Fortune Brands--whose home product lines include Moen faucets, Aristokraft cabinets and Therma-Tru doors--announced today that its home and security division posted an operating income of $43.4 million during the fourth quarter of 2010. The income is an $8.3 million increase from the $35.1 million operating income the division posted during the fourth quarter of 2009.
The company cited demand for Simonton windows as a driving force behind the operating income. Strategic investments, new products, and the international market growth of the Moen and Master Lock brands were also cited as reasons for the home and security division's positive performance. The company hopes to ride the growth into the new year.
The division also posted $843.8 million in net sales for the quarter, which was a 2.4% increase from the $823.8 million net sales the division posted during the same period a year ago.
During the fiscal year 2010, the division made a $222 million operating profit, which is a 155.2% increase from 2009 during which the division posted an $87 million operating profit.
Overall, Fortune Brands posted a $157.2 million operating profit, up from the $47.3 million operating profit the company posted during 2009's fourth quarter. The company also boasted net sales of just under $1.9 billion for the quarter. The company posted an operating income of $763.9 million for the fiscal year 2010, up from $505.2 million in 2009.
The company remained positive about its home and security division and where it will head in 2011.
"Results for home and security will reflect our many competitive advantages, including the growing benefit of our new business wins in cabinetry, new-product innovations across all categories, international growth for Moen and Master Lock, and our lean and flexible supply chains," said President and CEO Bruce Carbonari in a statement.