Fortune Brands Home & Security Non-GAAP EPS of $1.67 beats by $0.08, revenue of $2.11B beats by $70M

Jul. 27, 2022 4:27 PM ETFortune Brands Home & Security, Inc. (FBHS)By: Pranav Ghumatkar, SA News Editor
  • Fortune Brands Home & Security press release (NYSE:FBHS): Q2 Non-GAAP EPS of $1.67 beats by $0.08.
  • Revenue of $2.11B (+8.8% Y/Y) beats by $70M.
  • Separation of companies progressing ahead of schedule; Company expects to file initial Form 10 during 3Q.
  • At the end of the quarter, net debt was $3.0 billion and net debt to EBITDA was 2.3x. The Company had $361 million in cash and $564 million of availability under its revolving credit facility.
  • During the second quarter, the Company repurchased approximately $125 million in common stock and year-to-date has repurchased approximately $505 million in common stock.
  • Annual Outlook Update: The Company now anticipates delivering an increased full-year sales growth in the range of 6.5 percent to 7.5 percent relative to a global home products market growing at 3 percent to 5 percent and a U.S. home products market growing at 4 percent to 6 percent.
  • The Company now expects EPS before charges / gains for the full year to be in the range of $6.36 to $6.50 to account for incremental costs related to the separation.
  • The Company now expects to generate free cash flow of approximately $590 million to $630 million.

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