FORTUNE BRANDS HOME & SEC INC (DE) - FBHS STOCK NEWS

Fortune Brands Home & Security (NYSE: FBHS) has successfully acquired LARSON Manufacturing, the leading North American brand of storm, screen, and security doors, for approximately $660 million. This acquisition, completed using cash and borrowings, adds LARSON's $390 million revenue portfolio to Fortune Brands' Outdoors & Security segment. LARSON, based in Brookings, SD, boasts 1,200 associates and multiple manufacturing locations across the U.S. The existing management and workforce will remain intact post-acquisition.

Fortune Brands Home & Security, Inc. (NYSE: FBHS) announced the election of Jeffery Perry to its Board of Directors, effective December 8, 2020. Perry, with a 30-year career spanning strategic, operational, and financial roles, is expected to enhance the Board's effectiveness. His experience in mergers, acquisitions, and business transformations is poised to drive shareholder value. Additionally, his commitment to diversity and inclusion aligns with the company's initiatives. Fortune Brands operates in plumbing, cabinets, and outdoor security segments, holding strong market positions across its brands.

Fortune Brands Home & Security (NYSE: FBHS) has declared a quarterly cash dividend of $0.26 per share, effective March 17, 2021, for stockholders of record by February 26, 2021. This 8% increase from the previous $0.24 reflects the Board's confidence in the company's long-term cash flow and growth strategy, which includes investing in businesses and accretive acquisitions. This marks the eighth consecutive year of dividend increases, underscoring the company's strong execution and commitment to enhancing shareholder value.

Fortune Brands Home & Security (FBHS) has signed an agreement to acquire LARSON Manufacturing for approximately $660 million, aiming to enhance its position in the outdoor living sector. LARSON, a leader in the U.S. storm door market, reported revenues of $390 million, leveraging DIY products that cater to the repair and remodeling market. The acquisition is expected to be accretive, adding $0.14 to $0.20 to FBHS's 2021 earnings per share. Regulatory approval is pending, with the closing anticipated within 30 days. This strategy aligns with FBHS's growth focus in the outdoor living segment.

Fiberon announces an expanded partnership with Wolf Home Products, enabling the availability of their decking and railing products in Ohio, western Pennsylvania, and upstate New York. This growth represents a significant multi-state distribution effort aimed at enhancing product accessibility for contractors. The partnership will also see Wolf carrying Fiberon’s premium PVC decking line, Promenade, and providing dedicated support to trade professionals through territory managers. Both companies highlight the increasing consumer demand for low-maintenance wood-alternative building products.

Fortune Brands Home & Security (NYSE: FBHS) reported its Q3 2020 results, highlighting a 13% sales increase to $1.7 billion, with EPS rising to $1.17 from $0.75 year-over-year. Strong performance across all segments includes Plumbing sales up 15%, Doors & Security up 14%, and Cabinet sales up 11%. The company maintains a robust balance sheet with $465 million in cash and $1.35 billion in credit availability. Despite ongoing COVID-19 risks, Fortune Brands reinitiated its 2020 guidance, projecting sales growth of 4-5% and EPS between $4.03 and $4.11, backed by a favorable housing market.

Moen and Lennar are collaborating to integrate the Flo by Moen Smart Water Shutoff system in homes across the nation, enhancing homeowner water management. This technology enables real-time monitoring, leak detection, and conservation capabilities, promising improved water security. A study indicates that homes using this system saw a 96% reduction in water leak insurance claims within a year. As part of Lennar's commitment to sustainable living, this initiative aims to protect homes from water damage and provide potential savings on insurance premiums for homeowners.

Fortune Brands Home & Security, Inc. (NYSE: FBHS) will disclose its third quarter 2020 financial results on Wednesday, October 28, 2020, after market close. A conference call featuring CEO Nicholas Fink and CFO Patrick Hallinan is scheduled for 4:30 p.m. ET to discuss the results. Investors can access a live internet audio webcast on the company's website, with a replay available shortly after the call. Fortune Brands operates in the plumbing, cabinets, and doors & security segments, holding a leadership position in each segment.