Loading...
•
Dec 31, 2023
Spectrum Brands Q1 2024 Earnings Report
Spectrum Brands reported first quarter fiscal 2024 results.
Key Takeaways
Spectrum Brands Holdings reported a 3.0% decrease in net sales, driven by lower consumer demand in North American Small Kitchen Appliances and SKU rationalizations, offset by favorable foreign currency and positive pricing adjustments. Net income from continuing operations was $17.5 million, and Adjusted EBITDA improved by $44.5 million to $84.3 million. The company repurchased 3.3 million shares in Q1 for $243 million and maintains its fiscal 2024 earnings framework.
Net sales decreased 3.0% due to lower consumer demand and SKU rationalizations, offset by favorable foreign exchange and pricing.
Net income from continuing operations improved by $57.5 million to $17.5 million.
Adjusted EBITDA increased by $44.5 million to $84.3 million.
The company repurchased 3.3 million shares for $243 million in Q1.
Spectrum Brands
Spectrum Brands
Forward Guidance
Spectrum Brands continues to expect reported net sales to decline by low single-digits in Fiscal 2024. Fiscal 2024 Adjusted EBITDA, excluding investment income, is expected to increase by high single-digits. The Company continues to target a long-term net leverage ratio of 2.0 - 2.5 times after full deployment of HHI sale proceeds.
Positive Outlook
- Adjusted EBITDA, excluding investment income, is expected to increase by high single-digits.
Challenges Ahead
- Reported net sales are expected to decline by low single-digits in Fiscal 2024.