Fortune Brands Q4 Profit, Sales Beat View; Shares Rise (FO)

Filed in dividend, earnings, Gold Investment, o, revenue, shares by on February 4, 2011 0 Comments

Consumer products conglomerate Fortune Brands, Inc. ( FO ) on Friday posted better-than-expected fourth quarter earnings results, sending its shares sharply higher in premarket trading. The Deerfield, IL-based company reported fourth quarter net income of $85.4 million, or 55 cents per share, compared with $11.5 million, or 8 cents per share, in the year-ago period. Excluding one-time items, adjusted profit was 63 cents per share. Net sales rose more than 5% from last year to $1.90 billion. On average, Wall Street analysts expected a smaller profit of 58 cents per share, on lower revenue of $1.8 billion. Fortune noted that it’s on track to complete the spin-offs of its home goods and golf units. That process should be completed by mid-2011. Looking ahead, the company said it expects 2011 full-year earnings to rise in the high single-digits to the high-teens range, excluding effects from the planned spin-offs. Fortune Brands shares rose $2.51, or +4.1%, in premarket trading Friday. The Bottom Line Shares of Fortune Brands ( FO ) have a 1.23% dividend yield, based on last night’s closing stock price of $61.55. The stock has technical support in the $55-$56 price area. If the shares can firm up, we see overhead resistance around the $65 price level. Fortune Brands, Inc. ( FO ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars. Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

See the rest here:
Fortune Brands Q4 Profit, Sales Beat View; Shares Rise (FO)

Tags: , , , , , , , , , , , ,

About the Author ()

Leave a Reply

Your email address will not be published. Required fields are marked *