Spectrum Brands Q1 Adj. EBITDA surges 112% to $84.3M; net sales down 3%; maintains FY24 guidance

Spectrum Brands Holdings, Inc.

2024-Q1 EPS reported $0.85 revenue$692,200,000

Net sales $692.2M (-3.0% YoY); organic sales down 4.6% on weak small kitchen appliance demand and SKU exits.
Net income from continuing ops $17.5M vs prior-year loss of $40.0M; diluted EPS $0.51 vs -$0.99.
Adjusted EBITDA $84.3M (+111.8% YoY); excludes $23M investment income, adjusted EBITDA was $61.3M.
Repurchased 3.3M shares for $243M in Q1; total 11M shares for $826M since HHI sale close.
Fiscal 2024 framework maintained: net sales low single-digit decline; adj. EBITDA (ex-investment income) high single-digit growth.

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 fiscal first quarter ended December 31, 2023 results: revenue $692.2 million, net income $17.5 million, EPS $0.51 per diluted share.

Period: fiscal first quarter ended December 31, 2023
Revenue: $692.2 million
Net income: $17.5 million
EPS: $0.51 per diluted share
Result: reported results

Exact text from the filing

Spectrum Brands Holdings Reports Fiscal 2024 First Quarter Results • Net Sales Decreased 3.0% Driven by Lower Consumer Demand in North American Small Kitchen Appliances and the Impact of SKU Rationalizations, Offset by Favorable Foreign Currency and Positive Pricing Adjustments • Net Income from Continuing Operations of $17.5 Million and Adjusted EBITDA of $84.3 Million improved by $57.5 million and $44.5 million, respectively • Excluding Investment Income of $23.0 million, Adjusted EBITDA was $61.3 million • Repurchased 3.3 million shares in Q1 for $243 million • Repurchased 11.0 million shares since the close of HHI through today for $826 million • Maintaining Fiscal 2024 Earnings Framework and Continue to Expect Net Sales to Decline Low Single-Digits compared to Prior Year and, Excluding Investment Income, Adjusted EBITDA to Grow High Single-Digits Middleton, WI, February 8, 2024 - Spectrum Brands Holdings, Inc. (NYSE: SPB; “Spectrum Brands” or the “Company”), a leading global brand

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Source: SEC EDGAR

accession 0000109177-24-000010

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