Second-quarter profit at consumer brands company
fell, due in part to restructuring charges. Excluding items, however, the results surpassed analysts' consensus estimates.
The company earned $167.8 million, or $1.11 a share, in the quarter ended June 30, compared with $176.7 million, or $1.18 a share, in the year-ago quarter. Results in the latest quarter included certain restructuring charges, while 2003's results were helped by a tax credit.
Excluding items, the company earned $1.28 a share, up from $1.03 a share in the year-earlier period. On that basis, analysts polled by Thomson First Call were calling for $1.25 a share.
Sales rose 19% to $1.89 billion. The company cited strengths of new products.
Looking to the third quarter and full year, the company forecast double-digit EPS growth for both, before items. The analyst consensus is for $1.17 a share in the third quarter. The company earned $1 a share in the third quarter last year.
For the full year, analysts are expecting $4.54 a share, which would compare with $3.79 a share in the prior year.
Lincolnshire, Ill.-based Fortune Brands owns several names in the home and hardware, spirits and wine, golf equipment and office products markets, including Jim Beam and Knob Creek bourbons, Moen faucets and MasterLock padlocks.
Shares of the company were recently up $2.15, or 3%, to $73.30.