Fortune Brands reports drop in earnings
Deerfield-based Fortune Brands Inc. the company behind consumer brands including Jim Beam, Titleist and Moen, reported that its third-quarter profit dropped 63 percent, with the prior-year's results including a hefty gain related to the termination of a joint venture.
The company earned $124.1 million, or 82 cents per share, in the quarter, down from $335.9 million, or $2.21 per share, a year earlier.
Excluding restructuring charges and other items, profit was 77 cents per share.
Fortune Brands said the impact of the weaker dollar hurt earnings by 7 cents per share.
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