Fortune Brands profit more than doubles
Fortune Brands Inc., whose products range from tequila to golf clubs, said Friday that its second-quarter profit more than doubled as revenue increased and costs fell.
The results beat Wall Street estimates and the company boosted its full-year forecast.
We're on track for strong full-year results, Chairman and CEO Bruce Carbonari said in a statement.
He said each of its three brand groups spirits, golf and security products reported sales that grew faster than their markets in the second quarter.
Fortune's brands include Maker's Mark bourbon, Courvoisier cognac, Sauza tequila, Moen faucets, MasterLock security system and Titleist golf products.
Its shares rose 19 cents to $43.57 in morning trading.
For the three-month period that ended on June 30, Fortune reported net income of $224.7 million, or $1.48 per share, up from $98.8 million, or 66 cents per share, a year ago.
Excluding one-time items, Fortune Brands earned 98 cents per share. Analysts surveyed by Thomson Reuters expected adjusted earnings of 76 cents per share.
Revenue grew 9 percent to $1.9 billion from $1.74 billion last year. Analysts expected lower revenue of $1.80 billion.
The company, based in the Chicago suburb of Deerfield, Ill., said it expects to earn between $2.60 and $2.90 per share, excluding any charges. It had previously forecast earnings of between $2.50 and $2.80 per share.
Analysts expect a full-year profit of $2.84 a share. Last year, Fortune Brands earned $2.43 per share.
Fortune Brands shares closed Thursday at $43.38