Fortune Brands Innovations, Inc. (FBIN)

Fortune Brands is a US-based homebuilding products company that sells building-related products serving R&R and new construction markets. The company operates in three segments: water, outdoors, and security. Water innovation, including plumbing fixtures and faucets, accounts for around 55% of total sales and features brands such as Moen, House of Rohl, and Aqualisa. The outdoors segment includes decking, railing, and doors and makes up 30% of total sales, featuring brands such as Larson, Fiberon, and Therma-Tru. The security segment, which includes smart residential padlocks, accounts for the remaining 15% of sales and features brands such as MasterLock, SentrySafe, Yale, and AmericanLock.

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Fortune Brands Innovations, based in Deerfield, Illinois, became an independent public company on October 3, 2011, when it separated from its former parent Fortune Brands and became Fortune Brands Home & Security. The company took on its current structure, as Fortune Brands Innovations, with the separation of the MasterBrand cabinets business on December 14, 2022. FBIN generated $4.5 billion in 2025 sales, with 55% coming from the Water Innovations division, 30% from Outdoors, and 15% from Security. The current business generates approximately 83% of sales from the U.S., 5% from China, 7% from Canada, and 5% from the United Kingdom, the European Union, and the rest of the world. We will update this after we review the annual report. The company's fiscal year ends on the Saturday closest but not after December 31. The business is somewhat seasonal, with the lowest sales in 1Q.

The major stocks indices are all higher at midday. Bad news was good news this morning, as the nonfarm payrolls report surprised everyone. The U.S. shed 23,000 jobs last month against expectations of a gain of 80,000. The three-month average for new jobs fell to 20,000 from 111,000, and employment declined in local government, education, and retail trade. The stalwart Healthcare sector continued to grow, but at a slower pace. Meanwhile, June payrolls were revised lower by 37,000 to 20,000 and May was reduced by 66,000 to 63,000. The unemployment rate declined to 4.1%. But that generally bad news comes with some optimism, as investors are now happier about prospects for interest rates. After the report was released, the probability that the fed funds rate will end the year at the current 3.5%-3.75% target range rose to 26.2% from 18.1%. There was no expectation of a rate cut before or after the report. The probability that the funds rate will be 25 basis points higher at the end of the year rose to 44.8% from 43.3%, but the probably that rates will be higher by 50 basis points or more declined to 29% from 38.6%. With all that said, stocks are headed for a second winning week. The S&P 500 is up about 2% over the past five days, while the Nasdaq is up 3%, the DJIA is up 1.5%, and the Russell 2000 up 1.6% over the same period.