Spectrum Brands reports Q1 net loss; acquires Tristar for $325M cash

Spectrum Brands Holdings, Inc.

Acquires Tristar home appliances/cookware for $325M cash at close, up to $125M earnouts; close expected within 90 days.
Q1 net loss from continuing ops $30.2M vs profit $15.7M YoY; adjusted EBITDA $49.3M, down 53.4%.
Net sales $757.2M +2.9% YoY; organic +1.6%; supply chain and inflation pressures reported.
Inflation expectation raised to $310-330M; maintains FY22 framework of mid-to-high single-digit sales growth.
HPC adj. EBITDA margin 7.2% (-620bps); GPC 12.8% (-670bps); H&G negative; share repurchases $110M in quarter.

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