Fortune Brands Significantly Expands Margin in the Third Quarter

Fortune Brands Innovations, Inc. (“Fortune Brands” or the “Company”), an industry-leading innovation company whose purpose is to elevate every life by transforming spaces into havens, today announced third quarter 2024 results.

Highlights:

• Q3 2024 sales were $1.2 billion, a decrease of 8 percent versus Q3 2023; organic sales excluding the impact of China were down 5 percent
• Q3 2024 earnings per share (EPS) were $1.09, an increase of 2 percent versus a year ago; EPS before charges / gains were $1.16, a decrease of 3 percent versus Q3 2023
• Company updates full-year 2024 guidance to reflect current market conditions and impact of recent hurricanes

“Our teams continued to execute in a very dynamic market. We again delivered margin expansion despite the unfavorable macroeconomic environment,” said Fortune Brands Chief Executive Officer Nicholas Fink. “We are focused on a key set of strategic priorities, in both our core product lines and our digital products, which we expect will drive our future growth once demand inflects positively.”

Fink continued, “We remain fully confident in our strategy, and have taken action to be a leaner and more agile company while continuing to invest in our highest-growth opportunities. Fortune Brands is well positioned for future growth.”

Balance Sheet and Cash Flow

The Company exited the quarter with a strong balance sheet, and generated $205 million of operating cash flow and $176 million of free cash flow in the quarter. In accordance with its opportunistic, returns-based share repurchase program, the Company repurchased $35 million of shares in the quarter, and as of November 6, 2024, has repurchased $190 million of shares year to date.

2024 Market and Financial Guidance

“We focused on executing our strategic priorities and delivered strong margin results in a soft environment. We are updating our full-year 2024 guidance to reflect current market conditions, which include lower POS performance, incremental channel destocking and short-term impacts from recent hurricanes,” said Fortune Brands Chief Financial Officer David Barry. “Our team is navigating these near-term challenges while also executing multiple strategic initiatives which will enable FBIN to drive long-term growth when our end markets improve. We continue to have full confidence in our long-term strategy.”

For full results click here.

About Fortune Brands Innovations

Fortune Brands Innovations, Inc. (NYSE: FBIN), headquartered in Deerfield, Ill., is a brand, innovation and channel leader focused on exciting, supercharged categories in the home products, security and commercial building markets. The Company’s growing portfolio of brands includes Moen, Flo, House of Rohl, Aqualisa, Emtek, Therma-Tru, Larson, Fiberon, Master Lock, SentrySafe, Yale residential and August. To learn more about FBIN, its brands and environmental, social and governance (ESG) commitments, visit www.FBIN.com.

Contact:

Leigh Avsec – Media Contact – Investor.Questions@fbhs.com – (847) 484-4211

Source: Fortune Brands Innovations, Inc.