Spectrum Brands 2012 revenue short of Street view

Associated Press Published: October 22, 2012
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MADISON, Wis. (AP) — Consumer products maker Spectrum Brands Holdings Inc. on Monday reported fiscal 2012 revenue that was lower than Wall Street analysts had forecast but said it returned to profitability after a loss a year earlier.

The maker of Rayovac batteries and Remington shavers reported preliminary results for its fiscal year that ended Sept. 30, and said it tentatively plans to issue full-year and fourth-quarter results after the market closes on Nov. 14.

Spectrum reported revenue of $3.25 billion, up 2.1 percent from $3.19 billion in fiscal 2011. Revenue at the company's largest segment, batteries and appliances, was flat.

Analysts surveyed by FactSet had forecast revenue of nearly $3.28 billion, on average, during the latest period.

Excluding the unfavorable effects of currency exchange rates, fiscal 2012 revenue grew 4.3 percent compared with the previous year.

The Madison, Wis.-based company also reported net income of $48.6 million in fiscal 2012, compared with a loss of $75.2 million in the prior year. Spectrum did not issue earnings data on a per-share basis.

Its shares slipped 33 cents to $46.29 in morning trading Monday. They have slipped from a high of $48.22 in mid-October.

Spectrum said its global batteries and appliances segment recorded net sales of $2.25 billion in fiscal 2012, essentially unchanged from a year earlier.