Fortune Brands Q1 sales $1.0B (-9% YoY), EPS $0.67; raises full-year EPS guidance to $3.65-$3.85

Fortune Brands Innovations, Inc.

2023-Q1 EPS reported $0.66 revenue$1,040,000,000

Q1 sales $1.0B, down 9% YoY; GAAP EPS $0.67 (-29%), adjusted EPS $0.69 (-24%).
Full-year EPS guidance raised $0.05 to $3.65-$3.85; revenue view unchanged (-5% to -7%).
Segment sales: Water -8%, Outdoors -16%, Security +2%; operating margins before charges 21.6%, 5.2%, 14.0%.
Repurchased ~$100M in common stock; net debt $2.1B, net debt/EBITDA 2.3x.
Free cash flow positive in Q1; management cites proactive cost actions and inventory reductions.

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

Fortune Brands Innovations, Inc. reported first quarter 2023 results: revenue $1.0 billion, EPS $0.67. Guidance raised.

Period: first quarter 2023
Revenue: $1.0 billion
EPS: $0.67
Guidance: raised
Result: reported results

Exact text from the filing

Fortune Brands’ Results Solidly Ahead of Expectations Amid an Anticipated Challenging Macro Environment; Increases Full-Year 2023 EPS Guidance Highlights: Q1 2023 sales were $1.0 billion, a decrease of 9 percent versus Q1 2022 Q1 2023 earnings per share (EPS) were $0.67, a decrease of 29 percent versus a year ago; EPS before charges / gains were $0.69, a decrease of 24 percent versus Q1 2022 Full-year EPS range adjusted upward to reflect operating outperformance and share repurchases

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Source: SEC EDGAR

accession 0001157523-23-000619

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