Spectrum Brands slides on weak sales outlook, Q4 revenue fall

Spectrum Brands Holdings

17/11/2023 13:37

** Shares of consumer and home products maker Spectrum
Brands Holdings Inc  SPB.N  down about 1.2% at $76 in premarket
trading
    ** Co expects 2024 net sales of low single-digit decline
    ** "Believe the overall macro-economic environment will
continue to deteriorate and will result in top-line pressure" -
CEO David Maura
    ** Posts a 1.2% fall in Q4 revenue to $740.7 mln, hurt by
lower consumer demand for kitchen appliances products and
planned exit of non-strategic categories in the GPC business
    ** However, fourth-quarter adjusted earnings from continuing
operations of $1.36 per share beat LSEG estimates of $1.03 per
share
    ** Expects 2024 adjusted EBITDA to increase by high
single-digits 
    ** Up to last close, SPB shares up 26.23% YTD

 (Reporting by Unnamalai L in Bengaluru)
 ((Unnamalai.L@thomsonreuters.com))