Fortune Brands Home & Security reports EPS in-line, revs in-line; guides FY14 EPS in-line, revs in-line
Reports Q4 (Dec) earnings of $0.38 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.38; revenues rose 16.0% year/year to $1.1 bln vs the $1.1 bln consensus.
Co issues in-line guidance for FY14 (Dec), sees EPS of $1.91 to $2.01 vs. $1.98 Capital IQ Consensus Estimate; expects full-year 2014 net sales to increase 11 to 13 percent, equates to revs of ~$4.66-4.75 bln vs. $4.68 bln Capital IQ Consensus Estimate.
The Company expects to generate $250+ million in free cash flow in 2014, net of capital expenditures of $130 to $140 million, as it begins to invest in incremental capacity and infrastructure to support multi-year growth.
The Company's 2014 annual outlook is based on a home products market growth assumption of 10 to 11 percent.