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UPDATE 1-Fortune Brands quarterly sales miss estimates
July 26, 2012 / 8:35 PM / 5 years ago

UPDATE 1-Fortune Brands quarterly sales miss estimates

July 26 (Reuters) - 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 analyst expectations.

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