Fortune Brands Sees Growth Tied to Larger Home Builders' Resilience -- Market Talk

Dow Jones11-08

1355 ET - Fortune Brands Innovations believes it's positioned to capitalize on moves by larger home builders. The maker of Master Lock security products, Moen faucets and other home goods cites resilience among the larger builders and their scale and capital that are helping potential buyers get off the sidelines amid elevated mortgage rate levels. "We expect that large homebuilders will continue to gain share, and we have the added torque of the exposure to their growth," says CEO Nicholas Fink on a 3Q earnings call. Shares fall 7% as sales declined in the quarter and the company lowered its outlook for the year. (denny.jacob@wsj.com; @pennedbyden)

(END) Dow Jones Newswires

November 07, 2024 13:55 ET (18:55 GMT)

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