Inconsistent repair and remodel spending among homeowners set Fortune Brands Home & Security’s second-quarter bottom-line growth—8.6% to $47.9 million from a year ago—short of some analyst estimates, as net sales grew 5% to $935 million for the same period, the company reported Thursday.
Operating income for the quarter totaled $72.3 million, up 11% from a year ago while the company reduced its long-term debt to $339.3 million from $389.3 million in the second quarter of 2011 and added $26.4 million in cash during the same period. The Deerfield, Ill.-based company spun off of Fortune Brands Inc. last fall and features a brand portfolio that includes Moen, Fypon, Simonton Windows, and Kitchen Craft Cabinetry.
The company saw operating income in its kitchen and bathroom cabinetry segment jump 18.5% from the second quarter of 2011 to total $18 million on a 0.5% net sales gain to $345.9 million for the same period. Conversely, operating profits for the company’s advanced material door and window systems branch dropped 20% to $3.7 million from a year ago while the segment’s sales grew 7% to $159.6 million.
