Fortune Brands--the conglomerate whose home products include such names as Moen faucets, Aristokraft and Kitchen Craft cabinets, Therma-Tru doors and Simonton windows--reported today that the operating income in the third quarter for its home and security division rose 4% above the year-earlier level to reach $73.6 million on a 1.4% rise in sales to $813.7 million.
"As anticipated, due to the expiration of the U.S. homebuyer tax credit as well as the timing of spirits orders, results reflected pull-forward in demand that benefited the second quarter at the expense of the third quarter," the company said in its news release. During that second quarter, the home and security group's operating profit more than doubled to $82.6 million on a 13.3% climb in net sales to $878.1 million.
"Even as the home products market has softened, we're outperforming the market and also winning profitable new business in the cabinetry, faucet and garage organization categories that will enhance our prospects in 2011 and beyond," said Bruce Carbonari, Fortune Brands' chairman and chief executive officer.
Company'wide, net income fell 17.3% to $102.6 million, primarily because of an 18.8% operating profit decline in its spirits division. Net sales company-wide inched up 0.2% rise to $1.72 billion.
The company didn't reveal income results for each brand.