Cabinet Sales Up 33 Percent for Fortune Brands' Masterbrand & Norcraft
October 21, 2015 | 8:16 pm UTC
DEERFIELD, IL – Fortune Brands Home & Security, Inc. (NYSE: FBHS) cabinet sales increased 33 percent during the third quarter. Excluding the impact of the Norcraft Cabinets acquisition, sales increased 10 percent - primarily within the MasterBrand Cabinets operation based in Jasper, IN - with the dealer channel growing 11 percent and in-stock cabinet and vanities increasing strong double digits, says CEO Chris Klein.
Fortune Brands other businesses include Moen faucets, Therma-Tru door systems, and Master Lock and SentrySafe security products. Door sales were up 8 percent with growth in both the wholesale and retail channels.
“As we expected, the rate of growth for the home products market accelerated in the third quarter and our teams again delivered profit growth that was right on plan,” said Klein.“We continue to anticipate similar new construction activity in the fourth quarter. Based on that market assumption and our solid execution, we are maintaining our expectations for our core business for the remainder of 2015.”
For the third quarter of 2015, sales were $1.24 billion, an increase of 17 percent over the third quarter of 2014. Earnings per share were $0.61, compared to $0.52 in the prior-year quarter.
Fortune Brands says its 2015 annual outlook continues to be based on a U.S. home products market growth assumption of 6 to 7 percent. “The third quarter home products market improved at an increasing rate,” said Klein. “We continue to see positive signs and look for similar market conditions in the fourth quarter, and are building our momentum heading into 2016.”
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