By Rob Curran Spectrum Brands Holdings Inc. raised its outlook for fiscal 2022 sales and adjusted operating earnings, anticipating that the ne
By Rob Curran
Spectrum Brands Holdings Inc. raised its outlook for fiscal 2022 sales and adjusted operating earnings, anticipating that the negative effects of the Ukraine war and other complications would be offset by the impact of an acquisition.
The maker of consumer products and home essentials such as Kwikset locks and Hot Shot bug spray boosted its sales growth projection for the fiscal year ending in September to the mid-to-high teens percentage range, compared with the mid-to-high single-digits percentage range previously.
The new projection reflects fallout from the war and unfavorable seasonal weather for its home-and-garden supply brands, offset by the positive impact of the recently closed acquisition of Tristar Products’ kitchen-appliance and cookware operations, it said. Foreign-exchange volatility is also expected to weigh. The dollar has surged to two-decade highs in recent weeks.
The company said it now anticipates fiscal 2022 adjusted earnings before interest, taxes, depreciation and amortization rising in the mid-single-digits percentage range, compared with a previous estimate of growth in the low-single-digits percentage range.
Spectrum Brands reiterated its February projection of $310 million to $330 million of additional inflation effects for the fiscal year, most of which it intends to offset through price increases.
Write to Rob Curran at [email protected]
(END) Dow Jones Newswires
05-06-22 0716ET
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