Spectrum Brands(US:SPB)2024-08-08 15:23Financial Performance - Net sales increased by 60% to $7794 million in Q3 FY24 compared to $7355 million in Q3 FY23[12, 27] - Organic sales grew by 71% in Q3 FY24[7, 12] - Adjusted EBITDA increased to $1063 million in Q3 FY24 from $99 million in Q3 FY23[7, 12] Excluding $13 million of investment income, Adjusted EBITDA was $94 million[13] - The company delivered adjusted EBITDA including investment income of $1063 million, up from $99 million, while increasing investments in brands by almost $23 million[7] - GAAP Net Income was $191 million in Q3 FY24[12] Debt and Share Repurchases - The company retired $1174 billion in bonds with no future obligations for any of the HHI proceeds[7] - Issued $350 million, 5-year exchangeable senior, unsecured bonds at 3375%[7] - Net debt at the end of the quarter was $2716 million[7] - The company has approximately $400 million remaining on its $500 million share repurchase plan authorized in May 2024[9, 10] - Repurchased 132 million shares, reducing total shares outstanding by approximately 32%[9] Segment Performance - Global Pet Care (GPC) net sales increased by 36% to $2822 million in Q3 FY24[15, 27] Organic sales increased by 41%[16, 17] - Home & Garden (H&G) net sales increased by 131% to $211 million in Q3 FY24[18, 27] Organic sales increased by 130%[18] - Home & Personal Care (HPC) net sales increased by 35% to $2862 million in Q3 FY24[19, 27] Organic sales increased by 61%[19] FY24 Outlook - The company is targeting flat net sales versus last year and ~20% growth in adjusted EBITDA (without considering the impact of investment income)[21]