8-K
filed November 18, 2022, 6:59 PM ET
ticker SPB
CIK 0000109177
earnings
confidence high
sentiment negative
materiality 0.75
Spectrum Brands Holdings, Inc. (SPB): debt financing — Spectrum Brands reports Q4 net loss $24.8M; adjusted EBITDA down 5.6%; guides low-single-digit sales growth for FY23
Spectrum Brands Holdings, Inc.
2022-FY EPS reported
$1.75
revenue$3,132,500,000
- Net sales $749.5M, -1.1% YoY; organic sales down 7.3% due to retailer destocking and unfavorable FX.
- Net loss from continuing ops $24.8M ($0.61 diluted EPS loss); adjusted EPS $0.48 vs $0.38 prior year.
- Adjusted EBITDA from continuing ops $74.7M, -5.6% YoY; H&G segment down 48.4% due to weather and demand softness.
- FY23 guidance: low single-digit net sales growth, low double-digit adjusted EBITDA growth; expect $4.3bn HHI sale by June 2023.
- Credit agreement amended to temporarily raise net leverage covenant to 7.0x from 6.0x through HHI closing.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Spectrum Brands Holdings, Inc. amended credit facility.
- Instrument
- credit facility
- Event
- amendment
Exact text from the filing
On November 17, 2022, SBI entered into an amendment (the “Amendment”) to its Amended and Restated Credit Agreement, dated as of June 30, 2020 (the “Credit Agreement”). The Amendment temporarily increases the Credit Agreement’s consolidated net leverage ratio covenant to 7.0 to 1.0 and was entered into to provide SBI with additional time and flexibility in its operations to complete the pending HHI Sale.
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
Spectrum Brands Holdings, Inc. reported fiscal fourth quarter ended September 30, 2022 results: revenue 749.5, net income -24.8, EPS -0.61.
- Period
- fiscal fourth quarter ended September 30, 2022
- Revenue
- 749.5
- Net income
- -24.8
- EPS
- -0.61
- Result
- reported results
Exact text from the filing
Net sales $ 749.5 $ 757.8 $ (8.3) (1.1) % Gross profit 239.5 258.2 (18.7) (7.2) % Operating income (loss) 16.4 (4.0) 20.4 n/m Net (loss) income from continuing operations (24.8) 6.1 (30.9) n/m Diluted earnings per share from continuing operations $ (0.61) $ 0.14 $ (0.75) n/m
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
Spectrum Brands Holdings, Inc. updated its fiscal 2023 guidance (initiated).
- Period
- fiscal 2023
- Guidance
- initiated
- Result
- guidance update
Exact text from the filing
• The Company Expects to Deliver Low Single-Digit Net Sales Growth and Low Double-Digits Adjusted EBITDA Growth for Fiscal 2023 from Continuing Operations, with Adjusted EBITDA Growth in All Business Units
View on SEC.gov
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