Consumer products-maker Spectrum Brands Holdings, Inc. (NYSE:SPB) reported a fiscal second-quarter loss of $53.7 million, or $1.31 per share, on revenue of $729.2 million.
However, the loss was better than analysts' expectations, while revenue fell short.
Adjusted for one-time gains and costs, the loss was $0.14 per share. Analysts had estimated a loss of $0.23 per share and revenue of $767.2 million.
In the same quarter last year, Spectrum Brands recorded net income of $15.9 million, or $0.39 per share, on revenue of $807.8 million.
The company recently resolved a lawsuit with the US Department of Justice over the sale of its Hardware and Home Improvement business, expecting to collect $4.3 billion when the sale closes by the end of June 2023.
Spectrum Brands aims to focus on its Global Pet Care and Home & Garden businesses following the transaction. However, the company expressed disappointment with the performance of its Home and Garden segment in the current quarter, primarily due to reduced inventory by key retail partners.
As a result, Spectrum Brands lowered its sales expectations for the year but highlighted positive results from inventory reduction and cost management.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas