$FBIN
Fortune Brands Innovations, Inc.

2018 Q4 Form 10-Q Financial Statement

#000119312518322618 Filed on November 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $1.421B $1.381B $1.349B
YoY Change 2.76% 2.39% 5.44%
Cost Of Revenue $920.3M $886.9M $843.3M
YoY Change 3.91% 5.17% 5.28%
Gross Profit $501.8M $493.9M $505.3M
YoY Change 1.93% -2.26% 5.71%
Gross Profit Margin 35.32% 35.77% 37.47%
Selling, General & Admin $308.6M $305.1M $297.9M
YoY Change -2.53% 2.42% 4.71%
% of Gross Profit 61.5% 61.77% 58.96%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $40.70M $37.50M $32.30M
YoY Change 19.71% 16.1% 8.03%
% of Gross Profit 8.11% 7.59% 6.39%
Operating Expenses $319.4M $305.1M $297.9M
YoY Change -1.63% 2.42% 4.71%
Operating Profit $140.1M $147.1M $199.5M
YoY Change -13.94% -26.27% 8.96%
Interest Expense -$19.00M $19.00M $12.30M
YoY Change 146.75% 54.47% 4.24%
% of Operating Profit -13.56% 12.92% 6.17%
Other Income/Expense, Net -$1.400M $9.600M $2.200M
YoY Change -87.16% 336.36% -466.67%
Pretax Income $117.2M $137.7M $189.4M
YoY Change -17.7% -27.3% 10.95%
Income Tax $28.70M $37.80M $59.80M
% Of Pretax Income 24.49% 27.45% 31.57%
Net Earnings $85.30M $99.80M $129.5M
YoY Change -33.36% -22.93% 4.94%
Net Earnings / Revenue 6.0% 7.23% 9.6%
Basic Earnings Per Share $0.60 $0.70 $0.84
Diluted Earnings Per Share $0.60 $0.69 $0.83
COMMON SHARES
Basic Shares Outstanding 141.4M shares 142.4M 153.5M shares
Diluted Shares Outstanding 144.2M 155.9M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $262.9M $389.9M $277.1M
YoY Change -18.61% 40.71% -0.54%
Cash & Equivalents $262.9M $389.9M $277.1M
Short-Term Investments
Other Short-Term Assets $172.6M $180.6M $126.4M
YoY Change 21.04% 42.88% -2.62%
Inventory $678.9M $684.3M $600.1M
Prepaid Expenses
Receivables $571.7M $635.4M $594.7M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.686B $1.890B $1.598B
YoY Change 5.27% 18.26% 3.81%
LONG-TERM ASSETS
Property, Plant & Equipment $813.4M $776.3M $690.6M
YoY Change 9.92% 12.41% 7.42%
Goodwill $2.080B $2.063B $1.853B
YoY Change 8.8% 11.36% 0.97%
Intangibles $1.247B $1.334B $1.105B
YoY Change 7.26% 20.66% -0.76%
Long-Term Investments
YoY Change
Other Assets $138.0M $106.1M $102.2M
YoY Change 44.81% 3.82% 26.02%
Total Long-Term Assets $4.279B $4.280B $3.751B
YoY Change 9.43% 14.09% 2.13%
TOTAL ASSETS
Total Short-Term Assets $1.686B $1.890B $1.598B
Total Long-Term Assets $4.279B $4.280B $3.751B
Total Assets $5.965B $6.170B $5.349B
YoY Change 8.22% 15.34% 2.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $459.0M $437.7M $392.5M
YoY Change 7.04% 11.52% 8.46%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $525.0M $525.0M $0.00
YoY Change
Long-Term Debt Due $525.0M $525.0M
YoY Change
Total Short-Term Liabilities $1.492B $1.452B $852.5M
YoY Change 64.55% 70.28% 9.76%
LONG-TERM LIABILITIES
Long-Term Debt $1.809B $1.988B $1.462B
YoY Change 19.99% 35.99% -7.79%
Other Long-Term Liabilities $157.6M $184.8M $127.4M
YoY Change 2.87% 45.05% 14.47%
Total Long-Term Liabilities $1.967B $2.173B $1.590B
YoY Change 18.41% 36.71% -6.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.492B $1.452B $852.5M
Total Long-Term Liabilities $1.967B $2.173B $1.590B
Total Liabilities $3.785B $3.936B $2.803B
YoY Change 30.04% 40.4% -1.72%
SHAREHOLDERS EQUITY
Retained Earnings $1.448B $1.393B $1.077B
YoY Change 23.33% 29.44% 45.79%
Common Stock $2.768B $2.763B $2.714B
YoY Change 1.51% 1.79% 2.52%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.971B $1.878B $1.221B
YoY Change 56.14% 53.89% 25.24%
Treasury Stock Shares $40.11M
Shareholders Equity $2.178B $2.232B $2.544B
YoY Change
Total Liabilities & Shareholders Equity $5.965B $6.170B $5.349B
YoY Change 8.22% 15.34% 2.62%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $85.30M $99.80M $129.5M
YoY Change -33.36% -22.93% 4.94%
Depreciation, Depletion And Amortization $40.70M $37.50M $32.30M
YoY Change 19.71% 16.1% 8.03%
Cash From Operating Activities $260.3M $206.4M $181.4M
YoY Change 5.09% 13.78% -15.86%
INVESTING ACTIVITIES
Capital Expenditures -$43.60M -$39.30M -$36.00M
YoY Change -37.27% 9.17% 14.65%
Acquisitions
YoY Change
Other Investing Activities -$22.30M -$456.8M -$19.10M
YoY Change -78.76% 2291.62% -87.03%
Cash From Investing Activities -$65.90M -$496.1M -$55.10M
YoY Change -62.23% 800.36% -69.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -314.2M 342.6M -108.3M
YoY Change 1081.2% -416.34% 203.36%
NET CHANGE
Cash From Operating Activities 260.3M 206.4M 181.4M
Cash From Investing Activities -65.90M -496.1M -55.10M
Cash From Financing Activities -314.2M 342.6M -108.3M
Net Change In Cash -119.8M 52.90M 18.00M
YoY Change -357.08% 193.89% 1400.0%
FREE CASH FLOW
Cash From Operating Activities $260.3M $206.4M $181.4M
Capital Expenditures -$43.60M -$39.30M -$36.00M
Free Cash Flow $303.9M $245.7M $217.4M
YoY Change -4.19% 13.02% -11.98%

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<div> <table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="4%" valign="top" align="left"><b>18.</b></td> <td align="left" valign="top"> <p style="margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;" align="left"><b>Contingencies</b></p> </td> </tr> </table> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> <b>Litigation</b></p> <p style="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"> We are defendants in lawsuits associated with the normal conduct of our businesses and operations. It is not possible to predict the outcome of the pending actions, and, as with any litigation, it is possible that these actions could be decided unfavorably to the Company. The Company believes that there are meritorious defenses to these actions and that these actions will not have a material adverse effect upon our results of operations, cash flows or financial condition, and where appropriate, these actions are being vigorously contested.</p> <p style="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"> <b>Environmental</b></p> <p style="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"> Compliance with federal, state and local laws regulating the discharge of materials into the environment, or otherwise relating to the protection of the environment, did not have a material effect on capital expenditures, earnings or the competitive position of Fortune Brands during the three and nine months ended September&#xA0;30, 2018 and 2017. We are involved in remediation activities to clean up hazardous wastes as required by federal and state laws. Liabilities for remediation costs of each site are based on our best estimate of undiscounted future costs. We believe, compliance with current environmental protection laws (before taking into account estimated recoveries from third parties) will not have a material adverse effect upon our results of operations, cash flows or financial condition. Uncertainties about the status of laws, regulations, technology and information related to individual sites make it difficult to develop estimates of environmental remediation exposures.</p> </div>
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