Why Shares of Spectrum Brands Popped 19% Wednesday Morning
Shares of Spectrum Brands Holdings (NYSE: SPB), a global consumer goods company with products in categories ranging from pet care to personal grooming, jumped more than 19% Wednesday morning after releasing fiscal 2019 fourth-quarter results that were better than expected.
Net sales checked in with a 1.9% increase to $993 million, compared with the prior year, which topped analysts' estimates calling for just over $990 million. Adjusted earnings per share increased 10.9% to $1.13, just enough to top analysts' estimates that called for $1.12 per share. Management also strengthened the balance sheet by reducing net leverage to 3.1 times from 5.2 times in the prior year.
Pet products are part of Spectrum Brands' lineup. Image source: Getty Images.
Source Fool.com
