Spectrum Brands Holdings Inc. (NYSE:SPB) reported Tuesday a widened third-quarter loss from a year ago, though its earnings beat expectations, driven by robust sales and promotional activity, pushing shares of the home products maker up nearly 3%.
The global consumer products company, owner of brands such as Toastmaster, Nature’s Miracle, Black&Decker Home, Remington, and George Foreman, posted a net loss of $86.5 million, or $2.53 a share, compared with a loss of $36.5 million, or 71 cents a share, in the same quarter last year.
Excluding special items, the company reported earnings per share of 49 cents, which is just ahead of average analyst estimates of 45 cents, according to a Thomson Reuters poll.
Revenue for the Madison, Wisconsin-based company was $653.5 million, up 10.9% from $589.4 million a year ago, and beating the Street’s view of $623.04 million.
Sales were boosted by a strong home and garden season, highlighted by robust promotional activity, as well as Remington’s shaving and grooming revenues, which were up 23%.
In June the company completed a merger with Russell Hobbs, Inc., a small appliance maker.
The strong results come nearly a year after the company’s emergence from Chapter 11 on Aug. 28, 2009.