Spectrum Brands expects FY23 revenue to decline by mid single-digits

FY23 consensus $2.98B. Spectrum Brands continues to expect reported net sales to decline by mid single-digits in Fiscal 2023, with foreign exchange expected to have a negative impact based upon current rates. Fiscal 2023 adjusted EBITDA, excluding investment income, is expected to decline by low to mid single-digits. From a capital structure perspective, while it is currently in a net cash position, the company is targeting a long-term net leverage ratio of 2.0-2.5 times after full deployment of HHI sale proceeds.