Oct 23 (Reuters) - Fortune Brands Home & Security Inc , the maker of Moen faucets and Master Lock padlocks, reported higher-than expected results boosted by sales of it Kitchen and Bath cabinetry segment, and the company raised its full-year profit forecast.
The company now expects adjusted earnings of 86 cents to 88 cents per share for the full-year up from its previous forecast of 77 cents to 87 cents per share.
Analysts on average were expecting 84 cents per share for the full year, according to Thomson Reuters I/B/E/S.
Net income for the company, which counts chains such as Home Depot Inc and Lowe’s Companies Inc as its customers, rose to $40.0 million, or 24 cents per share, from 2.2 million, or 1 cent per share, a year earlier.
Excluding items, the company earned 29 cents per share.
Sales rose 7 percent to $909 million, spurred by a jump in sales of its Kitchen & Bath Cabinetry equipment.
The company, which was spun off from conglomerate Fortune Brands Inc and started trading on the New York Stock Exchange last fall, said sales in the segment rose 6 percent due to new products and strength in new construction as well as a pick-up in remodeling activity.
Analysts on average were expecting a profit of 25 cents per share on sales of $899.6 million.
Shares of the company closed down 4 percent at $26.97 on Tuesday on the New York Stock Exchange.