Highest-materiality recent filing
Spectrum Brands Q3 adj EBITDA +27.5% ex tariff refunds; raises FY26 EBITDA outlook
Net sales $753.3M, +7.7% YoY; organic +6.6% ex FX; net loss from cont. ops -$20.3M vs +$20.5M, incl. $60.6M HPC impairment.
All six director nominees elected with approval percentages ranging from 95.97% to 99.70%.
Spectrum Brands Q2 net sales +4.9%, adjusted EBITDA +17.8%; partners with Oaktree in HPC
Net income from continuing operations $22.5M vs $1.8M; adjusted EPS $1.25 vs $0.68.
Spectrum Brands secures $127M Oaktree investment in HPC business; Oaktree to hold ~27% equity stake
$127M Oaktree investment: $67M convertible preferred equity at 8% dividend, $60M first lien term loan at SOFR+5.50%.
Spectrum Brands Q1 net sales down 3.3% to $677M; adj. EBITDA $62.6M, down 19.5%
Net income from continuing ops $29.4M ($1.25 diluted EPS); adjusted EPS $1.40, up 37.3%.
Spectrum Brands Q4 net sales down 5.2%; adj. EBITDA down 8%; guides flat-to-low-single-digit FY26
Q4 net sales $733.5M (-5.2% YoY), organic -6.6%; adj. EBITDA $63.4M (-8.0%); adj. EPS $2.61 vs $0.97.
Spectrum Brands CFO Jeremy Smeltser to depart Dec 31, 2025; Faisal Qadir appointed
CFO Jeremy Smeltser's employment terminated without cause; separation date Dec 31, 2025.
Spectrum Brands Q3 revenue $699.6M (-10.2%); adjusted EBITDA $76.6M (-27.9%)
Net sales $699.6M, down 10.2% YoY; organic net sales down 11.1% driven by tariff-related supply constraints and stop shipments.
Shareholders elected 7 directors: Sherianne James (96.69%), Leslie Campbell (99.47%), Joan Chow (99.47%), Hugh Rovit (97.26%), Gautam Patel (99.08%), David Maura (95.46%), Terry Polistana (97.07%).
Spectrum Brands Q2 sales down 6%, net income plummets 96%; suspends FY25 guidance
Net sales $675.7M (-6.0%), organic -4.6%; net income $1.8M vs $49.9M; adjusted EBITDA $71.3M (-36.5%).
Spectrum Brands Q1 net sales up 1.2%; adjusted EPS $1.02 vs $0.63; maintains FY outlook
Net sales $700.2M (+1.2%, organic +1.9%); net income from cont. ops $24.6M (+40.6%); adj. EBITDA $77.8M (-7.7% but +$16.5M ex-investment income).
Spectrum Brands Q4 sales up 4.5%; FY adj EBITDA ex-investment income grew >20%, dividend up 12%
Q4 net sales $773.7M (+4.5% YoY; organic +4.8%); net income $12.8M; adj EBITDA $68.9M (incl $25.9M brand investments).
Spectrum Brands Q3 net sales +6%, net income swings to $19.1M; guides FY24 Adj. EBITDA growth ~20%
Net sales $779.4M (+6% YoY); net income from continuing ops $19.1M vs. $(172.2)M loss a year ago.
All 7 director nominees elected; approval percentages ranged from 96.13% to 99.77%.
Spectrum Brands completes $1.16B tender offer for senior notes; redeems remaining 2026 Notes
Tender offer expired June 18; accepted €407.34M of 2026 Notes, $284.23M of 2029, $142.48M of 2030, $285.68M of 2031.
Spectrum Brands to redeem €17.66M of 4.00% senior notes due 2026
Redeeming €17,660,000 aggregate principal of 4.00% senior notes due 2026.
Upsized maximum purchase price from $925M to $1,160.5M for tender offer across four note series.
Spectrum Brands estimates ~$1.2B in Net Proceeds from HHI sale available for asset sale offers
Remaining Net Proceeds: $1.2B after costs (-$0.1B), taxes (-$0.8B), debt repayment (-$1.8B), capex (-$0.5B).
Spectrum Brands issues $350M of 3.375% Exchangeable Senior Notes due 2029
Principal amount $350M, including full exercise of option for additional $50M.
Spectrum Brands prices $300M exchangeable notes due 2029; $50M share repurchase concurrent
Raises $300M in 3.375% exchangeable senior notes due 2029; net proceeds ~$291.6M after underwriter discount.
Spectrum Brands launches $300M exchangeable notes, $500M buyback, $925M debt tender
Subsidiary offers $300M exchangeable senior notes due 2029; initial purchasers have option for additional $50M.
Spectrum Brands Q2 net income $49.9M vs loss prior year; adjusted EBITDA up 120%
Net sales $718.5M (-1.5% YoY); net income from continuing ops $49.9M vs ($75.0M) last year.
Spectrum Brands Q1 Adj. EBITDA surges 112% to $84.3M; net sales down 3%; maintains FY24 guidance
Net sales $692.2M (-3.0% YoY); organic sales down 4.6% on weak small kitchen appliance demand and SKU exits.
Net sales $740.7M, down 1.2% YoY; organic net sales down 2.7% excluding FX.
Spectrum Brands enters $500M revolving credit facility maturing Oct 2028
Credit agreement provides $400M USD tranche and $100M multicurrency tranche.
Spectrum Brands closes $4.3B HHI sale, Q3 adj EBITDA up 23% to $98.5M
Completed sale of HHI for $4.3B cash; net proceeds $3.8B after tax and fees.
Spectrum Brands shareholders approve all five proposals at 2023 annual meeting
Elect Sherianne James, Leslie Campbell, Joan Chow, Gautam Patel, Hugh Rovit as directors with 94%-99% approval.
Spectrum Brands closes $4.3B sale of HHI to ASSA ABLOY; net proceeds ~$3.6B
Net proceeds ~$3.6B after taxes/fees; plans to repay $1.6B debt including term loan, revolver, and 5.75% notes due 2025.
Spectrum Brands enters $500M ASR, repays $1.1B debt, redeems $450M notes
Entered $500M accelerated share repurchase with Goldman Sachs; initial delivery of ~5.3M shares.
Spectrum Brands gets Mexican clearance for $4.3B HHI sale to ASSA ABLOY; closing by June 30
Mexican competition authority cleared $4.3B cash sale of HHI segment to ASSA ABLOY.
Spectrum Brands Q2 net loss $75M; HHI sale to ASSA ABLOY for $4.3B on track by June
Net sales down 9.7% to $729.2M; net loss from continuing ops $75M vs $25.1M loss last year.
Spectrum Brands settles DOJ challenge to $4.3B HHI sale to ASSA ABLOY
Reached stipulation with DOJ to settle its lawsuit blocking the $4.3B cash sale of HHI segment to ASSA ABLOY.
Spectrum Brands reports Q1 net loss $40M, adjusted EBITDA $39.8M, HHI sale on track for $4.3B
Net sales $713.3M, down 5.8% YoY; net loss from continuing ops $40.0M vs $30.2M loss prior year.
Net sales $749.5M, -1.1% YoY; organic sales down 7.3% due to retailer destocking and unfavorable FX.
DOJ sues to block Spectrum Brands' $4.3B sale of HHI to ASSA ABLOY; company vows to fight
DOJ filed lawsuit on Sept. 15, 2022 to block Spectrum Brands' sale of its Hardware & Home Improvement division to ASSA ABLOY for $4.3B in cash.
Spectrum Brands EVP/COO and SVP/CHRO to depart as part of pure-play strategy
Randal Lewis (EVP/COO) and Rebeckah Long (SVP/CHRO) leaving; both remain employees until Dec 31, 2022.
Net sales increased 10.0% to $818.0M; organic net sales up 4.4% despite consumer demand softening.
Spectrum Brands annual meeting elects three Class I directors, approves auditor and say-on-pay
Elected Sherianne James (95.81% for), Leslie Campbell (99.23%), Joan Chow (98.64%) as Class I directors.
Spectrum Brands CAO Karpel to resign; CFO Smeltser assumes duties
Daniel L. Karpel resigns as Chief Accounting Officer, effective August 9, 2022.
Spectrum Brands extends closing deadline for $4.3B ASSA ABLOY sale to June 30, 2023
Amendment pushes original End Date from Dec 8, 2022 to June 30, 2023.
Spectrum Brands Q2 net loss $25.1M; adjusted EBITDA down 26.5%; updates FY guidance
Net sales +6.2% to $807.8M; organic +2.0% despite supply chain disruptions.
Spectrum Brands closes acquisition of Tristar kitchen appliances and cookware business
Completed acquisition of Tristar Products' kitchen appliances and cookware business.
Spectrum Brands reports Q1 net loss; acquires Tristar for $325M cash
Acquires Tristar home appliances/cookware for $325M cash at close, up to $125M earnouts; close expected within 90 days.
Q4 continuing ops net sales $757.8M (+2.8% YoY); organic sales down 3.4% vs strong prior-year quarter.
Spectrum Brands sells Hardware & Home Improvement unit to ASSA ABLOY for $4.3B cash
Purchase price of $4.3 billion in cash, subject to customary purchase price adjustments.
Spectrum Brands sells HHI segment to ASSA ABLOY for $4.3B cash; expects to delever to ~2.5x
Purchase price of $4.3B represents over 14x expected FY21 Adjusted EBITDA for HHI.
Spectrum Brands Q3 net sales up 18.1% to $1.16B; adj EBITDA up 1.8% to $167.4M
Net income from cont ops $35.9M vs $137.6M year ago, hit by prior year gains on Energizer stock and debt extinguishment.
Spectrum Brands shareholders approve board declassification; all proposals pass
Shareholders approved de-classifying the Board of Directors with 99.90% of votes cast (37.2M for).
On August 30, 2022, the Company entered into a Separation Agreement with Mr. Lewis (the “Lewis Agreement”) in connection with the Company terminating Mr. Lewis’ employment without “cause” in accordance with Mr. Lewis’ existing Employment Agreement, dated September 9, 2019 (the “Lewis Employment Agreement”).
On August 30, 2022, the Company entered into a Separation Agreement with Ms. Long (the “Long Agreement”) in connection with the Company terminating Ms. Long’s employment without “cause” in accordance with Ms. Long’s existing Severance Agreement, dated September 9, 2019 (“Long Severance Agreement”).
On July 19, 2022, Daniel L. Karpel notified Spectrum Brands Holdings, Inc. (the “Company”) of his intent to resign, effective August 9, 2022, as Chief Accounting Officer of the Company to pursue another opportunity.
Effective immediately following Mr. Karpel’s departure, Jeremy W. Smeltser, the Company’s Executive Vice President, Chief Financial Officer, will assume the responsibilities of the role of Chief Accounting Officer.
Max materiality 0.95 · Median 0.75 · Most common event earnings