earnings
confidence high
sentiment negative
materiality 0.75
Spectrum Brands reports Q1 net loss $40M, adjusted EBITDA $39.8M, HHI sale on track for $4.3B
Spectrum Brands Holdings, Inc.
2023-Q1 EPS reported
-$0.51
revenue$713,300,000
- Net sales $713.3M, down 5.8% YoY; net loss from continuing ops $40.0M vs $30.2M loss prior year.
- Adjusted EBITDA $39.8M vs $49.3M prior year; adjusted EPS -$0.32 vs -$0.06 prior year.
- HHI divestiture expected to close by end of June 2023, yielding $4.3B cash proceeds.
- Amended credit agreement temporarily raises max leverage ratio to 7.0x until HHI close or Sep 2023.
- Fiscal 2023 guidance: net sales expected flat YoY; still targeting low double-digit adjusted EBITDA growth.