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Spectrum Brands Holdings Reports Record Fiscal 2014 Second Quarter Results

Stocks in this article: SPB

Spectrum Brands Holdings, Inc. (NYSE: SPB), a global and diversified consumer products company with market-leading brands, today reported record fiscal 2014 second quarter results for the period ended March 30, 2014, and reconfirmed its outlook for a fifth consecutive year of record performance.

The Company’s record second quarter was highlighted by solid results from its HHI, battery, personal care, and home and garden businesses; a continuation of strong European results; adjusted diluted earnings per share and adjusted EBITDA growth; and a record fiscal second quarter level of cost savings from continuous improvement programs across all divisions.

Spectrum Brands reiterated plans to reduce term debt by approximately $250 million in fiscal 2014 and expectations for free cash flow to increase to at least $350 million, a significant improvement from a record $254 million in fiscal 2013 and $208 million in fiscal 2012.

Fiscal 2014 Second Quarter Results Highlights:

  • Net sales of $1.02 billion in the second quarter of fiscal 2014 increased 3.4 percent versus $987.8 million a year ago, and 4.0 percent excluding the negative impact of foreign exchange.
  • Net income of $33.8 million and diluted income per share of $0.64 in the second quarter of fiscal 2014 improved from a net loss of $41.2 million and diluted loss per share of $0.79 in the prior year quarter.
  • Adjusted diluted earnings per share, a non-GAAP measure, of $0.72 in the second quarter of fiscal 2014 increased 63.6 percent compared to $0.44 last year. See Table 3 for a reconciliation to GAAP earnings per share.
  • Adjusted EBITDA, a non-GAAP measure, of $156.5 million in the second quarter of fiscal 2014 grew 9.2 percent versus $143.3 million in fiscal 2013, and 9.8 percent excluding the negative impact of foreign exchange, representing the 14 th consecutive quarter of year-over-year adjusted EBITDA growth. See Table 4 for a reconciliation to GAAP net income.
  • Adjusted EBITDA margin in the second quarter of fiscal 2014 increased to 15.3 percent compared to 14.5 percent in the year-ago quarter.
  • Fiscal 2014 net cash provided from operating activities after purchases of property, plant and equipment (free cash flow, a non-GAAP measure) expected to be at least $350 million compared to $254 million in fiscal 2013 and $208 million in fiscal 2012. See Table 6 for a reconciliation to projected GAAP Cash Flow from Operating Activities.
  • Company expects to use its strong free cash flow to reduce term debt by approximately $250 million and lower its balance sheet leverage in the second half of fiscal 2014, consistent with the seasonality of its cash flows.

“We are pleased with our record results in the second quarter, which seasonally is our smallest quarter of the year,” said Dave Lumley, Chief Executive Officer of Spectrum Brands Holdings. “Combined with our record first quarter, we have solid first half momentum toward delivering a fifth consecutive year of record financial performance in fiscal 2014.

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