Fortune Brands Blames Moderating Demand and Hurricane for 3Q Miss but Doesn't See Imminent Downturn
Shares of narrow-moat-rated Fortune Brands Home & Security traded sharply down Oct. 26 in reaction to disappointing third-quarter financial results. Revenue grew 2.4% year over year to $1.38 billion, which missed the consensus estimate by $56 million, and adjusted earnings per share of $0.93 missed the $1.04 consensus estimate. Fortune Brands added $0.24 related to restructuring and asset-impairment charges back to its $0.69 third-quarter GAAP EPS. Management said results were hurt by slowin...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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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