Spectrum Brands Holdings, Inc. - SPB STOCK NEWS

Spectrum Brands Holdings, Inc. (NYSE: SPB) announced its intention to vigorously oppose the U.S. Department of Justice's (DOJ) lawsuit aiming to block the sale of its Hardware and Home Improvement (HHI) business to ASSA ABLOY for $4.3 billion. The company believes this transaction will enhance competition and consumer choice in the home security marketplace. CEO David Maura criticized the DOJ's actions and asserted confidence in prevailing in court, emphasizing the commitment to focus on core business segments, particularly Global Pet Care and Home & Garden.

Spectrum Brands (SPB) reported a 10% increase in net sales for Q3 FY22, reaching $818 million. However, the adjusted EBITDA decreased by 19.4% to $80.1 million due to lower volume and higher costs. The company is committed to completing the $4.3 billion sale of its HHI business to ASSA ABLOY. Despite challenges, such as softening consumer demand and unfavorable weather impacting sales in Home & Garden, the company aims for mid-single-digit sales growth and anticipates an adjusted EBITDA power of over $400 million for continuing operations.

Spectrum Brands Holdings (NYSE: SPB) declared a quarterly dividend of $0.42 per share, with payment scheduled for September 28, 2022. Stockholders must be on record by the close of business on August 30, 2022. This announcement underscores Spectrum Brands' commitment to returning value to shareholders amid its focus on delivering innovative home essentials.

Spectrum Brands Holdings (NYSE: SPB) will release its fiscal 2022 third-quarter financial results on August 12, 2022, before market opening. The conference call at 9:00 a.m. ET will feature key executives, including David Maura, the Executive Chairman and CEO. Investors can participate via a live webcast available on the company’s website. Spectrum Brands is a leading home essentials company known for its innovative consumer products.

Spectrum Brands reported a 6.2% increase in net sales to $807.8 million for Q2 FY2022, with organic sales growth of 2.0%. However, the company experienced a net loss from continuing operations of $25.1 million, a significant increase from a loss of $4.6 million year-over-year. Adjusted EBITDA fell 26.5% to $79.0 million, impacted by inflation and restructuring costs. The company updated its 2022 guidance, projecting net sales growth in the mid-to-high teens and mid single-digit growth in adjusted EBITDA, incorporating the Tristar acquisition and inflationary pressures.

Spectrum Brands Holdings, Inc. (NYSE: SPB) declared a quarterly dividend of $0.42 per share on its Common Stock, payable on June 9, 2022, to stockholders of record as of May 19, 2022. This reflects the company's ongoing commitment to returning value to its shareholders. Spectrum Brands is recognized as a leading home-essentials provider with a diverse portfolio of brands catering to pet supplies, lawn and garden, personal care, and household appliances.

Spectrum Brands Holdings (NYSE: SPB) will release its fiscal 2022 Q2 financial results on May 6, 2022. The announcement follows the period ending April 3, 2022. A live conference call will be held at 9:00 a.m. ET, featuring key executives including David Maura and Jeremy Smeltser. To access the call, U.S. participants can dial 877-604-7329, while international callers should use (+1) 602-563-8688, referencing ID 7792418. A replay will be available until May 20.

Spectrum Brands Holdings (NYSE: SPB) has completed its acquisition of the kitchen appliances and cookware divisions of Tristar Products. This strategic move is expected to bolster Spectrum's Home and Personal Care (HPC) segment, enhancing its portfolio and market presence. David Maura, CEO of Spectrum Brands, expressed enthusiasm about the integration of Tristar's business and its potential for innovation and growth. The deal's financial advisors included Credit Suisse, RBC Capital Markets, and Canaccord Genuity, while legal counsel was provided by Sidley Austin LLP and Davis Polk & Wardwell LLP.

Spectrum Brands announced the acquisition of Tristar Products for $325 million in cash, with potential additional payments up to $125 million based on gross profit targets. This move aims to strengthen Spectrum's position in the fast-growing home appliances market, particularly in air fryers, grills, and cookware, which generated net sales of $546 million in the past year. The integration is expected to yield $20-30 million in synergies. A separation of the combined unit into its own entity is planned for later this year.