Shares of Spectrum Brands Holdings (SPB) plummeted 6.86% in the pre-market trading session on Friday, following the company's fiscal fourth-quarter earnings report that missed Wall Street's expectations despite higher revenue.
The consumer goods company, which owns brands like Remington and George Foreman, reported adjusted earnings per share of $0.97 for the quarter ended September 30th, falling short of analysts' consensus estimate of $1.07 per share. While revenue increased 4.5% year-over-year to $773.7 million, exceeding forecasts of $747.8 million, the earnings miss overshadowed the top-line beat.
Spectrum's net income for the quarter stood at $28.6 million, or $1.01 per share, up from $16.8 million or $0.47 per share in the same period last year. The company attributed the higher profit to improved margins, driven by productivity improvements and inventory actions taken in the prior year.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.