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UPDATE 1-Spectrum Brands posts quarterly loss
May 5, 2010 / 1:01 PM / 8 years ago

UPDATE 1-Spectrum Brands posts quarterly loss

* Q2 adjusted shr loss $0.01

* Sales up 5.8 pct to $532.6 mln

* Still sees FY sales up 3-5 pct

CHICAGO, May 5 (Reuters) - Spectrum Brands Inc (SPB.N), the maker of Rayovac batteries and Remington shavers that emerged from bankruptcy last year, posted a narrower quarterly loss and stood by its expectations for sales growth on Wednesday.

Spectrum lost $19 million, or 63 cents per share, for its fiscal second quarter ended April 4, compared with a loss of $60.4 million, or $1.18 per share, a year earlier.

On an adjusted basis, it lost 1 cent per share.

Sales rose 5.8 percent to $532.6 million.

The company said adjusted earnings before interest, taxes, depreciation and amortization rose 19.8 percent to $75.2 million.

Spectrum said it still expects sales to rise 3 to 5 percent this year, with adjusted EBITDA of $335 million to $345 million.

The company has been busy updating its operations and strategy. It plans to buy appliance company Russell Hobbs this summer and named a new chief executive, David Lumley, last month. Lumley was previously the president of Spectrum’s batteries, personal care and home and garden divisions and served as its co-chief operating officer. (Reporting by Jessica Wohl, editing by Gerald E. McCormick)

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