Spectrum Brands (SPB) shares fell Friday after the parent company of Remington and George Foreman brands posted lower-than-estimated earnings per share and a muted sales outlook for the upcoming year.

Spectrum reported net income of $28.6 million, up from $16.8 million, for its fiscal fourth quarter, and sales of $773.7 million. Those were above estimates from analysts polled by Visible Alpha of $27.3 million in net income and $750 million in sales.

Earnings per share (EPS) lagged estimates, however. The company’s EPS for the quarter was $1.01, below consensus estimates of $1.07, and adjusted EPS was $0.97, below $1.05 projections.

"We exceeded our annual operating plans on virtually every metric and all of our businesses returned to growth in the second half of the year, in spite of the challenging economic and geopolitical conditions that are impacting consumer demand," Chief Executive Officer (CEO) David Maura said in a statement.

CEO Maura Notes Challenging Economy

The company, which makes and markets home appliances under brands like George Foreman and Black & Decker, also manufactures lawn care products and insect repellants.

Spectrum gave a relatively muted outlook for the year. 

The company said it is projecting “low single-digit” growth in its net sales for its fiscal 2025 year, and “mid-to-high-single-digits” adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) growth.

“Despite the overall challenging macro-economic environment, we intend to make incremental investments in fiscal 2025 to drive top-line growth,” Maura said.

Spectrum shares are up 11% this year.