|Over a month ago|
Fortune Brands raises FY21 EPS ex-items view $5.65-$5.85 from $5.45-$5.65 » 16:1007/2807/28/21
FY21 EPS consensus $5.64.…
FY21 EPS consensus $5.64. The company expects to continue outperforming a fundamentally strong housing market. The company now anticipates delivering full-year sales growth in the range of 23% to 25%, or 16% to 18% excluding the LARSON acquisition. This reflects the Company's revised assumptions of a global home products market now expanding by 10% to 12% , including growth in the U.S. home products market of approximately 11% to 13%. For 2021, the company expects to generate free cash flow of approximately $675M to $725M. "The market for our brands remains very strong," said Patrick Hallinan, chief financial officer, Fortune Brands. "We have increased our market forecast and coupled with our excellent execution in a challenging external environment, we are again raising our 2021 financial outlook. We are solidly on track to deliver our 2021 and longer-term financial objectives, while continuing to invest for growth. Further, we are also positioned to deploy capital to increase stakeholder value."
Fortune Brands reports Q2 EPS ex-charges $1.56, consensus $1.39 » 16:0807/2807/28/21
Reports Q2 revenue…
Reports Q2 revenue $1.936B, consensus $1.89B. Operating income was $294.9M, compared to $173M in the prior-year quarter. "Our exceptional top and bottom-line results were once again driven by our teams' outperformance," said Nicholas Fink, chief executive officer, Fortune Brands. "We continue to delight consumers, serve our customers, and are being rewarded with above-market growth. We delivered share gains and increased profitability, both sequentially and year-over-year. Our Fortune Brands Advantage initiatives are working to offset inflation and supply chain headwinds while also delivering incremental investment funds to support our most critical growth priorities. Long-term fundamentals are solidly intact as the industry works to address years of underbuilding in our key U.S. market. Our execution in this strong housing market has enabled us to raise our outlook for the year. While inflation and supply chain headwinds will persist through the second half of the year, we are on track to deliver on our growth and margin objectives. We remain focused on our strategic priorities and intend to continue to outperform in any environment."
Fortune Brands announces additional $400M share repurchase pact » 09:1307/2607/26/21
Fortune Brands Home &…
Fortune Brands Home & Security announced that its Board of Directors authorized the repurchase of up to $400M of shares of the Company's common stock over the next two years on the open market or in privately negotiated transactions in accordance with applicable securities laws. The $400M repurchase authorization announced is in addition to the $306M remaining from a prior authorization which expires on September 21, 2022. The new purchases, if made, will occur from time to time depending on market conditions. The newly announced share repurchase authorization does not obligate the Company to repurchase any dollar amount or number of shares of common stock. This authorization is in effect until July 23, 2023, and may be suspended or discontinued at any time.
Fortune Brands initiated with an Equal Weight at Wells Fargo » 16:1807/1507/15/21
Wells Fargo analyst Deepa…
Wells Fargo analyst Deepa Raghavan initiated coverage of Fortune Brands with an Equal Weight rating and $105 price target. Investors have "generally given credit" to the company for its 2020-2023 medium term targets provided on its most recent earnings call and upside is now dependent on capital deployment, which likely dictates the ability to exceed current expectations and meet full potential of its targets, said Raghavan.
Benchmark construction analyst to hold analyst/industry conference call » 09:2206/2806/28/21
BLDR, BCC, UFPI, LPX, TREX, AZEK, FBHS, CNR
Construction Analyst Garner, along with Andrew Goodman, President & CEO of Sherwood Lumber, discuss the Construction Industry and provide insight into the current lumber and panel markets, including a potential idea where and when prices could settle out for each commodity (relevant for BLDR, BCC, UFPI and LPX) and exterior products siding and decking (TREX, UFPI, AZEK, FBHS and CNR) on an Analyst/Industry conference call to be held on June 28 at 10 am.
Early notable gainers among liquid option names on June 22nd » 09:5506/2206/22/21
BLL, ETSY, WELL, FBHS, GLW
Notable gainers among…
Notable gainers among liquid option names this morning include Ball Corp. (BLL) $81.47 +1.52, Etsy (ETSY) $173.91 +3.13, Welltower (WELL) $82.03 +1.45, Fortune Brands (FBHS) $98.94 +1.23, and Corning (GLW) $39.86 +0.47.
Fly Intel: Top five analyst upgrades » 09:5206/2206/22/21
CRWD, LECO, FBHS, AMWD, SBH
Catch up on today's…
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Crowdstrike (CRWD) upgraded to Buy from Hold at Stifel with analyst Brad Reback citing the feedback received from 51 of the company's customers suggesting broader Crowdstrike deployments and a "more sustainable" annual recurring revenue trajectory. 2. Lincoln Electric (LECO) upgraded to Outperform from Perform at Oppenheimer with analyst Bryan Blair saying he has confidence in the company's "attractive demand runway," earnings upside potential and "supportive" valuation. 3. Fortune Brands (FBHS) upgraded to Buy from Hold at Loop Capital with analyst Garik Shmois citing the findings of his cabinet survey indicating that sales growth remained robust heading into Q2 while dealer traffic levels - serving as a "leading indicator" - remained strong. 4. American Woodmark (AMWD) upgraded to Buy from Hold at Loop Capital with analyst Garik Shmois saying that the data give him increased confidence that sentiment has gotten too negative and that sales should outpace expectations, while commodity cost inflation appears to have peaked. 5. Sally Beauty (SBH) upgraded to Outperform from Perform at Oppenheimer and Cowen. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Fortune Brands upgraded to Buy from Hold at Loop Capital » 07:5706/2206/22/21
As previously reported,…
As previously reported, Loop Capital analyst Garik Shmois upgraded Fortune Brands to Buy from Hold with a price target of $120, up from $114, as part of broader research note on Building Products. The analyst is citing the findings of his cabinet survey indicating that sales growth remained robust heading into Q2 while dealer traffic levels - serving as a "leading indicator" - remained strong. Shmois adds that the data give him increased confidence that sentiment has gotten too negative and that sales should outpace expectations, while commodity cost inflation appears to have peaked.
Fortune Brands upgraded to Buy from Hold at Loop Capital » 05:3406/2206/22/21
Loop Capital analyst…
Loop Capital analyst Garik Shmois upgraded Fortune Brands Home and Security to Buy from Hold with a $100 price target.
|Over a quarter ago|
Fortune Brands price target raised to $120 from $105 at KeyBanc » 07:1405/0405/04/21
KeyBanc analyst Kenneth…
KeyBanc analyst Kenneth Zener raised the firm's price target on Fortune Brands to $120 from $105 and keeps an Overweight rating on the shares. The analyst believes that Fortune Brands' "strong" Q1 results and raised outlook bode well longer term as sustained price gains lift owner's equity and margin upside, elevating his outlook, earnings, and price target.