Spectrum Brands(SPB)

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Spectrum Brands(SPB) - 2024 Q2 - Quarterly Results
2024-05-09 11:22
Exhibit 99.1 3001 Deming Way Middleton, WI 53562-1431 P.O. Box 620992 Middleton, WI 53562-0992 (608) 275-3340 For Immediate Release Investor/Media Contact: Joanne Chomiak 608-275-4458 Spectrum Brands Holdings Reports Fiscal 2024 Second Quarter Results Middleton, WI, May 9, 2024 - Spectrum Brands Holdings, Inc. (NYSE: SPB; "Spectrum Brands" or the "Company"), a leading global branded consumer products and home essentials company focused on driving innovation and providing exceptional customer service, today ...
Spectrum Brands(SPB) - 2024 Q1 - Earnings Call Transcript
2024-02-08 17:45
Financial Performance - Net sales for Q1 2024 decreased by 3%, aligning with expectations due to challenging macroeconomic conditions and competitive retail environment [6][54] - Gross margins improved by 710 basis points to 35.4%, driven by lower cost inventory and productivity initiatives [7][25] - Adjusted EBITDA increased by 111.8% to $84.3 million, benefiting from improved gross margins and $23 million in investment income [19][26] - Operating income rose by $45.2 million to $25 million, primarily due to gross margin improvements and lower operating expenses [13] Business Unit Performance - Global Pet Care (GPC) reported a slight sales decline of 0.2%, with organic sales down 2%, impacted by SKU rationalization and lower demand in aquatics [58][66] - Home & Garden net sales increased by 0.8%, driven by growth in the Controls category, while the Cleaning category faced softness [33][65] - Home & Personal Care (HPC) saw a 5.8% decrease in reported net sales, with organic sales down 7.6%, primarily due to declines in small kitchen appliances [66][70] Market Performance - EMEA region sales increased due to growth in Companion Animal products, while North America experienced overall sales declines [30][37] - E-commerce sales grew by 28.3% year-over-year, indicating a strong performance in online channels [48] Company Strategy and Industry Competition - The company is focusing on operational efficiencies and investing in brand marketing and innovation to drive long-term growth [20][50] - Plans to separate the HPC segment through a sale, merger, or spin-off are underway, with expectations for a transaction announcement later this year [21][134] - The competitive landscape remains challenging, with expectations of continued pricing pressure and cautious inventory management among retailers [36][41] Management Commentary on Operating Environment and Future Outlook - Management expressed cautious optimism about the first quarter results but acknowledged ongoing geopolitical and macroeconomic headwinds [23][93] - The company aims to return to revenue growth and improve operational performance, with a focus on fewer, larger innovations [73][100] Other Important Information - The company returned over $825 million to shareholders through share repurchase programs, reducing the share count by 26% [10][27] - The balance sheet is strong, with a cash balance of $445 million and total debt reduced to approximately $1.4 billion [28][43] Q&A Session Summary Question: Can you discuss the constraints on cash deployment and share repurchases? - Management highlighted a strong balance sheet with no bank debt and emphasized the importance of returning capital to shareholders while focusing on growth [82][83] Question: What gives confidence in returning to growth in HPC? - Management noted that the industry is rationalizing, and as competitors exit the market, there is potential for improved demand patterns [95][96] Question: How is the company addressing innovation and topline growth? - The company is investing in new product development and marketing, with a focus on testing and learning from customer feedback [116][117]
Spectrum Brands(SPB) - 2024 Q1 - Quarterly Report
2024-02-08 15:04
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to______ | Commission File No. | Name of Registrant, State of Incorporation, Address of Principal Offices, and Telephone No. | IRS Employer I ...
Spectrum Brands(SPB) - 2023 Q4 - Annual Report
2023-11-21 16:02
Table of Contents 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 September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to ___________ Commission File No. Name of Registrant, State of Incorporation, Address of Principal Offices, and Telephone No. IRS Employer Iden ...
Spectrum Brands(SPB) - 2023 Q4 - Earnings Call Transcript
2023-11-17 17:49
Financial Data and Key Metrics Changes - Net sales decreased by 1.2%, with organic net sales declining by 2.7%, primarily due to lower consumer demand for kitchen appliances and the exit from non-strategic categories in the global pet care business [12][40] - Adjusted diluted EPS increased by 183%, driven by higher adjusted EBITDA, lower interest expense, and a reduced share count [13] - Adjusted EBITDA increased by 52%, attributed to gross profit improvements and interest income [13] Business Line Data and Key Metrics Changes - Global pet care business saw reported net sales increase by 1.6%, while organic net sales decreased by 0.7%, with higher sales in companion animal categories offset by portfolio rationalization and softness in aquatics [41] - Home & Garden reported net sales increased by 7.2%, driven by advertising investments and favorable weather conditions, with adjusted EBITDA increasing by 60% [19][21] - Home and personal care segment reported net sales decreased by 6.3%, with organic net sales down by 7.7%, primarily due to lower consumer demand in kitchen appliances [48] Market Data and Key Metrics Changes - North American sales grew in personal care and garment care categories, while kitchen appliance sales experienced double-digit declines [23] - EMEA region sales grew, driven by double-digit growth in dog and cat food, despite inflationary pressures [42] - The company expects continued suppressed demand in the home and personal care appliance segment, particularly in kitchen appliances, with a low-single-digit decline in top line expected [10][25] Company Strategy and Development Direction - The company is focusing on three key areas: investing in people to improve commercial capabilities, investing in brands and new product roadmaps, and enhancing operational efficiencies [8][36] - A strategic pivot is underway to shift from defensive measures to leveraging opportunities presented by a strong balance sheet and improving margins as the company enters fiscal '24 [6][34] - The company plans to significantly increase investments in advertising and marketing to support brand growth and innovation [9][54] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the future, acknowledging a challenging macroeconomic environment but highlighting a strong balance sheet and improved margin profile [5][34] - The company anticipates a tough first half of fiscal '24, with expectations of low single-digit net sales decline, primarily driven by the home and personal care segment [25][55] - Management is preparing for a potential weakening of consumer demand and is focused on regaining investor confidence through achievable financial goals [37][106] Other Important Information - The company ended the year with a net positive cash position of $1.9 billion and a total debt position of $1.6 billion, becoming a net debt-free company after the HHI sale [32][130] - Capital expenditures for the quarter were $14.7 million, down from $18.7 million the previous year [14] - The company is transitioning its Investor Relations responsibilities to a new Senior Vice President, indicating a shift in focus and strategy [73] Q&A Session Summary Question: What is the outlook for 2024? - Management indicated that while there are uncertainties, they expect a resilient consumer market and are preparing for potential challenges in the first half of 2024 [82][83] Question: How much was the investment in brands in fiscal '23? - Management stated that significant investments in marketing and e-commerce are planned for fiscal '24, with a focus on driving healthier business levels [90] Question: What are the capital allocation priorities this year? - The company is completing a $500 million share repurchase program and is focused on organic business investments while remaining open to potential acquisitions [115] Question: How does the company view the competitive landscape in the HPC space? - Management acknowledged that a large competitor is performing well, and they are focused on improving their own operations and capitalizing on their product strengths [114]
Spectrum Brands(SPB) - 2023 Q4 - Earnings Call Presentation
2023-11-17 14:29
Sp Fiscal 2023 Fourth Quarter and Full Year Earnings Call November 17, 2023 Agenda • Introduction – Faisal Qadir VP, Strategic Finance & Enterprise Reporting • CEO Overview and Outlook – David Maura Chairman and Chief Executive Officer • Financial & Business Review – Jeremy Smeltser Chief Financial Officer • Q&A – David Maura and Jeremy Smeltser 2 Forward-looking Statements 3 We have made or implied certain forward-looking statements in this document. All statements, other than statements of historical fact ...
Spectrum Brands(SPB) - 2023 Q3 - Earnings Call Transcript
2023-08-11 20:49
Spectrum Brands Holdings, Inc. (NYSE:SPB) Q3 2023 Earnings Conference Call August 11, 2023 9:00 AM ET Company Participants Faisal Qadir - Vice President, Strategic Finance and Enterprise Reporting David Maura - Chairman and Chief Executive Officer Jeremy Smeltser - Chief Financial Officer Conference Call Participants Peter Lukas - CJS Securities Peter Grom - UBS Chris Carey - Wells Fargo Securities Ian Zaffino - Oppenheimer Brian McNamara - Canaccord Genuity Jim Chartier - Monness, Crespi, Hardt Olivia Tong ...
Spectrum Brands(SPB) - 2023 Q3 - Quarterly Report
2023-08-11 14:06
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 2, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to______ | Commission File No. | Name of Registrant, State of Incorporation, Address of Principal Offices, and Telephone No. | IRS Employer Identi ...
Spectrum Brands(SPB) - 2023 Q2 - Earnings Call Transcript
2023-05-12 19:25
Spectrum Brands Holdings, Inc. (NYSE:SPB) Q2 2023 Earnings Conference Call May 12, 2023 9:00 AM ET Company Participants David Maura - CEO Jeremy Smeltser - CFO Faisal Qadir - VP of Strategic Finance & Enterprise Reporting Conference Call Participants Peter Grom - UBS Bob Labick - CJS Securities Olivia Tong - Raymond James Chris Carey - Wells Fargo Securities Ian Zaffino - Oppenheimer & Co. Brian McNamara - Canaccord Genuity Steve Powers - Deutsche Bank Michael O'Brien - Wolfe Research Operator Good day, and ...
Spectrum Brands(SPB) - 2023 Q2 - Quarterly Report
2023-05-12 15:02
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 2, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to______ | Commission File No. | Name of Registrant, State of Incorporation, Address of Principal Offices, and Telephone No. | IRS Employer Ident ...