Fortune Brands Innovations (FBIN) reported $1.11 billion in revenue for the quarter ended March 2024, representing a year-over-year increase of 6.7%. EPS of $0.83 for the same period compares to $0.69 a year ago.The reported revenue represents a surprise of +2.16% over the Zacks Consensus Estimate of $1.09 billion. With the consensus EPS estimate being $0.76, the EPS surprise was +9.21%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations ...

[First Quarter 2024 Performance Overview](index=1&type=section&id=First%20Quarter%202024%20Performance%20Overview) [Highlights and Management Commentary](index=1&type=section&id=Highlights%20and%20Management%20Commentary) Fortune Brands reported first-quarter results that surpassed expectations, with a 7% increase in reported sales and a 20% rise in non-GAAP EPS, driven by strategic execution and confidence in market outperformance - Q1 sales and margin results exceeded expectations, driven by the successful execution of the company's strategy to grow its core business and accelerate in connected products[3](index=3&type=chunk) - The company reaffirmed its initial 2024 guidance, signaling confidence in its strategy for above-market sales performance, margin expansion, and cash generation[5](index=5&type=chunk) [Consolidated Financial Results](index=1&type=section&id=Consolidated%20Financial%20Results) For Q1 2024, Fortune Brands reported net sales of $1.11 billion, a 7% increase year-over-year, while organic sales declined 3%, with GAAP EPS rising 13% to $0.76 and non-GAAP EPS increasing 20% to $0.83 Q1 2024 Total Company Results vs. Q1 2023 | Metric | Q1 2024 GAAP | Change (YoY) | Q1 2024 Non-GAAP | Change (YoY) | | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | $1,110 M | 7% | $1,110 M | 7% | | **Operating Income** | $155.4 M | 18% | $167.2 M | 22% | | **Operating Margin** | 14.0% | 130 bps | 15.1% | 200 bps | | **EPS** | $0.76 | 13% | $0.83 | 20% | - While reported sales grew **7% to $1.1 billion**, organic sales (excluding acquisitions) decreased by **3%** compared to Q1 2023, indicating that recent acquisitions were the primary driver of top-line growth[5](index=5&type=chunk) [Segment Performance](index=2&type=section&id=Segment%20Performance) [Water Innovations](index=2&type=section&id=Water%20Innovations) The Water Innovations segment reported a 5% increase in net sales to $625 million, driven by acquisitions, despite a 7% decline in organic sales, with operating margin improving by 100 basis points to 22.6% Water Innovations Q1 2024 Performance | Metric | Value | Change (YoY) | | :--- | :--- | :--- | | **Reported Net Sales** | $625 M | 5% | | **Organic Net Sales** | $555 M | (7)% | | **Operating Margin Before Charges/Gains** | 22.6% | 100 bps | [Outdoors](index=2&type=section&id=Outdoors) The Outdoors segment achieved strong performance with a 9% increase in both reported and organic net sales to $315 million, alongside a significant 680 basis point expansion in operating margin to 12.0% Outdoors Q1 2024 Performance | Metric | Value | Change (YoY) | | :--- | :--- | :--- | | **Reported Net Sales** | $315 M | 9% | | **Organic Net Sales** | $315 M | 9% | | **Operating Margin Before Charges/Gains** | 12.0% | 680 bps | - Operating margin improvement was positively impacted by higher production volumes and continuous improvement initiatives[6](index=6&type=chunk) [Security](index=2&type=section&id=Security) The Security segment's net sales grew 9% to $169 million, primarily due to acquisitions, despite an 8% decline in organic sales, with operating margin increasing by 170 basis points to 15.7% Security Q1 2024 Performance | Metric | Value | Change (YoY) | | :--- | :--- | :--- | | **Reported Net Sales** | $169 M | 9% | | **Organic Net Sales** | $143 M | (8)% | | **Operating Margin Before Charges/Gains** | 15.7% | 170 bps | [Financial Position and Outlook](index=2&type=section&id=Financial%20Position%20and%20Outlook) [Balance Sheet and Cash Flow](index=2&type=section&id=Balance%20Sheet%20and%20Cash%20Flow) The company maintained a strong balance sheet with $360 million in cash and a net debt to EBITDA ratio of 2.9x, while experiencing negative operating cash flow due to seasonality and repurchasing $100 million in shares Key Financial Position Metrics (as of Q1 2024 End) | Metric | Value | | :--- | :--- | | **Net Debt** | $2.7 billion | | **Net Debt to EBITDA (before charges/gains)** | 2.9x | | **Cash** | $360 million | | **Available Revolving Credit Facility** | $875 million | - The company experienced negative operating cash flow of **$(71.3) million** and free cash flow of **$(135.9) million**, which was attributed to typical seasonality[8](index=8&type=chunk) - The company repurchased **$100 million** of its shares in Q1 2024 as part of its opportunistic share repurchase program[8](index=8&type=chunk) [Full-Year 2024 Guidance](index=2&type=section&id=Full-Year%202024%20Guidance) Fortune Brands reaffirmed its full-year 2024 guidance, projecting net sales growth of 3.5% to 5.5% and adjusted EPS between $4.20 and $4.40, despite anticipating a challenging global market - The company reaffirmed its full-year guidance, prioritizing above-market sales growth, margin expansion, and cash generation while continuing strategic investments[9](index=9&type=chunk) 2024 Full-Year Guidance Highlights | Metric | Guidance Range | | :--- | :--- | | **Global Market** | -3% to 0% | | **Net Sales Growth** | 3.5% to 5.5% | | **Organic Net Sales Growth** | -1% to 1% | | **Operating Margin (before charges/gains)** | 16.5% to 17.5% | | **EPS (before charges/gains)** | $4.20 to $4.40 | | **Free Cash Flow** | Around $520 million | [Detailed Financial Statements and Reconciliations](index=5&type=section&id=Detailed%20Financial%20Statements%20and%20Reconciliations) [Consolidated Financial Statements](index=6&type=section&id=Consolidated%20Financial%20Statements) The detailed financial statements provide a comprehensive view of the company's performance, showing a 7% revenue increase to $1.11 billion, a 14% rise in net income to $96.4 million, and a seasonal use of cash in operations [Condensed Consolidated Statements of Income](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) For Q1 2024, net sales grew 7% to $1.11 billion, operating income increased 18% to $155.4 million, and net income rose 14% to $96.4 million, resulting in diluted EPS of $0.76 Q1 2024 Income Statement Highlights (in millions) | Line Item | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | **Net Sales** | $1,109.6 | $1,040.0 | 7% | | **Operating Income** | $155.4 | $131.8 | 18% | | **Net Income** | $96.4 | $84.6 | 14% | | **Diluted EPS (Continuing Ops)** | $0.76 | $0.67 | 13% | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 30, 2024, total assets increased to $6.79 billion, driven by higher goodwill and accounts receivable, while total liabilities rose to $4.51 billion, primarily due to an increase in long-term debt Balance Sheet Highlights (in millions) | Line Item | March 30, 2024 | Dec 30, 2023 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $359.7 | $366.4 | | **Total current assets** | $2,172.1 | $2,045.7 | | **Goodwill** | $1,988.7 | $1,906.8 | | **Total assets** | $6,791.5 | $6,565.0 | | **Long-term debt** | $3,044.7 | $2,670.1 | | **Total liabilities** | $4,510.7 | $4,271.6 | | **Total equity** | $2,280.8 | $2,293.4 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2024, the company experienced a net cash outflow from operating activities of $(71.3) million, used $169.8 million in investing activities, and generated $238.7 million from financing activities, primarily through increased debt Q1 2024 Cash Flow Highlights (in millions) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Net cash from operating activities** | $(71.3) | $76.1 | | **Capital expenditures** | $(64.6) | $(42.6) | | **Cost of acquisitions** | $(105.2) | - | | **Net cash from investing activities** | $(169.8) | $(42.6) | | **Treasury stock purchases** | $(100.0) | $(100.0) | | **Net cash from financing activities** | $238.7 | $(139.3) | [Non-GAAP Reconciliations](index=5&type=section&id=Non-GAAP%20Reconciliations) This section provides detailed reconciliations for key non-GAAP metrics, including organic net sales, operating income, diluted EPS, and the net debt-to-EBITDA ratio [Reconciliation of Organic Net Sales](index=13&type=section&id=Reconciliation%20of%20Organic%20Net%20Sales) Total company organic net sales for Q1 2024 were $1.01 billion, a 3% decrease from the prior year, excluding $96.5 million in revenue from recent acquisitions Q1 2024 GAAP Net Sales to Organic Net Sales Reconciliation (in millions) | Segment | Net Sales (GAAP) | Acquisition Impact | Organic Net Sales | Organic % Change | | :--- | :--- | :--- | :--- | :--- | | **Water** | $625.3 | $70.4 | $554.9 | (7)% | | **Outdoors** | $315.0 | $0.0 | $315.0 | 9% | | **Security** | $169.3 | $26.1 | $143.2 | (8)% | | **Total Company** | $1,109.6 | $96.5 | $1,013.1 | (3)% | [Reconciliation of Operating Income and Margin](index=5&type=section&id=Reconciliation%20of%20Operating%20Income%20and%20Margin) Total company GAAP operating income of $155.4 million was adjusted to $167.2 million before charges/gains, representing a 22% increase year-over-year and a non-GAAP operating margin of 15.1% Q1 2024 Operating Income Reconciliation (in millions) | Line Item | Value | | :--- | :--- | | **Operating Income (GAAP)** | $155.4 | | Restructuring Charges | $2.8 | | Other Charges/(Gains) | $9.0 | | **Operating Income Before Charges/Gains** | $167.2 | [Reconciliation of Diluted EPS](index=10&type=section&id=Reconciliation%20of%20Diluted%20EPS) The company's GAAP diluted EPS of $0.76 was adjusted to $0.83 before charges/gains for Q1 2024, reflecting a 20% increase from the prior year after excluding specific charges Q1 2024 Diluted EPS Reconciliation | Line Item | Value | | :--- | :--- | | **Diluted EPS from continuing operations (GAAP)** | $0.76 | | Restructuring charges | $0.02 | | Other charges/(gains) | $0.05 | | **Diluted EPS before charges/gains** | $0.83 | [Calculation of Net Debt-to-EBITDA Ratio](index=9&type=section&id=Calculation%20of%20Net%20Debt-to-EBITDA%20Ratio) As of March 30, 2024, the company's net debt was $2.685 billion, resulting in a net debt-to-EBITDA ratio of 2.9x based on a trailing fifty-two-week EBITDA of $940.5 million Net Debt-to-EBITDA Ratio Calculation (as of March 30, 2024) | Line Item | Value (in millions) | | :--- | :--- | | **Total Debt** | $3,044.7 | | Less: Cash and cash equivalents | $359.7 | | **Net Debt** | $2,685.0 | | **EBITDA before charges/gains (52-week)** | $940.5 | | **Net Debt-to-EBITDA Ratio** | **2.9x** |

SAN FRANCISCO, April 11, 2024 (GLOBE NEWSWIRE) -- Yale, a leader in smart home security, today announced the launch of the retrofit Yale Approach™ Lock with Wi-Fi and the wireless Yale Keypad. Easy to install on the back of most deadbolts, Yale Approach paired with the Yale Keypad is the ultimate do-it-yourself smart lock system for first-time users or renters who typically cannot change their locks. Both products are available for purchase in the U.S. today at ShopYaleHome.com and August.com, with Amazon a ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to_______ Commission file number 1-35166 Fortune Brands Innovations, Inc. (Exact name of registrant as specified in its charter) (State or Other Jurisdiction of Incorpora ...

New brand introductions and latest launches reinforce the House of Rohl brand commitment to artistry, curation and a life well-crafted IRVINE, Calif., Feb. 27, 2024 /PRNewswire/ -- This year at KBIS, House of Rohl® is excited to announce the expansion of its brand portfolio and the debut of new luxury plumbing collections that seamlessly blend richness, heritage and design. House of Rohl proudly welcomes the recently acquired brands Emtek® and Schaub, leaders in personalized hardware for cabinets and doors, ...

Fiberon has announced its product lineup, including a new color for Wildwood composite cladding, updated customization options for CitySide railing and a collection for Concordia PE composite decking. (Photo: Business Wire)Fiberon has announced its product lineup, including a new color for Wildwood composite cladding, updated customization options for CitySide railing and a collection for Concordia PE composite decking. (Photo: Business Wire)MAUMEE, Ohio--(BUSINESS WIRE)--Fiberon has announced its product l ...

Therma-Tru has announced its new product lineup for 2024, including updated options for Smooth-Star Shaker-style doors, the innovative Advanta lite frame and more. (Photo: Business Wire)Therma-Tru has announced its new product lineup for 2024, including updated options for Smooth-Star Shaker-style doors, the innovative Advanta lite frame and more. (Photo: Business Wire)MAUMEE, Ohio--(BUSINESS WIRE)--Therma-Tru has announced its new product lineup for 2024, including updated options for Smooth-Star Shaker-st ...

Although improved housing market conditions, increasing consumer confidence on the back of expectations of series rate cuts and moderating inflation are encouraging, the Fed’s decision of holding interest rates steady and consumer’s cautious approach are concerns for the Zacks Retail-Home Furnishings industry players. Continued investments in e-commerce and higher raw material costs in the home furnishing market are added headwinds. However, consumers’ increasing desire for shopping, efficient cost manageme ...

Iconic brands to be showcased together at 2024 International Builder’s ShowFor the first time, Therma-Tru, Larson, Fiberon, Fypon and Solar Innovations will be on display together, providing an experience unlike what the industry has seen from these brands previously. (Photo: Business Wire)For the first time, Therma-Tru, Larson, Fiberon, Fypon and Solar Innovations will be on display together, providing an experience unlike what the industry has seen from these brands previously. (Photo: Business Wire)MAUME ...

Fortune Brands Innovations, Inc. (FBIN) reported mixed results for fourth-quarter 2023, with earnings beating the Zacks Consensus Estimate and net sales missing the same. On a year-over-year basis, net sales increased, but earnings declined.Despite a challenging macro environment, the company's teams successfully delivered, progressed long-term initiatives and executed on priorities. The company's results this year highlight its focus on surpassing market sales, maintaining margins and generating cash.In th ...