Spectrum Brands Holdings, Inc. (NYSE:SPB) plummeted after coming out with quarterly earnings Monday morning
The company, based out of Middleton, Wisconsin, reported net sales of $787.8 million in the fourth quarter of fiscal 2018 were unchanged compared to $787.8 million last year.
Excluding the impact of $3.1 million of unfavorable foreign exchange, organic net sales of $790.9 million increased 0.4% versus the prior year.
Net loss from continuing operations was $(150.3) million and diluted loss per share from continuing operations of $(3.00) in the fourth quarter of fiscal 2018, compared to a net loss from continuing operations of $(32.5) million and diluted loss per share from continuing operations of ($1.01) in fiscal 2017 primarily due to the write-ff from impairment of goodwill, HRG merger costs, lower gross profit and higher distribution costs.
Adjusted diluted EPS from continuing operations of $0.79 in the fourth quarter of fiscal 2018 decreased 7.1% versus $0.85 last year predominantly due to lower gross profit and higher distribution costs.
According to CEO David Maura, "Fiscal 2018 was a year of significant transformation at Spectrum Brands, as we advanced our plan to create a more focused company with improved financial strength and flexibility to drive long-term growth and value.
"During the year, we completed or entered meaningful transactions and made significant management, operational and strategic changes and investments that are expected to create a more focused and financially stronger business that is well positioned for the future."
Spectrum Brands shares swooned $10.35, or 17.7%, to $49.00 Monday
