Fortune Brands 3Q Profit Falls, Raises Outlook

DEERFIELD, Ill. (AP) — Fortune Brands Inc., a seller of consumer goods ranging from faucets to bourbon, said Friday that its third-quarter profit dropped 63 percent as the prior-year's results included a hefty gain related to the termination of a joint venture.

Despite the lower earnings, shares rallied to a 52-week high as adjusted results soared past estimates.

The company earned $124.1 million, or 82 cents per share, for the three months ended Sept. 30. That's down from $335.9 million, or $2.21 per share, a year earlier.

Excluding restructuring charges and other items, profit was 77 cents per share. Fortune Brands said the impact of the weaker dollar hurt earnings per share by 7 cents.

Analysts polled by Thomson Reuters, whose estimates normally exclude one-time items, called for earnings of 61 cents per share.

Year-ago results included a gain of 94 cents per share related to the end of the Future Brands U.S. spirits distribution joint venture and other items.