Spectrum Brands cuts FY23 revenue growth view to flat from low single-digits

FY23 consensus $3.17B. Spectrum Brands now expects flat reported net sales in Fiscal 2023, with foreign exchange expected to have a negative impact based upon current rates. Fiscal 2023 adjusted EBITDA is still expected to increase by low double-digits. From a capital structure perspective, the company is targeting a long-term net leverage ratio of 2.0-2.5 times after full deployment of HHI sale proceeds.