Fortune Brands 2Q profit falls 6 percent |
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Fri, 27 Jul 2007 13:12
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DEERFIELD, Ill. (AP) - Fortune Brands Inc., which makes a variety of consumer products -- from Jim Beam bourbon to Therma-Tru doors -- said Friday its second quarter profit dipped 6 percent, but the company beat Wall Street's estimates as its alcohol and golf businesses grew.For the quarter ended June 30, net income fell to $232 million, or $1.48 per share, from $247.8 million, or $1.63 per share in the prior year quarter.The results included $10.8 million, or 5 cents per share, in restructuring and restructuring-related charges, the company said. Excluding the charges, the company earned $1.53 per share.Analysts polled by Thomson Financial expected earnings of $1.44 per share.Revenue rose 4 percent to $2.35 billion from $2.26 billion in the second quarter of 2006. Analysts forecast revenue of $2.27 billion.Revenue from the company's biggest division -- home and hardware -- rose 0.7 percent to $1.2 billion, while spirits and wine sales grew 6 percent. Sales in the golf segment climbed nearly 12 percent.Fortune Brands said market-share gains, strong international sales and newly introduced products added to revenue.Rising sales in its spirits and wine and golf divisions helped offset weakness in the home products business, affected by the downturn in the U.S. housing market.For the third quarter, the company expects earnings per share before charges and gains to range from up mid-single digits to down mid-single digits.For the full-year, Fortune said earnings per share before charges and gains should be flat to down mid-single digits.Analysts predict third quarter earnings of $1.34 per share and 2007 earnings of $5.09 per share.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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