Spectrum Brands’ Q3 loss beats estimates

MIDDLETON, Wis. — Spectrum Brands reported that net sales fell 0.7% in Q3 to $1.02 billion, dragged by unfavourable currency exchange rates. Operating income was down 14% to $92.8 million as a result of higher distribution costs. The consumer goods conglomerate posted a net loss for the quarter of $24.7 million, compared to a $398.9 million profit in the same period last year. Still, the results exceeded Wall Street’s expectations. Revenues were roughly in line with the consensus projection, but adjusted earnings per share of $1.35 beat estimates of $1.25.