Spectrum Brands stock was falling hard on Monday following the release of its earnings report or its fiscal fourth quarter of 2018.
Spectrum Brands (NYSE:SPB) reported earnings per share of 79 cents for its fiscal fourth quarter of the year. This is down from the company’s earnings per share of 85 cents from its fiscal third quarter of 2017. It was also a blow to Spectrum Brands stock by missing Wall Street’s earnings per share estimate of $1.08 for the period.
Net loss reported by Spectrum Brands for its fiscal fourth quarter of 2018 came in at $116.20 million. This is a drop from the company’s net income of $24 million that was reported during the same time last year.
Spectrum Brands’ earnings report for its fiscal fourth quarter of the year also includes an operating loss of $78.80 million. The manufacturing and marketing company reported operating income of $45.80 million for its fiscal fourth quarter of the previous year.
During its fiscal fourth quarter of 2018, Spectrum Brands reported revenue of $787.80 million. This matches the company’s revenue that was reported in the same period of the year prior. Unfortunately for Spectrum Brands stock, this means it missed analysts’ revenue estimate of $803.67 million for the quarter.
Spectrum Brands’s outlook for the next fiscal year doesn’t give much in the way of details. Instead, the company simply states that it is expecting “meaningful reported net sales growth.”
SPB stock was down 19% as of Monday afternoon and is down 28% since its stock split on July 16, 2018.
As of this writing, William White did not hold a position in any of the aforementioned securities.