Fortune Brands Tops Views, Ups Outlook
NEW YORK (TheStreet) -- Fortune Brands (FO) raised its full-year earnings target to the range of $2.60 to $2.90 a share, up from $2.50 to $2.80, after reporting better-than-expected second-quarter earnings.
The full-year consensus estimate of analysts is $2.84 a share on revenue of $6.95 billion.
For the second quarter, Fortune Brands reported net income of $227.4 million, or $1.48 a share, compared with $99.8 million, or 66 cents a share, in the year-ago quarter. Earnings excluding special items were 98 cents a share, up 40% from the year-ago quarter, as the company experienced share gains and lower cost structures.
Net sales were $1.9 billion, up 9% on strong growth across all its three brand groups.
Analysts, on average, were expecting second-quarter earnings of 76 cents a share on revenue of $1.8 billon.
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-- Reported by Andrea Tse in New York
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