Spectrum Brands Holdings Reports Fiscal 2021 Second Quarter Results

Spectrum Brands Holdings, Inc. (NYSE: SPB; “Spectrum Brands” or the “Company”), a leading global branded consumer products and home essentials company focused on driving innovation and providing exceptional customer service, today reported results from continuing operations for the second quarter of fiscal 2021 ended April 4, 2021.

“Our latest financial results for second quarter reflect another quarter of exceptional top line growth and operating leverage, with net sales growth of 23%, net income from continuing operations increased $96 million with adjusted EBITDA up 29% to $181 million. Our operating leverage also improved despite higher inflation and incremental investments in marketing and advertising. Higher re-investments continue to reignite the fly wheel of new product launches, improving our top line growth, expanding our margins and driving greater profitability and cash flow generation,” said David Maura, Chairman and Chief Executive Officer of Spectrum Brands.

“Our balance sheet this quarter also improved sequentially, ending the quarter with net leverage of 3.2 times and over $860 million in total liquidity. Going forward, we will continue to focus on disciplined execution of our winning playbook. Our stellar first half financial performance and continued organic growth give us confidence in again raising our earnings framework to reflect mid-teens net sales and adjusted EBITDA growth, as well as adjusted free cash flow of $260 million to $280 million. We are also raising our total gross savings target from our Global Productivity Improvement Program to $200 million by the end of fiscal 2022" said Mr. Maura.

Fiscal 2021 Second Quarter Highlights