home · filing · 0001157523-22-000501
8-K filed April 28, 2022, 7:59 PM ET
ticker FBIN
CIK 0001519751
other material
confidence high
sentiment positive
materiality 0.85
Fortune Brands to spin off Cabinets business; Q1 EPS $1.34 beats consensus, raises FY22 EPS outlook
Fortune Brands Innovations, Inc.
Plans tax-free spin-off of Cabinets into standalone public company; expected to close in ~12 months, subject to board approval.
Q1 2022 sales $1.9B (+8% YoY); GAAP EPS $1.34 (+6%); EPS before charges/gains $1.31 (-4% YoY).
Raises full-year 2022 EPS guidance to $6.40–$6.60 (midpoint +$0.05), maintaining operational guidance.
R. David Banyard, Jr. to become CEO of new Cabinets company, resigning as FBHS executive officer upon separation.
Repurchased ~$380M of common stock in Q1; net debt $3.0B, net debt-to-EBITDA 2.3x.
Executive movements
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Filed April 28, 2022, 7:59 PM ET
As a result of the separation, Mr. Banyard, Jr. will resign from his role as an executive officer of the Company in order to assume his new role.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
R. David Banyard, Jr. departed as other_named_officer at Fortune Brands Innovations, Inc..
Action resign
Exact text from the filing
As a result of the separation, Mr. Banyard, Jr. will resign from his role as an executive officer of the Company in order to assume his new role.
View on SEC.gov
Source: SEC EDGAR
accession 0001157523-22-000501
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