Spectrum Brands posts drop in revenues

MIDDLETON, Wis. — Spectrum Brands Holdings saw Q4 profits shoot up to $89 million from $26.5 million a year ago, while adjusted EPS of $1.31 per share slightly exceeded the average estimate of $1.29 yielded by a Zacks survey. The maker of Rayovac batteries and lights saw revenues decline however in most of its categories. Income from batteries and appliances, the largest segment, dropped 6%, or 2.1% when excluding acquisition costs and currency movements. Hardware and home improvement held fairly steady, edging down by just 1%, but the home and garden unit plunged by 13%. Only the company’s auto care business made gains, with revenues rising 4.8% on the strength of brisk sales in refrigerants amid good summer weather. In all, revenues fell by 4.5% to a total of $1.25 billion.