Published on 30 Apr 2024 on GuruFocus.com via Yahoo Finance
Fortune Brands Innovations Inc. (FBIN) Q1 2024 Earnings: Surpasses Analyst Revenue Forecasts
Reported Net Sales: $1,110M, marking a 7% increase year-over-year, surpassing estimates of $1,076.52M.EPS (GAAP): $0.76, up 13% from the previous year, exceeding the estimated $0.74.Operating Income: GAAP operating income reached $155.4M with a 14.0% margin, while non-GAAP figures stood at $167.2M with a 15.1% margin.Free Cash Flow: Ended the quarter with ($135.9) million in free cash flow, reflecting typical seasonality.Share Repurchase: Repurchased $100 million of shares during the quarter under the returns-based program.2024 Full-Year Guidance: Reaffirmed, expecting net sales growth of 3.5% to 5.5%, with EPS before charges/gains projected at $4.20 to $4.40.Segment Performance: Security net sales grew by 9%, Outdoors by 9%, and Water Innovations by 5%, driven by acquisitions and continuous improvement initiatives.
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