Fortune Brands Innovations, Inc. Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>Fortune Brands Innovations, Inc. has filed its quarterly report (10-Q) for the period ending March 30, 2024, detailing financial information and corporate history.</b>

AI Summary

Fortune Brands Innovations, Inc. (FBIN) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Fortune Brands Innovations, Inc. filed a 10-Q report for the period ending March 30, 2024. The company was formerly known as Fortune Brands Home & Security, Inc. and Fortune Brands Home & Security LLC. The filing includes data related to various financial statement line items and disclosures. Specific dates mentioned include 2024-03-30, 2023-12-31, 2022-12-31, and 2023-01-01 to 2023-04-01. The company's primary business is in the 'MILLWOOD, VENEER, PLYWOOD & STRUCTURAL WOOD MEMBERS' industry (SIC 2430).

Why It Matters

For investors and stakeholders tracking Fortune Brands Innovations, Inc., this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial performance and position of Fortune Brands Innovations, Inc. for the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's operational health, financial stability, and future outlook in its respective industry.

Risk Assessment

Risk Level: low — Fortune Brands Innovations, Inc. shows low risk based on this filing. The filing is a standard 10-Q, which is a routine periodic report and does not inherently contain new, significant risks beyond those typically associated with public companies.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to understand the company's performance drivers and any emerging trends.

Key Numbers

• 2024-03-30 — Reporting Period End Date (Conformed period of report)
• 2024-05-01 — Filing Date (Filed as of date)
• 0000950170-24-051261 — Accession Number (Unique identifier for the filing)
• 001-35166 — SEC File Number (SEC's file number for the company)
• 2430 — SIC Code (Standard Industrial Classification for the company's business)

Key Players & Entities

• Fortune Brands Innovations, Inc. (company) — Filer name
• Fortune Brands Home & Security, Inc. (company) — Former company name
• Fortune Brands Home & Security LLC (company) — Former company name
• 2024-03-30 (date) — Conformed period of report
• 2024-05-01 (date) — Filed as of date

FAQ

Key Dates

• 2024-03-30: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q report was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and position between annual reports.)

Conformed Period of Report

The specific date up to which the financial information in the report is presented. (Indicates the end of the fiscal quarter being reported.)

Key Financial Figures

• $0.01 — he registrant's common stock, par value $0.01 per share, at April 19, 2024 w as 125,0
• $3 — borrowings for working capital of up to $3 0.5 million in aggregate as of March 30

Filing Documents

• fbin-20240330.htm (10-Q) — 1541KB
• fbin-ex31_1.htm (EX-31.1) — 11KB
• fbin-ex31_2.htm (EX-31.2) — 12KB
• fbin-ex32.htm (EX-32) — 11KB
• 0000950170-24-051261.txt (&nbsp;) — 8321KB
• fbin-20240330.xsd (EX-101.SCH) — 1194KB
• fbin-20240330_htm.xml (XML) — 1710KB

FINANCI AL INFORMATION

PART I. FINANCI AL INFORMATION

FINANCI AL STATEMENTS

Item 1. FINANCI AL STATEMENTS. FORTUNE BRANDS INNOVATIONS, INC. CONDENSED CONSOLIDATED STATEM ENTS OF COMPREHENSIVE INCOME For the Thirteen Weeks Ended March 30, 2024 and April 1, 2023 (In millions, except per share amounts) (Unaudited) Thirteen Weeks Ended March 30, 2024 April 1, 2023 Net sales $ 1,109.6 $ 1,040.0 Cost of products sold 622.0 631.7 Selling, general and administrative expenses 311.6 260.8 Amortization of intangible assets 17.8 12.6 Restructuring charges 2.8 3.1 Operating income 155.4 131.8 Interest expense 30.1 26.8 Other expense (income), net 0.1 ( 6.3 ) Income from continuing operations before income taxes 125.2 111.3 Income tax 28.8 25.7 Income from continuing operations, net of tax 96.4 85.6 (Loss) from discontinued operations, net of tax — ( 1.0 ) Net Income $ 96.4 $ 84.6 Basic earnings per common share Continuing operations $ 0.77 $ 0.67 Discontinued operations — ( 0.01 ) Basic earnings per share $ 0.77 $ 0.66 Diluted earnings per common share Continuing operations $ 0.76 $ 0.67 Discontinued operations — ( 0.01 ) Diluted earnings per share $ 0.76 $ 0.66 Comprehensive income $ 84.4 $ 83.9 See notes to condensed consolidated financial statements. 2 FORTUNE BRANDS INNOVATIONS, INC. CONDENSED CONSOLIDA TED BALANCE SHEETS (In millions) (Unaudited) March 30, 2024 December 30, 2023 Assets Current assets Cash and cash equivalents $ 359.7 $ 366.4 Accounts receivable less allowances for discounts and credit losses 615.9 534.2 Inventories 1,025.2 982.3 Other current assets 171.3 162.8 Total current assets 2,172.1 2,045.7 Property, plant and equipment, net 982.6 975.0 Operating lease assets 170.6 173.8 Goodwill 1,988.7 1,906.8 Other intangible assets, net of accumulated amortization 1,354.7 1,354.7 Other

View Full Filing

View this 10-Q filing on SEC EDGAR