Spectrum Brand Holdings exceeds financial targets

Special to The Freeman

Nov. 20, 2014

MIDDLETON — The fiscal year ended on a high note for Spectrum Brand Holdings, Inc., which reported Thursday meeting or exceeding its financial targets for the period.

According to the announcement concerning the fiscal year ending Sept. 30, 2014, all but one of the Spectrum Brand Holdings’ businesses achieved increased adjusted EBITDA, as well free cash flow reached a record $359 million in fiscal 2014 versus $254 million in fiscal 2013. There was growth in all four quarters of the year for Spectrum Brand Holdings, as well as a fourth quarter with increases in net sales, GAAP and adjusted earnings per share and adjusted EBITDA, according to the company.

Fiscal 2014 highlights were: net sales of $4.43 billion in fiscal 2014 increased 8.4 percent versus $4.09 billion a year ago; net income of $214.1 million and diluted income per share of $4.02 in fiscal 2014 compared to a net loss of $55.2 million and diluted loss per share of $1.06 in fiscal 2013; adjusted diluted earnings per share, a non-GAAP measure, of $4.06 in fiscal 2014 increased 36.2 percent compared to $2.98 last year; and adjusted diluted earnings per share in the fourth quarter of fiscal 2014 increased 11.4 percent to $0.98 versus $0.88 a year earlier.

“Fiscal 2014 was our fifth consecutive year of record performance,” said Dave Lumley, chief executive officer of Spectrum Brands Holdings, in a statement. “We delivered solid, consistent sales growth each quarter of about 3.5 percent. Adjusted EBITDA grew at twice the rate of sales, and gross and adjusted EBITDA margins expanded. Free cash flow grew to a record $359 million, or nearly $7 per share, from $254 million, or nearly $5 per share, in fiscal 2013. This performance was achieved despite a challenging year for our Global Pet Supplies business.”

Spectrum Brands Holdings is a global and diversified consumer products company and a leading supplier of consumer batteries, residential locksets, residential builders’ hardware, faucets, shaving and grooming products, personal care products, small household appliances, specialty pet supplies, lawn and garden and home pest control products and personal insect repellents.