Fortune Brands Home & Security, Inc. (FBHS) Q3 2022 Earnings Conference Call October 26, 2022 4:30 PM ET

Company Participants

David Barry - Senior Vice President of Finance and Investor Relations

Nicholas Fink - Chief Executive Officer

Patrick Hallinan - Senior Vice President & Chief Financial Officer

David Banyard - President, Cabinets

Conference Call Participants

Adam Baumgarten - Zelman & Associates

Philip Ng - Jefferies

Michael Rehaut - JPMorgan

Stephen Kim - Evercore ISI

Operator

Good afternoon. My name is Donna, and I will be your conference operator today. At this time, I would like to welcome everyone to the Fortune Brands Third Quarter 2022 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers remarks there will be question-and-answer session. [Operator Instructions].

I will now turn the conference over to Mr. Dave Barry, Senior Vice President of Finance and Investor Relations. Thank you, sir. Please go ahead.

David Barry

Good afternoon, everyone, and welcome to the Fortune Brands Home & Security third quarter 2022 earnings call and webcast. Hopefully, everyone has had a chance to review the earnings release issued earlier. The earnings release and audio replay of the webcast of this call can be found in the Investors section of our fbhs.com website. I want to remind everyone that the forward-looking statements we make on the call today either in our prepared remarks or in the associated question-and-answer session, are based on current expectations and market outlook and are subject to certain risks and uncertainties that may cause actual results to differ materially from those currently anticipated.

These risks are detailed in our various filings with the SEC. The company does not undertake any obligation to update or revise any forward-looking statements, except as required by law. Any references to operating income or margin, earnings per share or cash flow on today's call will focus on our results on a before-charges-and-gains basis unless otherwise specified.

Joining me on the call today are Nick Fink, our Chief Executive Officer; Pat Hallinan, our Chief Financial Officer; and Dave Banyard, President of our Cabinets business.

Following our prepared remarks, we have allowed time to address some questions. I will now turn the call over to Nick.

Nicholas Fink

Thank you, Dave, and thank you to everyone for joining us on the call today. Our teams delivered a very strong third quarter with 20% EPS growth and improved margins across all segments in a shifting demand landscape. During the quarter, we saw a softening in U.S. single-family new construction and R&R as the Federal Reserve's continued action on interest rates started to have its intended effect on housing demand. We remain strong believers in the medium to long-term market opportunity, underpinned by attractive demographics and a significant shortage of U.S. housing.