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Fortune Brands Cabinets Earnings Jump

 

Fortune Brands Cabinets Earnings Jump

POSTED BY administrator on Jul 28 under kitchen

Fortune Brands Cabinets Earnings Jump
News from woodworkingnetwork.com:

By Bill Esler | 07/27/2012 12:07:00 PM

 

DEERFIELD, IL – Fortune Brands Home & Security, parent of Masterbrand Cabinets and Simonton Windows, reported a 5 percent sales rise, to $ 935 million for the second quarter 2012.

Net income of $ 47.9 million was 8.6 percent higher than the year prior.

“We achieved this strong performance as new housing construction showed strong double-digit growth,” said CEO Chris Klein, while noting “spending for home repairs and remodeling was uneven during the quarter and somewhat weaker than our expectations.”

The cabinets segment, which includes the Masterbrand Cabinets divisions, grew by 1 percent, with Kitchen & Bath Cabinetry net operating profit up 22 percent to $ 18 million.

“Our Cabinets segment performed well in the face of continuing consumer hesitancy for big-ticket purchases,” Klein said, noting FBHS’s multi-channel strength allowed it to drive sales in more pr…………… continues on woodworkingnetwork.com

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