Fortune Brands, Inc. (FO.N) had higher than expected earnings for the quarter. It is suggested that it’s due to lower expenses.
Titleist golf balls, Jim Beam, and Moen Faucets reported a net income of 85.4 mil, $0.55 per share in the 4th quarter. Last year’s 4th quarter earnings were at 11.5 mil, $0.08 per share.
According to Reuters excluding items, earnings were 63 cents per share, topping analysts’ average estimate of 58 cents.
Fortune planned to spin off home goods back in December 2010 along with golf units. William Ackman has raised the odds for a takeover of the parts of the units. The company is on track for completion in 2011. They are looking at earnings in the high single digit or possibly double digit range. The quarterly sales were at 1,90 billion. This is up from the previous year at 1.80 billion. It tops analysts’ estimate of 1.8 million.
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