season for had to and and safe and Dave you, you that holiday everyone the enjoyable thank for XXXX. a I today. on hope joining everyone best us wishes Thank call
Following performance again teams XXXX, delivered an our outstanding extraordinary once in XXXX.
a Fortune also and extreme earnings for including of margin per while these remarkable results headwinds, operating delivered strong how customers, quarter improvement. achieving Our basis and year kept employees, we including exceptional points sales, XX our facing proud consumers operating rates, results at despite I'm of numerous and supply share We particularly growth. chain disruptions accomplished fourth inflation. income, external
Importantly, to capacity, brands on we leading expand our capabilities Brands continued innovation, customers. to progress made Fortune serve Advantage and and investing in drive our also our
versus in in delivering to income the As strong continue and over a full as made to sales XX% supply demand all housing inefficiencies, grew of double-digit Operating channels. the by all and in well-positioned or increase delivered ahead strong the leverage driven in XX% we come. by year growth, progress grew challenges, our a and POS businesses share quarter operating X% EPS was fourth availability work XXXX, continued result company earnings outstanding a XXXX. impacted quarter, across is of of XX% constraints, outperforming chain with grew Despite team's market X% year margin these per our the price. organically, years operating full inflation labor In
wide the Solar $XXX One our variety of shareholders, The Therma-Tru to Innovations, the portfolio, challenges. increased of business cause into join constant closures $XX quarter across and these pandemic recently expansions in leading systems ninth ability our results that shareholders, will its to a our meet environment. we get our by remains on for million, a period capital opening notwithstanding, producer and challenges now over continues head XXXX, family. in investment to outdoor Additionally, capacity door the returned of executed and million acquired
executing costs, portfolio, the Brands by supplier reducing Fortune and stronger, relationships. capabilities building leveraged across increases Our Advantage offset strategic helped price inflation deeper extreme
people, Our upside housing brands the the our position to culture market. of strong leading to our of capture continued in portfolio excellence driven by
Additionally, we agile will any short-term may way. remain our in to headwinds come that our response
demand is demand. strong our working products, see to meeting continue that at team our and hard for We
later the making us call, progress strategic profitable are Pat which investments, work financial our results. our The outperform have details growth. We on to extends done we around initiatives. provide further in to And the XXXX position exceptional beyond will for that position company
to our and key areas. advance continue social We focus governance environmental,
Kellogg Furthermore, conservation goals. safety, and recycling, in reduction on energy step with impact we recently water strategy measurable we in which renewable In an and equity beyond. to climate equity carbon diversity and our and and diversity, further addition equity mitigating change Foundation's to enhance important initiatives; program expanding have emission XXXX will took and XXXX, the our W.K. during setting partnered our comprehensive work inclusion, by inclusion
responsibility associate We our of are of acutely have safe. aware the keeping all we of
standards newly we safety records synergies high safety quickly meet This and ensure acquired to business. a one the best all of Our acquire possible. are extremely the among to ESG our the bring we when is bear that in we as as companies that invest industry
us released Our upcoming is highlighting which to team full in progress forward point the will committed ESG our safety is ESG be performance next keeping a bar XXXX our high. quarter. look our to of and pride for We entire report,
scores is by in our work ESG We've recognized. being of consistent raters. All improvement our key seen
realizing again Newsweek passionate of Companies. named third and as home one way. Magazine's Responsible of year, Fortune just lead an dreams sustainable Most Fortune proud World Companies. our once Admired we've the of And Brands in For to our responsible purpose as are where one of been Most ethical, a named company I'm fulfilling so today, consecutive about America's associates
enhance aim over to bolster ahead, of all investment we have opportunities, past Brands commitment transformation. to by that the us to and POS Advantage capabilities, next Officer Officer. all joins be strategic in our Fortune brand in the announce progress in further our very further remains Russell us and to we will I earnest strong, additional and our digital be the innovation, am executed developed and strategy growth our extremely coming our in operating Brands digital in developing Advantage as be fuel weeks will beyond. capabilities model May and center had excited As global excellence and our a May initiative Chief we where in the are and Digital for will first company the including efficiency. our that Commercial will create years of joining for to of This We and ever operating looked positioned XXXX accelerate our Technology as the was made Lincoln create improve This from Solutions XXXX vehicles, Senior XXXX the the for two and for and a she has Ford digital Executive our Ford, Technology value to year products Ford for suite fleet Fortune vehicle expand further the and safety security responsibility for digitization competency interface award-winning management. of identifying demand of growth. all momentum connectivity, stakeholders. well consumer develop core serving extra Chief apps, further
platform. have our and digital initiatives our into tremendous May a talent speaks consumer-first enabled We potential excited to year. remarkable, within growth throughout attract to believe we portfolio the transformation that opportunity the a digital transform Brands the for to more is Our about I'm like Fortune to digitally ability speak
so so to facilities other, serving dedicated team our and safe strong teams I while our thank members operating. hard who who sincerely doing to proud to continue want keep I caring who am of are products. people are but not each Finally, for so home only work demand our our for
built, they our Our people are drove and XXXX. the is results upon foundation in outstanding our business which
Turning our remarks to the remainder of today.
provide over initiatives the First, will fourth financial share quarter as expect key key then the in XXXX. well thoughts highlights and these housing from Pat discuss our will expectations evolve products and what in market. full future seeing to year I results how on I'll takeaways around and as financial our we our we across are highlight time. for home performance our then results, portfolio
Now on market. turning to housing thoughts some the
repair both new continue. to remodel, long-term construction and housing fundamental expect As we I've remains demographic and the expansion Due to mentioned, products building trends strong. demand and and favoring of the
been New purchase. supply inefficiencies. is the low U.S., unimpeded fast simply chain if as would inventory a in There construction inventory XXXX nearly is turning stronger it housing activity becoming in have record existing had are labor and robust availability and to all-time as With homes by year available. enough even over not
XXXX. Our wholesale of as showing and through XXXX all signs builder continued momentum, is of begin we which strength persisted
the more brands clear equity to to record Our homes are and which housing as spending. remodel POS and industry R&R outdoors. in across year. bathroom powerful and the the most the focused tremendous our our growth construction tailwinds supply aged stock, an areas and has significant by supported categories, a portfolio, leading centered past product across activity and the the remains continues was fourth give us of robust the has during around above-market by low our been With installed exposure of grown strong are home kitchen, house, Repair dollars wealth, base. requiring new in the trillions R&R We saw our quarter. spending incremental
Federal this interest as construction supportive remain continued currently which R&R attractive. new increase, financial we rates, combat with is spend. compelling works around to backdrop the XX-year While hover demographics, Reserve mortgage rates Coupled to X.X% expect of inflation, and
and in homes. fundamentals believe new a both aged to underpinned long-term for quickly intend housing capture a runway for headwinds opportunity multi-year demographics if and and and market continue agile strong significant by lower for driven outperform will R&R. arise. We This to opportunities to and respond by and the short-term stay expansion, runway We growth provides supply long-term construction
environment. our turn to a year. well the This digits quarter, to year portfolio. versus strong all last growth margins were over the ago. as in for up the the to chain the demonstrative as of Total in a sales XX.X% ability a a were fourth of ship year full fourth we're is quarter but up manufacture and complex quarter superb fourth for of businesses how supply for year, XX% fourth positioning double also Operating stronger XX.X% off performance were quarter, even capping strong company and revenue to me source, let ourselves during year. demand, across compared Now performance XX% Sales our quarter full be and across our
strategy and for basis XX million to our $XX earlier, initiatives. investing mentioned of XXXX in deliver with during long-term the shareholders, an I progression numerous points headwinds made we overall in despite strategic As margin additional consistent year
turning with Now, our to Plumbing. businesses, individual starting
despite China both Plumbing Our Operating We Full double-digits brands the Global year global selling and US House perpetuating growth were in and wholesale fuel experienced in results the flywheel continue XX.X%. Group all growth the business. operating outperform its channel brands. and were and margin XX.X%. by up clearly for and in across the remains margins sales consumers marketing XX% in XXXX, across over delivering the quarter, including of remarkable sales US of bottom-line in the markets, regions, with Moen market. continued to led to Rohl with Momentum in of invested further top group. sales We resonate innovation of plumbing results. exceptional, for Investments and and our outperformance this world-class strong heavily growth
in and we will in in service to to expect place center. also and capacity Plumbing invest a very growth elevate XXXX, at new quarter, UK center we and distribution Coast fourth distribution Additional excited the West opportunities new our We're provide growth. for capacity sites. today. customer about retail-focused in for innovation the manufacturing further additional distribution opened In investments a And taking expand
network unveiled the throughout water the was Consumer first at consumers in and Show Electronics digitally is to water the smart home. enabling Moen control Our step
the builders, home stages We have leadership early expect in by of adoption smart and to insurers. what we management be a strong consumers, and of widespread are position water
growing Our inventive rate, to at products will water services increasing growing our ecosystem digital capabilities. an continue smart and add leveraging
Turning & Security. Outdoors to
the quarter teens, in the sales. highlighting for and the strength Outdoor year, on Operating fourth up Sales widespread in for margin to were in continues and by living strong quarter show door cases. driven grew or and Doors, increases all quarter full XX.X% XX.X% momentum our business. the previous year, teens decking, both we for For are excluding double-digits our the was category. across sustained operations over in and wholesale the year, legacy in fourth security the high LARSON. expanding full presence sales XX% quarter, and this over high focused year attractive grew
LARSON enthusiastic our At our both ahead deepen our for brands, of in openings, differentiator a are To Innovations, a position ability integration, and systems of and in is our to achieve Solar the network distribution synergies robust with wide performed we decking recently leading further Our and XXXX continue in acquisition Therma-Tru leadership to expand expectations, about a and LARSON, key door beyond. acquired entry work and to enclosures. delivered successful ties together our channel further opening doors we and of outdoor producer year we partners.
excited to and the family. to portfolio their door into our their are innovations We employees bring leading to product Fortune welcome Brands
Our decking quarter perform to the continues XX% growing and Fiberon brand for well, year. the very above full
decking Our materials past that consumers. strong the result advanced success since few the increasingly brand. benefits development we the channel from over accelerated the and as is have years to Conversion resonating of the in are executed wood building with acquiring composite product
executed with greenfield fourth XXXX. accelerate come quarter incrementally To during growth, beginning will further in developing online facility we of a has to we be throughout we on capacity the our which we demand for Additional capacity and strong very based expand be construction will be in and the additions come. investment will the XXXX. capacity phases will forecast to years pace control outlook, This
by Turning security team performance sales recovery North retail as margin in channels, and and performance to Strong digits make outperformance The by bolstered strategic its in international solid commercial and led including progress to driven core continues expansion. increased goals, our the Security. growth innovation in market. continued quarter, American towards continued double low
Security see, more can up XXXX Outdoors the the team & initiatives into future. to achieve well across you multiple and As set are executed in even
points. year, Full challenges, quarter to was availability product labor with And our operating material to chain for industry Sales has high and at year particularly The price inflation. XX.X%. and team turning during and mid-teens variability Cabinets pandemic. supply lines margin Cabinets. all the Finally, been levels constraints freight exposed across of is extreme growth increased full overcoming fourth yet the
our to a the is to that faced time. amount overcame We're the as work agile has continue strong, supply will margin and backlog. the evident and even of we we pace order also how in was the XXXX remains short enhancement chain and more volatility to initiatives of margin short of subsides. with our testament wish well our targeted in performance While and it become, progress Demand elevated results given business challenges through make the be a very progressing
and executing highest returning is well-positioned and business we win point continue that price shipping win significantly Within our to increase both across to importers with the points into align Our our to lead price and strategies from had value to growth are players share we who the efficiency want the higher are versus costs. Cabinets, a domestic longer we US times and opportunities.
segment, continues and within were operations strong than availability brand fourth sales line our in doubled make-to-order and costs mantra quarter. the freight Our Demand more of the remains by this to take especially though impacted in XXXX. in labor premium, share
of make price chain We back continue supply realize The to half year labor headwinds we the reduce in drive our work to strategic the will our be and XXXX. we continue through concentrated and progress progression margin and initiatives, trajectory incremental as on this we expect backlog. progression margin of in to as
Fortune including complexity progress, and Brands public years margin deploying to we our track targets. remain long-term advance to are In summary, XXXX, margin Advantage on a We company. in reduction tools, we celebrated as XX achieve our
future. in will exceptional that simultaneously We drive the investing business the produced have results consistently key for strategic initiatives while
we'll the maintain have we've market execution, deliver We outperformance, team the which to and become to for growth above and continue agility known. and discipline,
or XX the looks as next as bit years. forward future Our we look brighter every bright to
of US remains increasing of well-positioned capture and the to share demand of homes expansion. that is short an As millions Brands noted, Fortune
decade. the over undoubtedly face challenges as just We future, past the in we will have
in what delivering face those amazing will However, of challenges, we the best; lives team efficiency stakeholders. our innovation brands, do and do while operating our enrich of which to leverage products, the for millions produce
which our Our of will in business. greater reflects markets outlook, detail, in strength XXXX to Pat speak confidence and the our
the through value creating driving our line growth top We expect stakeholders. increasing continued margins and leverage for P&L, further
levers CapEx investment our of outlook at is with of brands. opportunity set each in our Our to profitable burgeoning reflective pull growth
us is to incremental continue strong, positions to sheet and and drive value Our organically inorganically. balance
will future. to Pat, We that, financial excited I results are our call speak for the to turn very the With will and outlook. over who Pat?