Fortune Brands Innovations (FBIN) Q3 FY2023 earnings: revenue $1.3 billion, up 5.5% on the year

Fortune Brands Innovations, Inc. (FBIN) reported revenue of $1.3 billion for Q3 FY2023, the quarter ended 30 September 2023, up 5.5% on the same quarter a year earlier. Net income was $136 million, down 33.2% on the year, and diluted earnings per share $1.07. The figures are the company's own, from the 10-Q it filed with the SEC on 27 October 2023.

Revenue$1.3 billionup 5.5%

Net income$136 milliondown 33.2%

Diluted EPS$1.07

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	1,261	n/a	n/a	n/a
Cost of revenue	721	n/a	n/a	n/a
Gross profit	540	n/a	n/a	n/a
Gross margin	42.8%	n/a	n/a
Selling, general and administrative	321	n/a	n/a	n/a
Operating income	196	n/a	n/a	n/a
Operating margin	15.6%	n/a	n/a
Interest expense	33.3	n/a	n/a	n/a
Pre-tax income	173	n/a	n/a	n/a
Income tax	36.1	n/a	n/a	n/a
Effective tax rate	20.9%	n/a	n/a
Net income	136	n/a	n/a	n/a
Net margin	10.8%	n/a	n/a
Diluted EPS	$1.07	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	332	n/a	n/a	n/a
Capital expenditure	63.5	n/a	n/a	n/a
Free cash flow	268	n/a	n/a	n/a
Free cash flow margin	21.3%	n/a	n/a
Cash from investing	-65.7	n/a	n/a	n/a
Cash from financing	-488	n/a	n/a	n/a
Depreciation and amortisation	45.4	n/a	n/a	n/a
Share-based compensation	9.5	n/a	n/a	n/a
Buybacks	20.1	n/a	n/a	n/a
Dividends paid	29.2	n/a	n/a	n/a
Dividend per share	$0.46	n/a	n/a	n/a
Diluted shares, weighted	128m	n/a	n/a	n/a
Shares outstanding at period end	126m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	2,219	n/a	n/a	n/a
Short-term borrowings	0.0	n/a	n/a	n/a
Debt	2,669	n/a	n/a	n/a
Operating lease liabilities	92.1	n/a	n/a	n/a
Other liabilities	1,638	n/a	n/a	n/a
Total liabilities and equity	6,618	n/a	n/a	n/a
Fixed assets	929	n/a	n/a	n/a
Goodwill	1,904	n/a	n/a	n/a
Intangible assets	1,400	n/a	n/a	n/a
Cash and equivalents	453	n/a	n/a	n/a
Receivables	579	n/a	n/a	n/a
Inventory	930	n/a	n/a	n/a
Other assets	423	n/a	n/a	n/a
Total assets	6,618	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,261	1,161	1,110	1,240	1,155	1,104	1,033	1,203	1,149	1,078	1,011	1,154
Cost of revenue	721	666	622	699	626	596	578	660	630	606	576	563
Gross profit	540	495	488	541	530	508	455	543	519	472	436	591
Gross margin	43%	43%	44%	44%	46%	46%	44%	45%	45%	44%	43%	51%
SG&A	321	306	312	320	298	310	315	339	313	325	353	344
Operating income	196	134	155	199	205	178	97.0	172	126	122	60.2	-9.0
Operating margin	16%	12%	14%	16%	18%	16%	9%	14%	11%	11%	6%	-1%
Interest expense	33.3	28.7	30.1	32.3	30.2	27.9	28.6	31.2	28.6	26.8	26.5	27.4
Pre-tax income	173	104	125	170	176	133	69.4	148	94.7	93.2	33.8	-37.0
Tax rate	21%	22%	23%	21%	23%	21%	26%	32%	25%	18%	28%	n/a
Net income	136	81.3	96.4	134	137	105	51.4	100	70.8	76.3	24.2	-22.5
Net margin	11%	7%	9%	11%	12%	10%	5%	8%	6%	7%	2%	-2%
Diluted EPS	$1.07	$0.64	$0.76	$1.06	$1.09	$0.84	$0.42	$0.83	$0.59	$0.63	$0.20	-$0.19
Operating cash flow	332	220	-71.3	262	205	272	-83.4	149	204	208	-119	203
Capital expenditure	63.5	80.8	64.6	38.8	29.7	60.2	29.2	30.7	27.4	24.5	20.3	23.5
Free cash flow	268	139	-136	223	176	212	-113	119	177	184	-140	179
Buybacks	20.1	29.9	100	50.2	40.2	50.0	175	62.8	0.0	10.0	43.5	1.7
Dividends paid	29.2	29.0	30.1	30.1	29.8	29.6	30.5	30.1	30.0	30.0	31.2	31.0
Shares outstanding	126m	126m	125m	124m	124m	124m	120m	120m	120m	120m	119m	119m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 27 October 2023, accession 0000950170-23-056045: the filing on EDGAR. All of Fortune Brands Innovations, Inc.'s filings: EDGAR company page.

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