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Spectrum Brands profit misses consensus by 52.4% in fiscal Q3

Spectrum Brands Holdings Inc. said its normalized net income for the fiscal third quarter ended June 28 amounted to 67 cents per share, compared with the S&P Capital IQ consensus estimate of $1.41 per share.

EPS decreased 46.0% year over year from $1.24.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $37.8 million, a decrease of 42.4% from $65.6 million in the year-earlier period.

The normalized profit margin dropped to 2.8% from 5.8% in the year-earlier period.

Total revenue grew 10.5% on an annual basis to $1.25 billion from $1.13 billion, and total operating expenses increased 10.2% on an annual basis to $1.07 billion from $973.4 million.

Reported net income decreased 42.7% on an annual basis to $44.6 million, or 79 cents per share, from $77.9 million, or $1.47 per share.