Spectrum Brands Files Q3 2024 10-Q

TL;DR

Spectrum Brands dropped their Q3 10-Q. Check financials for latest performance.

AI Summary

Spectrum Brands Holdings, Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers the third quarter of their fiscal year. Key financial details and operational updates for this period are detailed within the report.

Why It Matters

This filing provides investors with the latest financial performance and operational status of Spectrum Brands, crucial for understanding the company's trajectory and making informed investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings are standard disclosures, but the specific financial details and any forward-looking statements within this report could indicate varying levels of risk.

Key Players & Entities

• Spectrum Brands Holdings, Inc. (company) — Filer of the 10-Q
• 2024-06-30 (date) — End of the reporting period
• 2024-08-08 (date) — Filing date of the 10-Q
• Middleton, WI (location) — Company's business and mailing address

FAQ

Key Financial Figures

• $0.01 — ange On Which Registered Common Stock, $0.01 par value SPB New York Stock Exchange

Filing Documents

• spb-20240630.htm (10-Q) — 2770KB
• spb-q3f24ex221.htm (EX-22.1) — 17KB
• spb-q3f24ex311.htm (EX-31.1) — 10KB
• spb-q3f24ex312.htm (EX-31.2) — 10KB
• spb-q3f24ex321.htm (EX-32.1) — 7KB
• spb-q3f24ex322.htm (EX-32.2) — 7KB
• spb-20240630_g1.jpg (GRAPHIC) — 237KB
• 0000109177-24-000039.txt ( ) — 12963KB
• spb-20240630.xsd (EX-101.SCH) — 59KB
• spb-20240630_cal.xml (EX-101.CAL) — 109KB
• spb-20240630_def.xml (EX-101.DEF) — 407KB
• spb-20240630_lab.xml (EX-101.LAB) — 806KB
• spb-20240630_pre.xml (EX-101.PRE) — 610KB
• spb-20240630_htm.xml (XML) — 2238KB

Forward-Looking Statements

Forward-Looking Statements We have made or implied certain forward-looking statements in this document and may make additional oral forward-looking statements from time to time. All statements, other than statements of historical facts included or incorporated by reference in this document, including the statements under Management's Discussion and Analysis of Financial Condition and Results of Operations, without limitation, statements or expectations regarding our business strategy, future operations, financial condition, estimated revenues, projected costs, inventory management, earnings power, projected synergies, prospects, plans and objectives of management, outcome of any litigation and information concerning expected actions of third parties are forward-looking statements. When used in this report, the words future, anticipate, pro forma, seek, intend, plan, envision, estimate, believe, belief, expect, project, forecast, outlook, earnings framework, goal, target, could, would, will, can, should, may and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Since these forward-looking statements are based upon our current expectations of future events and projections and are subject to a number of risks and uncertainties, many of which are beyond our control and some of which may change rapidly, actual results or outcomes may differ materially from those expressed or implied herein, and you should not place undue reliance on these statements. Important factors that could cause our actual results to differ materially from those expressed or implied herein include, without limitation: the economic, social and political conditions or civil unrest, terrorist attacks, acts of war, natural disasters, other public health concerns or unrest in the United States ("U.S.") or the international markets impacting our business, customers, employees (including our ability to re

Financial Statements (unaudited)

Financial Statements (unaudited) 2 Condensed Consolidated Statements of Financial Position as of June 30 , 2024 and September 30, 2023 2 Condensed Consolidated Statements of Income for the three and nine month periods ended June 30, 2024 and Ju l y 2, 2023 3 Condensed Consolidated Statements of Comprehensive Income for the three and nine month periods ended June 30 , 2024 and July 2, 2023 4 Condensed Consolidated Statements of Shareholders' Equity for the nine month periods ended June 30 , 2024 and July 2, 2023 5 Condensed Consolidated Statements of Cash Flows for the nine month periods ended June 30 , 2024 and July 2, 2023 7 Notes to the Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 37 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40 Item 5. Other Information 40 Item 6. Exhibits 40

Signatures

Signatures 41 1 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) SPECTRUM BRANDS HOLDINGS, INC. Condensed Consolidated Statements of Financial Position As of June 30, 2024 and September 30, 2023 (unaudited) (in millions) June 30, 2024 September 30, 2023 Assets Cash and cash equivalents $ 157.7 $ 753.9 Short term investments 149.1 1,103.3 Trade receivables, net 619.2 477.1 Other receivables 85.3 84.5 Inventories 439.9 462.8 Prepaid expenses and other current assets 41.8 44.3 Total current assets 1,493.0 2,925.9 Property, plant and equipment, net 266.5 275.1 Operating lease assets 105.4 110.8 Deferred charges and other 41.7 31.8 Goodwill 858.1 854.7 Intangible assets, net 990.6 1,060.1 Total assets $ 3,755.3 $ 5,258.4 Liabilities and Shareholders' Equity Current portion of long-term debt $ 9.1 $ 8.6 Accounts payable 369.4 396.6 Accrued wages and salaries 61.0 46.1 Accrued interest 3.1 20.6 Income tax payable 41.3 114.5 Other current liabilities 170.2 178.4 Total current liabilities 654.1 764.8 Long-term debt, net of current portion 551.4 1,546.9 Long-term operating lease liabilities 92.2 95.6 Deferred income taxes 175.3 174.8 Other long-term liabilities 197.2 158.0 Total liabilities 1,670.2 2,740.1 Commitments and contingencies (Note 15) Shareholders' equity Common stock 0.5 0.5 Additional paid-in capital 1,983.1 1,920.8 Accumulated earnings 2,152.6 2,096.0 Accumulated other comprehensive loss, net of tax ( 238.9 ) ( 249.4 ) Treasury stock ( 1,812.7 ) ( 1,250.3 ) Total shareholders' equity 2,084.6 2,517.6 Non-controlling interest 0.5 0.7 Total equity 2,085.1 2,518.3 Total liabilities and equity $ 3,755.3 $ 5,258.4 See accompanying notes to the condensed consolidated financial statements 2 Table of Contents SPECTRUM BRANDS HOLDINGS, INC. Condensed Consolidated Statements of Income For the three and nine month periods ended June 30, 2024 and July 2, 2023 (unaudited) Three Month Periods Ended Nine Month Periods Ended (in millions,

View Full Filing

View this 10-Q filing on SEC EDGAR