Fortune Brands Innovations Inc - FBIN STOCK NEWS

Fortune Brands reported third quarter 2024 results, with sales at $1.2 billion, down by 8% compared to Q3 2023. Organic sales excluding China fell by 5%. Earnings per share (EPS) rose by 2% to $1.09, with EPS before charges/gains at $1.16, down 3% from last year. The company updated its full-year 2024 guidance to reflect market conditions and hurricane impacts. Net debt stands at $2.4 billion, with $345 million in cash and $1,145 million available under its revolving credit facility. Operating cash flow was $205 million, with $176 million in free cash flow. Fortune Brands repurchased $35 million of shares this quarter, totaling $190 million year-to-date. Updated guidance includes flat to 1% net sales growth, EPS between $4.17 and $4.23, and around $650 million in cash flow from operations.

Frontdoor (NASDAQ: FTDR) has expanded its exclusive agreement with Moen to install Moen Flo Smart Water Monitor and Shutoff devices in seven additional states: Arizona, Utah, Idaho, Oregon, Texas, Georgia and South Carolina, effective November 1. This expansion follows an earlier agreement for California installations. The Moen Flo device monitors water usage, detects leaks, and automatically shuts off water when catastrophic leaks are identified. The device can help reduce water damage claim frequency by up to 96%. As part of the agreement, Moen Flo customers will receive a free one-year Frontdoor Unlimited membership, providing access to video consultations with plumbing experts and in-person service scheduling.

Frontdoor (NASDAQ: FTDR) has expanded its agreement with Moen to install the Moen Flo Smart Water Monitor and Shutoff valve in seven additional states: Arizona, Utah, Idaho, Oregon, Texas, Georgia and South Carolina, effective November 1. This expansion follows an earlier agreement for installations in California.

The Moen Flo device monitors water usage, detects leaks, and automatically shuts off water when catastrophic leaks are identified. The system can help reduce water damage claim frequency by up to 96%. As part of the agreement, customers will receive a free one-year Frontdoor Unlimited membership, providing access to video consultations with plumbing experts and in-person service scheduling through Frontdoor's contractor network.

Larson, a leading storm door manufacturer, has announced the launch of two innovative products: the Lifestyle 2.0 Midview Screen Away and the enhanced Life-Core Composite Surface Single-Vent storm doors. Set to be available this fall, these products offer homeowners improved protection, style, and ease of installation.

The Lifestyle 2.0 Midview Screen Away features superior weather protection, modern styling, Screen Away technology, and enhanced comfort and security. The Life-Core Composite Surface Single-Vent boasts weather-resistant durability, user-friendly ventilation, and stylish comfort.

Both products come with Larson's enhanced installation experience, including easy-to-follow instructions and live customer support. David Youn, President of Larson Doors, emphasized the company's commitment to innovation and customer-focused design. The new storm doors will be available through authorized Larson dealers starting in October.

Fortune Brands Innovations, Inc. (NYSE: FBIN) has announced the date for its third quarter 2024 earnings release and investor conference call. The company will release its financial results after the market close on Wednesday, November 6, 2024. At 5:00 p.m. ET, CEO Nicholas Fink, CFO David Barry, and VP of Investor Relations Leigh Avsec will host a conference call to discuss the results.

Investors can access a live internet audio webcast of the call on the Fortune Brands website at https://ir.fbin.com/upcoming-events. It is recommended to log on at least 10 minutes before the call starts. A recorded replay will be available on the company's website shortly after the call ends.

Fortune Brands Innovations is a brand, innovation, and channel leader in home products, security, and commercial building markets. Its portfolio includes brands such as Moen, House of Rohl, Aqualisa, Emtek, Therma-Tru, Larson, Fiberon, Master Lock, SentrySafe, Yale residential, and August.

Moen, the leading faucet brand in North America, has renewed its exclusive partnership with Meritage Homes, the fifth-largest public homebuilder in the U.S. The multi-year agreement solidifies Moen as Meritage's exclusive supplier of faucets and bath accessories. This collaboration, spanning over two decades, aims to deliver exceptional plumbing solutions within quality, energy-efficient homes.

Moen will provide a tailored selection of kitchen and bath faucets, showerheads, and accessories, focusing on innovative designs that prioritize sustainability and functionality. Notably, Moen's bath faucets meet EPA WaterSense® criteria, contributing to reduced water usage and environmental impact. This partnership aligns with Meritage's mission to design and build sustainable homes, offering homebuyers both stylish designs and potential monthly water utility cost savings.

Fortune Brands Innovations, Inc. (NYSE: FBIN) has announced a quarterly cash dividend of $0.24 per common share. The dividend will be payable on December 11, 2024, to stockholders of record as of the close of business on November 22, 2024. Fortune Brands is an industry-leading innovation company focused on creating smarter, safer, and more beautiful homes and improving lives. The company's portfolio includes well-known brands such as Moen, House of Rohl, Aqualisa, Emtek, Therma-Tru, Larson, Fiberon, Master Lock, SentrySafe, Yale residential, and August. These brands operate in exciting, supercharged categories within the home products, security, and commercial building markets.

Fortune Brands Innovations (NYSE: FBIN) reported solid Q2 2024 results with sales of $1.2 billion, up 7% year-over-year. Earnings per share (EPS) increased 33% to $1.06, while EPS before charges/gains rose 8% to $1.16. The company's core U.S. products outperformed the market, and digital products saw acceleration.

Key financial highlights include:

• Operating margin improved 300 basis points to 16.1%
• Generated $262 million in operating cash flow
• Repurchased $55 million of shares in Q2

Fortune Brands updated its full-year 2024 guidance, reflecting a revised macro-economic outlook while maintaining the mid-point of its EPS before charges/gains range. The company now expects total net sales growth of 2.5% to 4.5%, down from the previous 3.5% to 5.5% forecast.

Fortune Brands Innovations, Inc. (NYSE: FBIN) has declared a quarterly cash dividend of $0.24 per common share. The dividend is payable on September 11, 2024, to stockholders of record as of the close of business on August 23, 2024. Fortune Brands is an industry-leading innovation company focused on creating smarter, safer, and more beautiful homes and improving lives. The company's portfolio includes well-known brands such as Moen, House of Rohl, Aqualisa, Emtek, Therma-Tru, Larson, Fiberon, Master Lock, SentrySafe, Yale residential, and August. These brands operate in exciting, supercharged categories within the home products, security, and commercial building markets.