Fortune Brands, which includes Titleist among its holdings, broke par with first-quarter earnings. (Tribune file photo)

Dow Jones Newswires | Fortune Brands Inc.’s first-quarter profit
surged as sales grew on better-than-expected results at each of the
company’s brand groups.

The maker of Jim Beam whiskey, Moen Faucets and Titleist golf clubs on
Tuesday attributed the  strong results to market-share gains, improving
consumer markets and channel partners’ move to rebuild inventories. The
company also lifted the bottom end of its full-year earnings target,
citing its high-return investment strategy and the stronger U.S. dollar.
Still, concerns remain about how the expiration of U.S. government
stimulus spending will affect demand for home products.

On Thursday, Fortune posted a profit of $72.2 million, or 47 cents a share, up from $7.4 million, or 5 cents a share, a year earlier. Excluding charges and gains in both quarters, earnings rose to 49 cents from 30 cents.

On Tuesday, the company projected adjusted earnings of 49 cents and said net sales, which totaled $1.63 billion, up 13 percent, driven by strong sales for the company’s spirits and home products brands.

Gross margin grew to 48.3 percent from 45.3 percent.

Sales in the company’s home and security segment, which makes up about half of its  revenue, rose 15 percent while the segment swung to an operating profit. Golf sales were up 1.9 percent while the segment’s profit surged. And spirit sales improved 18 percent, but profit dropped 11 percent.

Shares closed Wednesday at $53.66 and were up $1.03 in early NYSE trading.