Fortune Brands Home & Security, Inc. (NYSE: FBHS), an industry-leading home and security products company, today announced results for the fourth quarter of 2011 and full year 2011.
Fourth quarter 2011
For the fourth quarter of 2011, net sales were $876 million, an increase of 4 percent over the fourth quarter of 2010. On a GAAP basis, earnings per share were a loss of $0.44, impacted by net charges of $0.60 per share principally attributable to impairments of intangible assets in the Company’s Advanced Material Windows & Door Systems segment, defined benefit plan expense associated with the Company adopting a new accounting method, and restructuring charges associated with previously announced actions.
On an adjusted pro forma basis, diluted EPS was $0.16 and flat year over year. Both net sales and EPS came in at the high end of the Company’s expectations.On a GAAP basis, operating income was a loss of $105 million, including approximately $145 million in net charges described above. On an adjusted pro forma basis, operating income was $40 million, an increase of 2 percent from the prior-year quarter. “Our sales growth continued in the fourth quarter, despite a market for our products that remained challenging. Overall, we performed at the high end of our expectations and we believe we continue to outperform the market for our products,” said Chris Klein, chief executive officer, Fortune Brands Home & Security, Inc. “We continued to see solid sales increases, ranging from mid-single digits to low-double digits, in our Security & Storage, Plumbing, and Cabinets segments, thanks to our ongoing innovation and market expansion activities. Our Windows & Door segment was impacted again by lower window sales lapping relatively high year-ago comparisons, due to the energy tax credit that expired at the end of 2010. In total, adjusted pro forma operating income was up slightly, reflecting the continued promotional environment in our Cabinets segment and softness in our Windows & Door segment.”
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