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Fortune Brands Innovations, Inc. has submitted its 10-Q filing for the quarterly period ended September 28, 2024.
The filing reports net sales of $3,504.8 million for the thirty-nine weeks ended September 28, 2024, a slight increase from $3,464.9 million in the same period of the previous year. The increase is attributed to acquisitions, including SpringWell (FBIN-0.93%) and other businesses.
Operating income for the thirty-nine weeks was $559.6 million, up from $481.0 million in the previous year. This improvement is mainly due to cost deflation and productivity improvements.
Interest expense increased to $92.6 million from $87.9 million, primarily due to higher floating rate debt balances.
Net income for the thirty-nine weeks was $366.8 million, compared to $323.2 million in the previous year. The increase is due to higher operating income despite higher interest expenses.
The Water segment reported net sales of $1,920.0 million, a 1.1% increase, with operating income rising to $443.6 million. The increase is driven by acquisitions and productivity improvements.
The Outdoors segment saw a 1.5% increase in net sales to $1,047.1 million, with operating income up 14.0% to $143.9 million, attributed to higher sales volume and cost efficiencies.
The Security segment's net sales increased by 0.7% to $537.7 million, with operating income significantly rising by 128.8% to $86.5 million due to acquisitions and reduced restructuring charges.
Corporate expenses decreased slightly to $114.4 million from $117.7 million, reflecting the absence of nonrecurring costs.
Cash provided by operating activities was $395.5 million, while cash used in investing and financing activities was $258.7 million and $183.1 million, respectively.
Fortune Brands completed the acquisition of SpringWell for $105.6 million, enhancing its Water segment. The company also acquired additional businesses from ASSA ABLOY, impacting both the Water and Security segments.
The company maintains a revolving credit facility of $1.25 billion, with no outstanding borrowings as of September 28, 2024.
The report notes ongoing litigation and environmental remediation activities, which are not expected to have a material adverse effect on the company's financial condition.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Fortune Brands Innovations Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.