Fortune Brands sales up 7% for year
Pointing to strength across all of its major businesses, Fortune Brands posted fourth-quarter sales of $1.90 billion, up 5% from the prior-year quarter, with the home and security division up 2%. Net income was $85.4 million, compared with $11.5 million in the prior year.
"Our determination to go on offense during the economic downturn and boost strategic investment across our businesses made a big impact in 2010," said CEO Bruce Carbonari.
For the full year ended Dec. 31, sales for the Deerfield, Ill.-based company were $7.14 billion, up 7% from last year.
Net income from continuing operations was $487.6 million, up from $242.8 million in the prior year.
In a statement released Friday morning, Carbonari provided the following color for the Home & Security business: “Home & Security sales and operating income grew in the quarter against its strong prior-year results, partly benefiting from pull-forward in demand for Simonton windows in advance of the year-end expiration of a consumer tax credit for energy-efficient home products."
The division saw 6% comparable-sales growth in a relatively flat market, he said. Moen and Master Lock showed strong growth in international markets.
Fortune Brands brands in Home & Security include: Moen, ThermaTru, Simonton Windows, Master Lock, Waterloo, MasterBrand Cabinets, Aristokraft Cabinetry, Diamond, Omega Cabinetry, Homecrest, Schrock Cabinetry, KitchenCraft, Decora, Fypon and American Lock.