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Spectrum Brands Holdings Reports Record Fiscal 2013 Third Quarter Results

Stocks in this article: SPB

Fiscal 2013 nine months consolidated adjusted EBITDA was $492.4 million compared to consolidated adjusted EBITDA for the nine months of fiscal 2012 of $489.6 million, which includes the results of HHI as if acquired by Spectrum Brands at the beginning of each nine month period.

Fiscal 2013 Third Quarter Segment Level Data

Global Batteries & Appliances

The Global Batteries & Appliances segment reported fiscal 2013 third quarter net sales of $491.6 million, a decline of 1.8 percent versus $500.7 million in the year-ago period. The net sales decline was primarily attributable to decreased revenues in the small electrical appliance products category from the planned and continued elimination of low-margin promotions in North America, which totaled approximately $10 million. Fiscal 2013 third quarter segment sales were negatively impacted by $1.5 million of foreign exchange. Excluding the negative foreign exchange impact, net sales for the segment declined 1.5 percent quarter-over-quarter.

Global battery sales for the third quarter were $207.3 million, a 1.9 percent decrease compared to $211.3 million for the third quarter of fiscal 2012. Excluding the negative foreign exchange impact of $0.7 million, global battery sales declined 1.5 percent in the third quarter. In North America, Rayovac® market share increased quarter-over-quarter, even as key retailers tightened inventory levels and reorder rates and aggressive competitor discounting increased. Double-digit sales growth was achieved in a key, non-Nielsen measured channel. Continued growth in the European battery business was driven by new retailer customers and expansion into new channels. The Latin America battery business was adversely impacted by decreased exports to Venezuela.

Net sales for the global personal care product category of $115.5 million in the third quarter of fiscal 2013 were essentially unchanged versus $116.3 million in the comparable period last year. Significantly increased revenues in Europe nearly offset lower net sales in Latin America and North America predominantly due to a one-time shaving and grooming category shelf space reduction at a major retailer. Significant investments continued in the quarter for the global personal care segment’s consumables business to drive growth in fiscal 2014 and beyond.

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