Fortune Brands Earnings Soar
on 04/02/11 at 11:56 amIndustry
Fortune Brands Inc.’s fourth-quarter earnings soared compared with a year-earlier quarter that included hefty write-downs, and sales grew in all of the company’s disparate businesses.
The maker of Jim Beam whiskey, Moen faucets and Titleist golf clubs said it is still on track to complete its breakup in the second half. The Deerfield, Ill., company is looking to sell or spin off its golf unit and spin off the home and security operation to focus on its alcoholic-beverages business. Its board plans to approve the breakup piece by piece.
Fortune was hit hard during the economic downturn, but results have improved as consumers begin to reopen their pocketbooks for home upgrades and leisure activities. Sales improved across the board in the latest quarter, boosted by new product offerings.