LOUISVILLE, Ky.—Fortune Brands Home & Security Inc. said on Wednesday that its third-quarter net income fell as it continued to deal with the slowdown in housing.
The maker of Moen faucets, Master locks and other brands earned $20.1 million, or 13 cents per share, for the quarter that ended Sept. 30. That was down 26.6 percent from $27.4 million, or 18 cents per share, during the same period last year.
Revenue rose 4.3 percent to $848 million, from $813.1 million a year ago.
Fortune Brands said last year's quarter included a gain from resolving a lawsuit. Without one-time items in both quarters, it said its net income would have fallen by 3 cents per share from a year ago.
Lower window sales hurt its Advanced Materials Window & Door Systems segment, along with a mix of less-profitable products. Revenue for that segment fell 1 percent.
The company also dealt with higher raw material and transportation costs and sales that drove down prices for cabinets. Still, it said all its segments were profitable on an adjusted basis.
It said it would provide 2012 guidance when it releases fourth-quarter results.
Fortune Brands Home & Security is the result of an Oct. 4 spinoff from the former Fortune Brands Inc., which then renamed itself Beam Inc. after its flagship bourbon brand. Fortune presented last year's results as if it had been independent at that time.
Shares of Fortune Brands Home & Security had risen 40 cents, or 2.7 percent, to close at $15.07 before the results were released.
