Spectrum Brands +12% After Q2 Results - Read Why
Portfolio Pulse from Nabaparna Bhattacharya
Spectrum Brands Holdings, Inc. (NYSE:SPB) reported Q2 adjusted earnings per share of $1.62, surpassing expectations of 62 cents, with sales of $718.5 million beating forecasts of $707.52 million. Despite a 1.5% decline in net sales due to reduced demand in certain categories, gross profit increased by 27.5% to $273.5 million, and adjusted EBITDA from continuing operations soared by 120.2% to $112.3 million. The company also declared a quarterly dividend of $0.42 per share and updated its FY24 outlook, expecting net sales to be flat compared to fiscal 2023 and adjusted EBITDA to increase by low double-digits.
May 09, 2024 | 4:32 pm
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Spectrum Brands reported strong Q2 earnings, surpassing expectations with an EPS of $1.62 and sales of $718.5 million. The company also declared a quarterly dividend of $0.42 per share and provided an optimistic FY24 outlook.
The significant beat on both earnings and sales expectations, coupled with a positive update on the FY24 outlook and a dividend declaration, are strong positive signals for investors. These factors are likely to boost investor confidence and demand for SPB shares in the short term, contributing to the stock's upward price movement.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100