DEERFIELD, IL - Fortune Brands Home & Security, Inc. (NYSE: FBHS), parent of MasterBrand cabinets, said kitchen and bath cabinet sales rose 12% in the fourth quarter. Operating income was $12.3 million, reversing a $3.1 million loss the year before.
Overall, Fortune Brands, which also operates MasterLock, ThermaTru Doors and Simonton Windows, reported fourth quarter net sales of $948 million, an increase of 8 percent over the fourth quarter of 2011.
Operating income was $7.5 million, compared to a loss of $109.4 million in the prior year.
"We again outperformed our market, which was driven by double-digit growth in new housing construction and moderate growth for home repairs and remodeling, despite a continued lag in purchases of large ticket items, such as cabinets and windows,"said Chris Klein, CEO.
"In 2013, we expect the home products market to improve much like 2012," Klein said, projeting 6 to 8 perent growth.
Cabinet sales growth was driven by product line expansion and overall market improvement, particularly in new construction, with increases in all channels, the company said.
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