July 26 Fortune Brands Home & Security Inc
, the maker of Moen faucets and Master Lock padlocks,
reported quarterly sales that missed Wall Street's expectations
on Thursday as U.S. shoppers spent less than expected on home
repairs and remodeling.
The company, which counts chains such as Home Depot
and Lowe's as its customers, said second-quarter sales
rose 5 percent to $935 million. That was below analysts' average
estimate of $957 million, according to Thomson Reuters I/B/E/S.
The company, which was spun off from conglomerate Fortune
Brands Inc and started trading on the New York Stock Exchange
last fall, posted a quarterly profit that met expectations and
backed its sales and profit outlook for the year.
Net income rose to $47.9 million, or 29 cents a share, from
$44.1 million, or 28 cents a share, a year ago. Excluding
charges and gains, profit was 29 cents a share, in line with