Cabinets Dragged on Fortune Brands' 1Q Earnings Despite Strong Plumbing and Doors Performance
If not for its cabinet business, Fortune Brands would’ve had a knockout quarter. Plumbing revenue increased a robust 19% year over year, and the segment’s adjusted operating margin expanded 210 basis points to 20.5%. The doors segment increased sales 8% and expanded adjusted operating margin 470 basis points to 12.5%. Security sales grew a respectable 4% with a roughly flat adjusted operating margin versus the year-ago quarter. But the cabinet segment, which represented 44% of consolidated reven...Fortune Brands Home & Security is a holding company. Through its subsidiaries, the company provides home and security products. The company's segments are: Cabinets, which manufactures cabinetry and vanities, for the kitchen, bath and other parts of the home; Plumbing, which manufactures or assembles and sells faucets, accessories, kitchen sinks and waste disposals; and Doors and Security, which manufactures and sells fiberglass and steel entry door systems, composite decking and railing, and urethane millwork, as well as manufactures, sources and distributes locks, safety and security devices, and electronic security products and fire resistant safes, security containers and commercial cabinets.
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