Spectrum Brands Q2 net loss $75M; HHI sale to ASSA ABLOY for $4.3B on track by June

Spectrum Brands Holdings, Inc.

2023-Q2 EPS reported -$1.82 revenue$1,442,500,000

Net sales down 9.7% to $729.2M; net loss from continuing ops $75M vs $25.1M loss last year.
Adjusted EBITDA from continuing ops $51M, down 35.4% from $79M.
HHI divestiture to ASSA ABLOY for $4.3B expected to close no later than end of June 2023; DOJ lawsuit resolved.
Updates FY2023 guidance: net sales decline mid single-digits, adjusted EBITDA down low to mid single-digits.
Inventory reduced $170M in quarter; cash $328M, debt $3.22B.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Spectrum Brands Holdings, Inc. reported second quarter of fiscal 2023 ended April 2, 2023 results: revenue $ 729.2, net income $75.0 Million, EPS $ (1.83). Guidance lowered.

Period: second quarter of fiscal 2023 ended April 2, 2023
Revenue: $ 729.2
Net income: $75.0 Million
EPS: $ (1.83)
Guidance: lowered
Result: reported results

Exact text from the filing

Three Month Periods Ended (in millions, except per share and %) April 2, 2023 April 3, 2022 Variance Net sales $ 729.2 $ 807.8 $ (78.6) (9.7) % Gross profit 214.5 255.6 (41.1) (16.1) % Operating loss (77.0) (8.1) (68.9) 850.6 % Net loss from continuing operations (75.0) (25.1) (49.9) 198.8 % Diluted earnings per share from continuing operations $ (1.83) $ (0.61) $ (1.22) 200.0 %

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Source: SEC EDGAR

accession 0000109177-23-000017

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