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Fortune Brands Inc (FBI)


Wednesday 09 June, 2004

Fortune Brands Inc

Fortune Brands Updates Earnings Guidance

Fortune Brands Inc

Fortune Brands, Inc. (NYSE:FO), a leading consumer brands company, today updated
its earnings guidance for the second quarter of 2004.

In remarks prepared for delivery today to the 24th Annual Piper Jaffray Consumer
Conference in New York, Fortune Brands chairman & CEO Norm Wesley said, 'Our
breadth of leading consumer brands and our effective strategy are a powerful
combination for delivering consistently strong results. The broad-based strength
that fueled our first quarter results has continued into the second quarter.
Consumer demand for our leading consumer brands remains strong. Successful new
products, share-gain initiatives and productivity improvements are adding to
Fortune Brands' sustained growth. All of our businesses continue to perform at
or above our expectations.

'In April, we announced that we expected EPS before charges/gains to grow strong
double digits in the second quarter. Wall Street securities analysts currently
estimate that our second quarter EPS before charges/gains will be in a range of
$1.17 to $1.26 per share, up from $1.03 a year ago. Given the strength of our
second quarter performance to date, we expect that Fortune Brands second quarter
EPS before charges/gains will be near the top of that range, comfortably
achieving our target of strong double-digit growth. We continue to expect that
we will deliver strong double-digit growth in EPS before charges/gains for the
full year and improve our returns, as well.'

As previously announced, second quarter 2004 GAAP comparisons will be impacted
by a 23-cents-per-share tax-related credit recorded in the second quarter of
2003. Due to the absence of this credit in the second quarter of 2004, as well
as restructuring-related charges in the current quarter for previously announced
programs, second quarter EPS on a reported basis is likely to be lower than the
year-ago quarter. The company continues to expect full-year EPS on a reported
basis to be up strongly.

Fortune Brands plans to announce results for the second quarter on July 23rd.

Fortune Brands, Inc. is a $6 billion leading consumer brands company.
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, Therma-Tru
door systems, Master Lock padlocks and Waterloo tool storage sold by
units of Fortune Brands Home & Hardware, 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 Wild Horse 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.

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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, changes in commodity costs,
the impact of weak conditions in the leisure travel industry on our golf and
spirits and wine businesses, as well as other risks and uncertainties detailed
from time to time in the Company's Securities and Exchange Commission filings.

This press release discusses earnings per share before charges/gains, 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.

    CONTACT: Fortune Brands, Inc.
             Clarkson Hine (Media Relations), 847-484-4415          
             Tony Diaz (Investor Relations), 847-484-4410

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