Fortune Brands rises on results beat, FY profit guidance

Fortune Brands Innovations

27/04/2023 17:32

** Shares of commercial building maker Fortune Brands
Innovations  FBIN.N  up 4.81% at $62.48 in afternoon trade
    ** Posts Q1 sales of $1.04 bln and adj. profit of $0.69/shr
beating Street expectations of $1.01 bln in sales and $0.60/shr
in adj profit 
    ** Raises FY EPS, before charges/gains, guidance to
$3.65-$3.85
    ** Remains "confident in the mid- to long-term strength of
the housing market" - CEO Nicholas Fink
    ** Six of 18 brokerages rate the stock "buy" or higher, 10
"hold" and 2 "sell" or lower; their median PT is $70.00
    ** Including session's gain, stock was down 9.14% YTD 

 (Reporting By Akshita Toshniwal in Bengaluru)
 ((Akshita.Toshniwal@thomsonreuters.com))