Fortune Brands Home & Security, Inc. (NYSE: FBHS), an industry-leading home and security products company, today announced results for the first quarter of 2012.
Net sales were $799 million, an increase of 12 percent over the first quarter of 2011. Diluted earnings per share were $0.08 vs. a loss of $0.07 in the prior year quarter, and diluted EPS before charges/gains was $0.08 vs. $0.00 the prior year.
Operating income was $21.3 million, an increase of $13.5 million over the prior-year quarter. Operating income before charges/gains was also $20.9 million, up $17.6 million year-over-year.
“We are pleased with our performance in the first quarter. We grew sales and profit more than expected, and we believe we continued to gain share while benefiting from a stronger-than-anticipated market,” said Chris Klein, chief executive officer, Fortune Brands Home & Security, Inc. “Spending for home repairs and remodeling increased, although consumers are still cautious about big-ticket purchases, like cabinets. New housing construction was also stronger than expected in the quarter, with single-family and multi-family starts on the rise. While milder-than-average weather likely played a part in this home products market performance, we experienced strength across-the-board, even in geographies and product segments where weather was not a factor.”For each segment in the first quarter 2012, compared to the prior-year quarter:
- Plumbing & Accessories net sales were up 20 percent, with strength in the U.S. wholesale business and international markets, especially China.
- Security & Storage net sales were up 18 percent, on strength in retail padlocks as well as safety and tool storage products.
- Advanced Material Windows & Door Systems net sales were up 11 percent, on strength from new business and new construction market growth.
- Kitchen & Bath Cabinetry net sales were up 4 percent, driven by dealer channel strength and sales to builders.