Fortune Brands Home & Security Grows Sales And Profit In Third Quarter, Raises Annual Outlook For EPS

Fortune Brands Home & Security, Inc. (NYSE: FBHS), an industry-leading home and security products company, today announced results for the third quarter of 2012.

Net sales were $909 million, an increase of 7 percent over the third quarter of 2011. Diluted earnings per share were $0.24 vs. $0.01 in the prior year quarter. Net charges were $0.14 lower than the third quarter of 2011.

Diluted EPS before charges/gains was $0.29 vs. $0.20 in the prior year quarter, a 45 percent increase.

Operating income was $60.6 million, an increase of $39.8 million over the prior-year quarter. Operating income before charges/gains was $72.9 million, up 34 percent year-over-year.

“We had another very good quarter. We had broad strength in our businesses as expected, with sales growth in each of our segments,” said Chris Klein, chief executive officer, Fortune Brands Home & Security, Inc. “We achieved this success as the market for our products continued to improve, with double-digit growth in new housing construction and moderate improvement in spending for home repairs and remodeling.”

For each segment in the third quarter 2012, compared to the prior-year quarter:

• Kitchen & Bath Cabinetry net sales were up 6 percent, with operating income of $1.5 million vs. $7.8 million, and operating income before charges/gains of $13.1 million, up 64 percent. Growth came from product line expansion amid strength in new construction as well as a more modest pick-up in remodeling activity.
• Plumbing & Accessories net sales were up 12 percent, with gains continuing in the U.S. wholesale business, as well as success in international markets, especially China.
• Advanced Material Windows & Door Systems net sales were up 7 percent, with operating income of $9.2 million, up from a loss of $0.3 million, and operating income before charges/gains increasing to $6.2 million, up from $1.9 million, primarily on door sales growth in the wholesale channel.
• Security & Storage net sales were up 2 percent, with security product sales growing at a mid-single-digit rate driven by growth in U.S. retail and global safety products.

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