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Spectrum Brands profit misses consensus by 29.5% in fiscal Q4

Spectrum Brands Holdings Inc. said its normalized net income for the fiscal fourth quarter ended Sept. 30 came to 82 cents per share, compared with the S&P Capital IQ consensus estimate of $1.17 per share.

EPS declined 6.9% year over year from 88 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $49.2 million, a gain from $47.2 million in the prior-year period.

The normalized profit margin climbed to 4.1% from 4.0% in the year-earlier period.

Total revenue climbed 11.0% year over year to $1.31 billion from $1.18 billion, and total operating expenses grew 10.5% year over year to $1.16 billion from $1.05 billion.

Reported net income decreased 46.1% from the prior-year period to $26.0 million, or 43 cents per share, from $48.2 million, or 90 cents per share.

For the year, the company's normalized net income totaled $3.13 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $4.37.

EPS declined 15.5% from $3.70 in the prior year.

Normalized net income was $175.0 million, a fall of 11.4% from $197.4 million in the prior year.

Full-year total revenue increased 5.9% on an annual basis to $4.69 billion from $4.43 billion, and total operating expenses rose 5.8% year over year to $4.13 billion from $3.90 billion.

The company said reported net income declined 30.6% on an annual basis to $148.7 million, or $2.66 per share, in the full year, from $214.3 million, or $4.02 per share.