Spectrum Brands Sales Fall 2.8% as Helen of Troy Bid Presses On

Net income was $25.8 million, or $1.11 a share, compared with $55.6 million, or $2.29 a share, a year earlier. Adjusted earnings per share from continuing operations came to $1.39, ahead of analysts’ estimate of 90 cents, according to FactSet. Sales were below the $718 million analysts had expected.

Global pet care sales declined 1.5%, home and garden sales fell 9.3%, and home and personal care sales were down 0.9%.

Empower Brands, jointly owned by Spectrum Brands and Oaktree Capital Management, sent a letter to Helen of Troy shareholders on Thursday reiterating its proposal. The offer, disclosed last week, was an all-cash deal with an enterprise value of about $1.6 billion. Helen of Troy’s board unanimously rejected it, saying it undervalued the company. The company did not immediately respond to a request for comment on Empower Brands’ latest statement.

Spectrum Brands Chief Executive David Maura said the company remained optimistic about a potential transaction. He argued that combining the businesses would provide the scale needed to compete in the consumer-products industry.

For the year ahead, Spectrum Brands expects net sales and adjusted earnings before interest, taxes, depreciation and amortization to be flat to up in the low single digits, normalizing for the tariff refund benefit it received this year.