Stock Alert – Spectrum Brands Shares Hit 52-Week High
Shares of Spectrum Brands Holdings Inc. (SPB) reached a 52-week high of $68.50 today, after the company reported upbeat Q4 results, reflecting elevated demand levels, with strong POS and improved output.
SPB is currently trading at $66.36, up $2.84 or 4.46%, with trading volume of 225K versus an average volume of 338K shares.
The company’s Q4 net income attributable to controlling interest was $45.4 million or $0.04 per share versus a loss of $95.7 million or $1.97 per share in the prior year period.
Net income from continuing operations was $43.8 million or $1.01 per share compared to a loss of $79.0 million or $1.62 per share last year.
On an adjusted basis, earnings from continuing operations increased to $1.72 per share from $1.13 per share earned a year ago.
Net sales for the quarter amounted to $1.17 billion, 17.1% higher than the previous year’s sales of $993.0 million, reflecting strong growth across all business units.
Analysts polled by Thomson Reuters expected earnings of $1.24 per share on revenue of $1.02 billion for the quarter.
The company expects 3% – 5% reported net sales growth in fiscal 2021, with foreign exchange expected to have a slightly positive impact based upon current rates.
Fiscal 2021 adjusted EBITDA is expected to increase mid single-digits. Adjusted free cash flow is expected to be between $250 million and $270 million, with strategic investments in inventory levels and other working capital needs for the upcoming year.
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