Fortune Brands Home & Security (FBHS) Misses Q1 EPS by 8c, Updates Guidance

Fortune Brands Home & Security (NYSE: FBHS) reported Q1 EPS of $0.25, $0.08 worse than the analyst estimate of $0.33. Revenue for the quarter came in at $966.2 million versus the consensus estimate of $998.1 million.

Fortune Brands Home & Security sees FY2014 EPS of $1.90-$1.99, versus prior guidance of $1.91-$2.01 and the consensus of $1.97.

Company Updates Annual Outlook for 2014

The Company’s 2014 annual outlook is based on a U.S. home products market growth assumption of 9 to 10 percent. Based on the Company’s confidence in the housing market recovery and expectation to continue outperforming the market, the Company expects full-year 2014 net sales to increase 10 to 12 percent.

The Company expects diluted EPS before charges/gains to be in the range of $1.90 to $1.99. This targeted range compares to 2013 diluted EPS before charges/gains of $1.50.

The Company expects to generate $250+ million in free cash flow in 2014. The expected free cash flow is net of anticipated capital expenditures of $130 to $140 million, as the Company invests in incremental capacity and infrastructure to support multi-year growth. The Company also increased its quarterly dividend payment to 12 cents per share.

For earnings history and earnings-related data on Fortune Brands Home & Security (FBHS) click here.

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