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Fortune Brands Innovations, Inc. (NYSE: FBIN) has announced the date for its third quarter 2024 earnings release and investor conference call. The company will release its financial results after the market close on Wednesday, November 6, 2024. At 5:00 p.m. ET, CEO Nicholas Fink, CFO David Barry, and VP of Investor Relations Leigh Avsec will host a conference call to discuss the results.
Investors can access a live internet audio webcast of the call on the Fortune Brands website at https://ir.fbin.com/upcoming-events. It is recommended to log on at least 10 minutes before the call starts. A recorded replay will be available on the company's website shortly after the call ends.
Fortune Brands Innovations is a brand, innovation, and channel leader in home products, security, and commercial building markets. Its portfolio includes brands such as Moen, House of Rohl, Aqualisa, Emtek, Therma-Tru, Larson, Fiberon, Master Lock, SentrySafe, Yale residential, and August.
Fortune Brands Innovations, Inc. (NYSE: FBIN) has announced a quarterly cash dividend of $0.24 per common share. The dividend will be payable on December 11, 2024, to stockholders of record as of the close of business on November 22, 2024. Fortune Brands is an industry-leading innovation company focused on creating smarter, safer, and more beautiful homes and improving lives. The company's portfolio includes well-known brands such as Moen, House of Rohl, Aqualisa, Emtek, Therma-Tru, Larson, Fiberon, Master Lock, SentrySafe, Yale residential, and August. These brands operate in exciting, supercharged categories within the home products, security, and commercial building markets.
Fortune Brands Innovations (NYSE: FBIN) reported solid Q2 2024 results with sales of $1.2 billion, up 7% year-over-year. Earnings per share (EPS) increased 33% to $1.06, while EPS before charges/gains rose 8% to $1.16. The company's core U.S. products outperformed the market, and digital products saw acceleration.
Key financial highlights include:
- Operating margin improved 300 basis points to 16.1%
- Generated $262 million in operating cash flow
- Repurchased $55 million of shares in Q2
Fortune Brands updated its full-year 2024 guidance, reflecting a revised macro-economic outlook while maintaining the mid-point of its EPS before charges/gains range. The company now expects total net sales growth of 2.5% to 4.5%, down from the previous 3.5% to 5.5% forecast.
Fortune Brands Innovations, Inc. (NYSE: FBIN) has declared a quarterly cash dividend of $0.24 per common share. The dividend is payable on September 11, 2024, to stockholders of record as of the close of business on August 23, 2024. Fortune Brands is an industry-leading innovation company focused on creating smarter, safer, and more beautiful homes and improving lives. The company's portfolio includes well-known brands such as Moen, House of Rohl, Aqualisa, Emtek, Therma-Tru, Larson, Fiberon, Master Lock, SentrySafe, Yale residential, and August. These brands operate in exciting, supercharged categories within the home products, security, and commercial building markets.
Fortune Brands Innovations (NYSE: FBIN) will release its second quarter 2024 financial results after market close on Thursday, July 25, 2024.
CEO Nicholas Fink, CFO David Barry, and VP of Investor Relations Leigh Avsec will host a conference call at 5:00 p.m. ET to discuss the results. A live audio webcast will be available on the company's website, with a recorded replay accessible shortly after the call.
Fortune Brands is a leader in home products, security, and commercial building markets, with a portfolio that includes Moen, House of Rohl, Aqualisa, Emtek, Therma-Tru, Larson, Fiberon, Master Lock, SentrySafe, Yale residential, and August. The company focuses on innovation and ESG commitments. For more details, visit FBIN's website.
Fortune Brands Innovations (NYSE: FBIN) has released its 2023 ESG Report, showcasing its commitment to environmental, social, and governance practices. CEO Nicholas Fink highlighted the company's focus on sustainability, safety, connected products, and material conversion. Key achievements include a total recordable incident rate of less than 1.0, progress on emission goals, increased use of renewable energy, and new partnerships to promote water efficiency. The company has also taken steps to enhance diversity, equity, and inclusion, and continues to receive recognition for its ESG efforts. For more details, visit fbin.com/corporate-responsibility/esg-reporting/.
Moen has teamed up with the California Water Efficiency Partnership (CalWEP) to promote water efficiency via an instant rebate program for the Flo Smart Water Monitor and Shutoff. This device aims to reduce household water waste from leaks by up to 90%. Through CalWEP's network of over 225 water agencies and organizations, consumers can access this product and potentially receive instant rebates. The monitor, utilizing MicroLeak™ Technology, can detect leaks as small as a drop per minute and sends alerts through the Moen Smart Water Network App. Moen's initiative aligns with its mission to save up to 1 trillion gallons of water by 2030.
Frontdoor, the leading U.S. home warranty provider, signed an exclusive deal with Moen to install its Flo Smart Water Monitor and Shutoff in California. This initiative targets homeowners purchasing Flo via home insurance provider programs. The mandate by insurers to install such devices aims to decrease water damage claims by up to 96%. The agreement, effective June 7, will leverage Frontdoor's vast network of plumbing contractors for thousands of monthly installations. Additionally, Flo customers will receive a year of Frontdoor Unlimited membership, including unlimited video chats with experts and access to local pros.
Moen has partnered with Amica Insurance to promote the adoption of Flo Smart Water Monitor and Shutoff devices among policyholders. These smart devices reduce water damage claims by up to 96% and preventable water leaks by up to 90%, offering a proactive solution to water leaks. Water damage constitutes 24% of all homeowner insurance claims, costing insurers over $15 billion annually in leak-related payouts. The initiative aims to alleviate these costs and reduce the estimated one trillion gallons of water wasted annually due to leaks. The devices use Microleak™ Technology to detect leaks as small as a drop per minute and automatically shut off water during catastrophic events, with alerts sent via the Moen Smart Water Network App. Homeowners can also track water usage and set conservation goals within the app.
Fortune Brands Innovations (FBIN) has acquired a minority stake in Value Hybrid Global and entered a strategic partnership to develop connected lockout tagout (cLOTO) solutions, aimed at enhancing workplace safety and compliance. This collaboration will expedite Master Lock's ability to market new, innovative cLOTO products, leveraging its established brand and expertise. Master Lock will have exclusive rights in North America and non-exclusive rights elsewhere to sell these solutions. The partnership aims to transform traditional mechanical LOTO systems into connected, digital solutions, addressing safety and compliance challenges globally.