Spectrum Brands Shares Surge 17% After Strong Q4 Profit

(RTTNews) - Spectrum Brands Holdings, Inc. (SPB) shares jumped 16.66 percent to $62.11 on Thursday after the home essentials company reported a sharp rise in fourth-quarter profit, driven by a one-time tax benefit and reduced operating expenses.

The stock opened at $59.03 and traded between $58.69 and $63.67 on the New York Stock Exchange. Over the past year, shares have ranged from $49.99 to $96.62, with volume reaching 0.42 million versus the average of 0.36 million.

Net income from continuing operations climbed 316.4 percent to $53.3 million, or $2.19 per share, compared with $12.8 million, or $0.45 per share, a year earlier. Revenue fell 5.2 percent to $733.5 million from $773.7 million, reflecting lower sales in GPC and HPC segments due to earlier supply constraints and category softness.