Spectrum Brands Holdings falls after dour Q4 results

Spectrum Brands Holdings

18/11/2022 14:57

** Shares of consumer and home products maker Spectrum Brands
Holdings  SPB.N  down 4.1% at $47.67 in early trading
    ** Stock trading at its lowest in nearly two weeks
    ** SPB reports Q4 adj EPS of 48 cents, missing analysts'
expectations of 57 cents - Refinitiv IBES data
    ** Co records Q4 net sales of $749.5 mln, down 1.1% YoY and
below Wall Street consensus of $789.8 mln
    ** SPB's Home & Garden and Global Pet Care segments led
decline in revenue
    ** Co sees low single-digit reported net sales growth in
FY23, with foreign exchange expected to have a negative impact
based on current rates
    **  "We are also implementing further price increases around
the globe to help offset the additional pressure from the
strengthening U.S. dollar," says CEO David Maura
    ** Seven of eight brokerages rate the stock "buy" or higher,
one "hold"; their median PT is $91
    ** Stock is down 53.6% YTD
 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com))