Spectrum Brands posts loss, announces acquisition

Spectrum Brands Holdings said this week it had an adjusted Q1 loss of $0.06 per share, compared to earnings of $0.83 a year ago. Net sales grew 2.9 percent year-over-year to $757.2 million, ahead of Wall Street estimates of $750 million.

The results come on the heels of the company’s announcement it will acquire the home appliances and cookware segments of Tristar Products Inc. The value of the transaction is $325 million in cash, plus additional milestone payments $125 million in the coming years. Tristar’s brands include PowerXL, Emeril Lagasse, and Copper Chef.