Spectrum Brands Q3 Earnings Beat Street, But Revenue Declines

(RTTNews) - Consumer products company Spectrum Brands Holdings, Inc. (SPB) Friday reported a higher net profit of $1.859 billion or $46.07 per share for the third quarter than $32.7 million or $0.80 per share in the same quarter a year ago. Earnings, excluding items, beat the Street estimates.

From continuing operations, the company reported a loss of $172.4 million or $4.27 per share compared with earnings of $3 million or $0.07 per share last year.

Excluding one-time items, EPS from continuing operations were $0.75 per share compared with $0.54 a year ago. Analysts on average, polled by Thomson-Reuters were expecting earnings of $0.40 per share. Analysts' estimates typically exclude special items.

Quarterly sales declined to $735.5 million from $818 million in the previous year. The consensus estimate was for $787.11 million.