Stock Track | Fortune Brands Reports Disappointing Q3 Results, Cuts Guidance

Stock Track11-07

Shares of Fortune Brands Home & Security Inc. (NYSE: FBIN) plunged 9.42% on November 7, 2024, after the company reported weaker-than-expected third-quarter results and lowered its full-year guidance, citing a challenging demand environment and the impact of recent hurricanes.

Fortune Brands, a leading home and security products manufacturer, reported adjusted earnings of $1.16 per share for the quarter ended January 1, 2024, missing analysts' expectations of $1.14 per share. Revenue fell 8.4% year-over-year to $1.16 billion, falling short of the consensus estimate of $1.24 billion.

The company's performance was impacted by several factors, including softer consumer demand, destocking in the wholesale decking channel, and intense competition from lower-quality import brands, particularly in the security segment. Additionally, the company's sales in China declined by over 40% due to cautious consumer behavior and a soft real estate market.

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(NYSE: FBIN) plunged 9.42% on November 7, 2024, after the company reported weaker-than-expected third-quarter results and lowered its full-year guidance, ...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"FBIN","symbol_name":"Fortune Brands Home & Security","start_time":0,"source_url":"","article_id":"1136724947","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1136724947","pubTimestamp":1730991402,"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Shares of Fortune Brands Home & Security Inc.  plunged 9.42% on November 7, 2024, after the company reported weaker-than-expected third-quarter results and lowered its full-year guidance, citing a challenging demand environment and the impact of recent hurricanes.Fortune Brands, a leading home and security products manufacturer, reported adjusted earnings of $1.16 per share for the quarter ended January 1, 2024, missing analysts' expectations of $1.14 per share. 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