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Fortune Brands, Inc. (FBI)

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Monday 19 May, 2003

Fortune Brands, Inc.

Fortune Brands Reaffirms Earnings Outlook

Fortune Brands Reaffirms Earnings Outlook 

    LINCOLNSHIRE, Ill.--(BUSINESS WIRE)--May 19, 2003--

Fortune Brands, Inc. (NYSE:FO), a leading consumer brands company,
today reaffirmed its earnings outlook for both the second quarter and
full year.

'Successful new products helped deliver April results that tracked our
expectations,' said Fortune Brands Chairman & CEO Norm Wesley. 'For
the second quarter, our target remains double-digit growth in diluted
earnings per share. For the full year, we continue to feel well
positioned to achieve our long-term goal of double-digit EPS growth
with improved returns.' The company's earnings goals exclude any
special gains and charges.

Fortune Brands, Inc. is a consumer products company with annual sales
exceeding $5.6 billion. Its operating companies have premier brands
and leading market positions in home and hardware products, spirits
and wine, golf equipment and office products. Home and hardware brands
include Moen faucets, Aristokraft, Schrock, Diamond and Omega
cabinets, Master Lock padlocks and Waterloo tool storage sold by units
of MasterBrand Industries, Inc. Major spirits and wine brands sold by
units of Jim Beam Brands Worldwide, Inc. include Jim Beam and Knob
Creek bourbons, DeKuyper cordials, The Dalmore single malt Scotch, Vox
vodka and Geyser Peak and Canyon Road wines. Acushnet Company's golf
brands include Titleist, Cobra and FootJoy. Office brands include
Swingline, Wilson Jones, Kensington and Day-Timer sold by units of
ACCO World Corporation. Fortune Brands, headquartered in Lincolnshire,
Illinois, is traded on the New York Stock Exchange under the ticker
symbol FO and is included in the S&P 500 Index.

To receive company news releases by e-mail, please visit
www.fortunebrands.com.

This press release discusses earnings per share before net gains or
charges, a measure not derived in accordance with generally accepted
accounting principles. This measure should not be considered a
substitute for any measure derived in accordance with generally
accepted accounting principles, and may also be inconsistent with
similar measures presented by other companies.

The Company's diluted EPS projections do not reflect that (1) the
Company is nearing completion of a routine tax audit for the years
1993-1996 that could result in a return of tax reserves in the range
of $25-35 million in the second quarter and (2) the Company may incur
additional restructuring charges in the range of $20-25 million after
tax in 2003.

This press release contains statements relating to future results,
which are forward-looking statements as that term is defined in the
Private Securities Litigation Reform Act of 1995. Readers are
cautioned that these forward-looking statements speak only as of the
date hereof. Actual results may differ materially from those projected
as a result of certain risks and uncertainties, including but not
limited to changes in general economic conditions, foreign exchange
rate fluctuations, changes in interest rates, returns on pension
assets, competitive product and pricing pressures, trade
consolidations, the impact of excise tax increases with respect to
distilled spirits, regulatory developments, the uncertainties of
litigation, changes in golf equipment regulatory standards, the impact
of weather, particularly on the home products and golf brand groups,
expenses and disruptions related to shifts in manufacturing to
different locations and sources, as well as other risks and
uncertainties detailed from time to time in the Company's Securities
and Exchange Commission filings.

   Short Name: Fortune Brands, Inc.
   Category Code: MSC
   Sequence Number: 00004968
   Time of Receipt (offset from UTC): 20030519T141119+0100

                                                                                

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