Consumer products firm Spectrum Brands Holdings, Inc. (SPB) Wednesday said third-quarter net income attributable to controlling interest increased to $78.0 million or $1.47 per share from $36.1 million or $0.69 per share in the prior year quarter.
Adjusted earnings per share were $1.30, compared to $0.90 last year. On average, 7 analysts polled by Thomson Reuters expected earnings of $1.29 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales grew 3.6 percent to $1.13 billion from $1.09 billion a year ago. Analysts expected revenues of $1.14 billion.
Dave Lumley, CEO, said, "We are focused on delivering another year of steady, measured financial improvement, including a strong increase in free cash flow, in fiscal 2014."
Spectrum Brands expects fiscal 2014 net sales, as reported, to increase approximately at the rate of U.S. GDP growth compared to fiscal 2013 net sales, including HHI in the prior year on a pro forma basis.
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