(RTTNews) - Spectrum Brands Holdings, Inc. (SPB), a home essentials company, on Thursday reported significantly higher profit for the fourth quarter, driven by one-time tax benefit and lower operating expenses. Earnings beat analysts' view.
Net income from continuing operations jumped 316.4% to $53.3 million from $12.8 million a year earlier, benefiting from a one-time tax gain of $35.9 million. Earnings per share from continuing operations rose to $2.19 from $0.45 in the prior-year quarter. On an adjusted basis, EPS increased 169.1% to $2.61 from $0.97, supported by a lower share count.
On average, 8 analysts expected earnings of $0.91 per share. Analysts' estimates typically exclude special items.
Operating income rose 34.2% year-over-year to $29.4 million, compared with $21.9 million last year, due to decreased operating expenses.
Adjusted EBITDA from continuing operations declined 8% to $63.4 million.
Net sales decreased 5.2% to $733.5 million, compared with $773.7 million a year ago, primarily due to top-line declines in GPC and HPC, reflecting supply constraints from the temporary pause of China-sourced imports earlier in the fiscal year and category softness.
Looking ahead, the company expects flat to low single-digit growth in net sales, along with low single-digit growth in EBITDA in fiscal 2026.
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