Updated from 9:17 AM.

Shares of Spectrum Brands (SPB) - Get Report were dropping 4.75% to $124.75 in midday trading on Thursday after the company reported fourth-quarter revenue that was below Wall Street's estimates.

The Middleton, WI-based consumer products company said revenue declined 4.5% to $1.25 billion year-over-year, which fell short of analysts' forecasts of $1.33 billion. Four fewer shipping days negatively affected revenue by about $70 to $80 million.

Sales slumped across nearly all of Spectrum's segments and categories due to less shipping days, including global batteries and appliances, personal care products, global pet supplies, home and garden, and hardware and home improvement.

But its global auto care unit was an exception. Net sales rose 4.8% to $100.7 million over last year, boosted by favorable summer weather, which drove "solid" U.S. growth in refrigerants, especially its AC Pro brand.

"Growth in constant currency in Europe, primarily in hair care appliances, and a double-digit increase in constant currency in Latin America from hair care and men's shaving and grooming were more than offset by lower North American revenues and fewer shipping days," Spectrum said in a statement.

The North American decline was primarily due to competitor discounting, category "softness" in certain hair care appliance channels and the timing of customer shipments against strong growth last year, according to the company.

But fourth-quarter adjusted earnings of $1.31 per diluted share topped analysts' projections of $1.29 per share. Earnings increased 15.9% from last year due to "strong productivity" and "favorable mix," the company said.

For fiscal 2017, Spectrum, whose brands include George Foreman and Nature's Miracle, sees revenue growing "above category rates." Full-year adjusted free cash flow is projected to be about $575 million to $590 million compared to $535 million in fiscal 2016.

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