Spectrum Brands reports Q3 adjusted EPS $1.10, consensus $1.21

Reports Q3 revenue $779.4M, consensus $755.33M. “We are pleased to report a strong third quarter of fiscal 2024, building off the operating momentum we drove in the first half of the year. Each business delivered reported and organic net sales growth, and year-to-date our net sales growth is now positive. This quarter, our operations produced a gross margin of 38.9%, a 310 basis point improvement over last year. Our net income increased $191.3M and our Adjusted EBITDA, excluding investment income, was $93.6M despite almost $23M of incremental brand and innovation-focused investments we made in the quarter. Net income margins increased to 2.5% and Adjusted EBITDA margins, excluding investment income, were 12.0%. Given our performance and expectations for the remainder of the year, we are updating our full year Earnings Framework. While we continue to expect net sales to be relatively flat, Adjusted EBITDA is now expected to grow approximately 20%,” said CEO David Maura.