Spectrum Brands reports Q4 adjusted EPS 97c, consensus $1.07

Reports Q4 revenue $773.7M, consensus $747.51M. “The team and I are proud of our fourth quarter and fiscal 2024 results. We exceeded our annual operating plans on virtually every metric and all of our businesses returned to growth in the second half of the year, in spite of the challenging economic and geopolitical conditions that are impacting consumer demand. We achieved over 20% adjusted EBITDA growth for the year despite an incremental $62 million of investments into our brands, demonstrating the high quality of our earnings growth. We upgraded our capabilities in commercial operations, innovation, marketing and advertising. We restored operational momentum to our businesses with best-in class operational efficiency and fill rates in the mid 90% across each of our businesses. We have transformed from a difficult working capital position to a company with best-in-class working capital management capabilities and we have the strongest balance sheet in our peer group, ending fiscal 2024 with net leverage below 0.6 turns,” said David Maura, Chairman and Chief Executive Officer of Spectrum Brands (SPB). Continuing, Maura commented, “I am excited about the upcoming year. Our focus during fiscal 2025 will be to continue the momentum we built in fiscal 2024 by investing in our brands to drive long-term growth, in innovation to expand core and adjacent categories, and in our operations to drive further cost improvement, quality and safety. Despite the overall challenging macro-economic environment, we intend to make incremental investments in fiscal 2025 to drive top-line growth.”