This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

TheDeal: Fortune Brands Surges on WoodCrafters Deal

Fortune Brands Home & Security is the product of a restructuring. In October 2011, its parent conglomerate, Fortune Brands Inc., spun out its home and security operations as a separate company in what was seen as an effort to ward off investor pressure.

It also in May of that year sold its golf business, Acushnet Co., for $1.2 billion to a group that included Fila Korea Ltd. and Mirae Asset Private Equity. The remaining assets became separately traded spirits company Beam Inc., also of Deerfield.

Fortune also reported first-quarter earnings Thursday. It recorded Ebitda of $84.5 million and $37.5 million in net income for the three months ended March 31, as compared with $45.4 million in Ebitda and $13 million in net income for the same period last year. Sales came in at $890 million for the first quarter of 2013 as compared to $798.8 million for the first quarter of 2012.

"We had another quarter of strong results," Klein said. "Our March 31 balance sheet ended with cash at $259 million. It remains solid. Debt remained at $326 million. Our net debt-to-Ebitda leverage is 0.2 times, and we have nothing drawn on our $650 million revolving credit facility," Wyatt added.

The company also initiated a 10 cent per share dividend on Tuesday. WoodCrafters couldn't be reached for further comment on the deal. Fortune Brands has a market capitalization of $6.1 billion. Its stock opened Friday up 6% from the market close of $37.43 per share.

Written by Thomas Zadvydas in New York

2 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,880.36 -31.75 -0.19%
S&P 500 1,970.07 +0.12 0.01%
NASDAQ 4,462.9020 +20.2040 0.45%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs