Dividend.com: Eye on Fortune Brands
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Fortune Brands Home Goods Drop, Liquor Sales Rise
Fortune Brands(FO Quote) just reported that its third-quarter profit rose 61%, as the company booked various one-time gains. The company reported EPS that came in 4 cents ahead of estimates, despite sales declining 10% to $1.92 billion.
The results included various one-time items, including a gain of 94 cents a share related to the early termination of the U.S. spirits distribution joint venture with V&S Group. The company saw a drop in demand for its home products, but some of its other brands experienced growth, such as Jim Beam and Maker's Mark bourbons, Courvoisier cognac, Titleist golf balls and Master Locks.
Management said the current economic environment will present near-term challenges as consumers navigate the global credit crisis and as the U.S. housing correction continues. ...
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