Fortune Brands Q1 net income down 94%
Published:06-May-2009
By Datamonitor staff writer
Net sales decline 20.3% to $1.44 billion
Fortune Brands, which is engaged in the manufacture, production and sale of Spirits, has reported a net income attributed to the company of $7.4m, or $0.05 per diluted share attributed to the company, for first quarter ended March 31, 2009, a decrease of 93.9% compared to $120.5m $0.77 per diluted share attributed to the company, for the same quarter of 2008.
For the first quarter of 2009, net sales were $1.44 billion, down 20.3% compared to $1.81 billion for the same quarter of 2008. Operating income was $60.5m, a decrease of 73.4% compared to $227.2m for the same quarter of 2008.
The company has reported a net income of $8.9m for the first quarter of 2009, a decrease of 93% compared to a net profit of $126.7m for the same quarter of 2008.
Bruce Carbonari, chairman and chief executive officer of Fortune Brands, said: "Against the headwinds of the global recession, the severe US housing downturn and reduced consumer discretionary spending, each of Fortune Brands's businesses performed at or above our expectations in the first quarter.
"Fortune Brands continued to pursue initiatives to succeed in the marketplace, significantly reduce costs and enhance our free cash flow. Profits in our spirits business benefited from stable consumer demand, higher pricing and favorable year-over-year US inventory movements, largely offset by soft results internationally, including the ongoing impact of the Australia RTD tax increase and unfavorable foreign exchange."
