Spectrum Brands Reports Q1 Results, Announces Separation of HPC
<p><a href='https://financialmodelingprep.com/financial-summary/SPB'>Spectrum Brands Holdings, Inc. (NYSE:SPB) </a>reported earnings results for Q1, with revenue coming in at $379.7 million, driven by strong holiday sales in Latin America, partially offset by a sales decline from product availability due to supply-chain constraints. Adjusted EBITDA of $49.3 million missed the Street estimate of 58.1 million, owing to inflation/supply-chain headwinds. </p>
<p>The company announced the separation of the HPC segment. As part of the spin, the company announced the acquisition of Tristar Products' appliance and cookware business for $325 million, with $100 million and $25 million contingent on 2022 and 2023 gross profit targets, respectively. The combined business is estimated to generate around $142 million of EBITDA and will combine with HPC, and will be separated via a spin-off, IPO, or merger. The transaction is expected to close within the next 90 days.</p>

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