Alongside its dividend announcement, Fortune Brands (NYSE:FBHS) announces board authorization to repurchase up to $250M worth of company stock over the next two years. This amount will be added to the $78M remaining under prior authorizations.
At today's closing price, the $328M would be enough to buy back about 8M shares, or just less than 5% of the float.
Shares of Fortune Brands Home & Security (FBHS) +0.7% AH tick up after the company beat expectations in Q3 and raised guidance. (PR)
Revenue in the Kitchen & Bath Cabinetry segment was grew 36% Y/Y to $448.6M, Plumbing & Accessories +22% to $338.1M, Windows & Door Systems +14% to $181M, and Security and Storage +10% to $157.4M.
Management guides for full-year revenue of $4.13B-$4.16B (consensus of $4.1B) and EPS of $1.47-$1.49 ($1.43). Fortune expects to generate ~$300M in FCF on the year and end with net-debt-to-EBITDA at ~0.
Fortune Brands Home & Security Inc is a home and security products company. It has four segments: Kitchen & Bath Cabinetry, Plumbing & Accessories, Advanced Material Windows & Door Systems, and Security & Storage.