:55 GMT)
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