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Apr 01, 2023
Fortune Brands Q1 2023 Earnings Report
Fortune Brands Innovations outperformed expectations amid a challenging macro environment and increased its full-year EPS guidance.
Key Takeaways
Fortune Brands Innovations reported solid Q1 2023 results with sales of $1.0 billion and EPS of $0.67. The company increased its full-year EPS guidance, reflecting operational outperformance and share repurchases.
Q1 2023 sales were $1.0 billion, a decrease of 9 percent versus Q1 2022.
Q1 2023 earnings per share (EPS) were $0.67, a decrease of 29 percent versus a year ago; EPS before charges / gains were $0.69, a decrease of 24 percent versus Q1 2022.
Operating income was $131.8 million, a decrease of 27 percent.
The Company repurchased approximately $100 million in common stock in the quarter.
Revenue by Segment
Forward Guidance
The Company is increasing the midpoint of full-year EPS before charges / gains guidance by $0.05 to a range of $3.65 to $3.85, reflecting the Company’s operational outperformance amid an external environment that is expected to remain challenging and the impact of share repurchases. The Company continues to expect a global housing market decline of 6.5 percent to 8.5 percent with full-year net sales down in the range of 5 percent to 7 percent, operating margins between 16 percent and 17 percent, EBITDA margins before charges / gains of between 19 percent and 20 percent and free cash flow of approximately $475 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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