Fortune Brands Q2 Net Sales Up 9.1%
Fortune Brands, a maker of alcoholic beverages in the US, has reported net sales of $1.89bn for the second quarter of fiscal 2010, an increase of 9.1% compared to $1.74bn for the same quarter last year.
Net sales increased on double-digit sales growth for home and security products and strong gains for the company's spirits and golf brands.
Operating income for the quarter was $273.5m, an increase of 41.8% compared to $192.9m in the previous year quarter. Net income for the quarter was $229.4m or $1.48 per diluted share compared to $100.6m or $0.66 per diluted share in the prior year quarter.
For the six month period, net sales were $3.52bn an increase of 10.8% compared to $3.17bn for the previous year period. Operating income for the period was $429.9m, an increase of 69.7% compared to $253.4m in the corresponding period last year.
Net income for the six month period was $303.8m or $1.95 per diluted share, compared to $109.5 or $0.71 per diluted share in the last year period.
Bruce Carbonari, chairman and CEO of Fortune Brands, said: In the quarter, we achieved broad-based share gains and leveraged our lower cost structures, while also benefiting from pull-forward of sales by customers in our home and spirits segments as well as favorable comparisons. Each of our three brand groups grew sales faster than our markets, delivered operating margins at or near the top of our consumer segments, and outperformed our expectations in the quarter.”
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