Spectrum Brands Reports Fiscal Q3 2022 Net Sales Up 10% but Adjusted EBITDA Falls 19.4%; Lowers Full-Year Outlook

Spectrum Brands Holdings, Inc.

2022-Q3 EPS reported $1.39 revenue$2,383,000,000

Net sales increased 10.0% to $818.0M; organic net sales up 4.4% despite consumer demand softening.
Adjusted EBITDA from continuing operations decreased 19.4% to $80.1M; net income of $3.0M.
Company completed internal separation of Home & Personal Appliances business for potential spin; HHI sale to ASSA ABLOY for $4.3B still expected.
Eliminated 17% of global salaried positions to save over $30M annually; pivoted strategy to maximize cash flow.
Revised fiscal 2022 framework: mid-single-digit top-line growth with mid-twenties EBITDA decline; expects earnings power over $400M adjusted EBITDA.

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