Fortune Brands tops estimates on big sales gains

By Reuters
Posted July 30, 2010 at 7:06 a.m.

Consumer goods maker Fortune Brands Inc. reported higher-than-expected quarterly profit Friday, helped by double-digit sales growth for its home and security products. It raised its full-year earnings outlook.

The maker of Jim Beam bourbon and Moen faucets said net income was $227.4 million, or $1.48 per share, in the second quarter, up from $99.8 million, or 66 cents per share, a year earlier.

Excluding one-time items, earnings were 98 cents per share. On that basis, analysts on average were expecting 76 cents, according to Thomson Reuters I/B/E/S.

Net sales rose 9 percent, to $1.90 billion.

The company said it expects 2010 earnings of $2.60 to $2.90 per share, up from a prior forecast of $2.50 to $2.80.

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