Fortune Brands points to solid momentum
Deerfield, Ill.-based Fortune Brands Home & Security reported net sales of $1.04 billion in the second quarter ended June 30, an increase of 11% over the year-ago quarter.
Net income was $64.2 million, up from $47.9 million in last year's quarter.
CEO Chris Klein described "solid momentum" in the first half of the year as the company rides a market recovery. The company raised its outlook
"Based on our strong first half performance, our continued confidence in the home products market, and our efficient closing of the WoodCrafters acquisition, we are again increasing our annual outlook," Klein said. The company now expects 2013 net sales to increase 13% to 15%.
The company described the performance of each of its segments:
• Kitchen & Bath & Cabinetry net sales were up 13% in the quarter, with new construction leading the momentum.
• Plumbing & Accessories were up 15%.
• Advanced Material Windows & Door Systems were up double digits, the company said, with entry doors increasing 15%. The company said it began to see positive signs in windows.
• Security & Storage were even with the prior year. A 4% increase of security sales was offset by "lower tool storage sales as we reposition that business."
The company completed the acquisition -- valued at about $300 million -- of WoodCrafters Home Products Holding on June 20. WoodCrafters was a privately owned manufacturer of bathroom vanities and tops with an estimated annual sales of $230 million.