Fortune Brands Inc (FO)
You might not be familiar with Fortune Brands as a company, but you've probably dabbled in their products. What are they? Well, there's Jim Beam, Maker's Mark, Courvoisier, and Sauza, for starters. Cheers! The Chicago-area company also makes golf gear, custom cabinetry, and home-improvement products. Who knew?
Fortune Brands issues cautious 2010 outlook
DEERFIELD, Ill. (AP) - The diversified company Fortune Brands, which makes golf balls, bourbon and bathroom faucets, issued a cautious outlook for 2010 due to skittish consumers and lingering woes in the housing market.
The company said first-quarter profits may lower than 2009 because of investment in branded liquors like Fortune's Jim Beam and Maker's Mark, said Bruce Carbonari, chairman and CEO.
The company said it expects to earn between $2.30 and $2.80 per share for the 2010 fiscal year, which comes in below Wall Street estimates of $2.88, according to a poll of analysts surveyed by surveyed by Thomson Reuters.
That excludes one-time items and compares to its 2009 adjusted profit of $2.43 per share.
"While we are encouraged by the macroeconomic improvement in the fourth quarter, we believe consumers will remain cautious while employment, credit markets, home values and consumer confidence continue to mend," Carbonari said.
Shares of Fortune Brands Inc. slid 54 cents to $42.84 in premarket trading.
Members who own this company also own
Current price per share
Today's gain: $-0.82 (-1.60%)
