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    Fortune Brands misses Wall St view

    The company, which makes Moen faucets, Jim Beam bourbon and Titleist golf balls, said on Thursday it Canada Goose online is freezing salaries for corporate officers buy canada goose jacket this year and eliminating canada goose coats their canada goose uk black friday bonuses for 2008. Canada Goose sale Fortune also said it will stop giving quarterly earnings forecasts, joining a growing list Canada Goose Parka of companies that say it is too hard to predict results in Canada Goose Online the recession.the most difficult and uncertain economy in decades, we planning for the global economy to get worse before it gets better, and we expect the challenges of 2008 to continue throughout 2009, Fortune CEO Bruce Carbonari said.Fortune posted a fourth quarter loss from continuing operations of $275.3 million, or $1.84 per share, compared with a year earlier profit of $190.7 million, or $1.22 per share.Excluding one time items, profit was 68 cents per share. Analysts on average had expected 86 cents, according canada goose uk outlet to Reuters Estimates. housing slump.Quarterly sales fell 19 percent to $1.79 billion.Sales of home goods slid 23 percent, as a drop canadian goose jacket off in high canada goose uk shop ticket remodeling projects led to sales declines of more than 30 percent for its Therma Tru doors and about 20 percent for its Simonton windows. The company said it saw no real change in the market for new home construction. dollar, which lowered the value of canada goose factory sale overseas sales. Excluding these and other items, Fortunes spirits sales canada goose store would have been cheap Canada Goose flat.The alcoholic drinks industry has been hurt as consumers are drinking less often at bars and restaurants. Yet company officials said Fortune was helped in uk canada goose outlet the quarter by a new trend of drinkers trading down to cheaper canada goose brands, especially in vodka, since it sells lower end Canada Goose Coats On Sale vodka.Sales in the golf equipment business, the company smallest, fell 13 percent.Fortune incurred $32.8 million in restructuring charges for job cuts and factory closings announced earlier this month. The strengthening dollar, which reduced the value of overseas sales, lowered profit 12 cents per share.OUTLOOK UNCERTAIN Fortune still has $1.1 billion in available financing under its revolving credit facility. It has canada goose clearance already refinanced canada goose black friday sale a 300 million euro note it has maturing on Friday. It has no other debt coming due before 2011.Still, credit ratings agency Moody lowered its cheap canada goose uk outlook on the company to negative, citing a deterioration in credit metrics that overshadows its scale, product diversification and strong brands [ID:nWNA5053].negative outlook further reflects our expectation that the prospects for Fortune Brands recovery in 2009 are remote, canada goose coats on sale and that metrics are likely to deteriorate further during the year, said Moody Senior Vice President Linda Montag.Fortune is targeting 2009 earnings per share of $2 to $2.50, excluding one time items, assuming the weak consumer canada goose clearance sale trends evident in the fourth quarter continue. buy canada goose jacket cheap Analysts had forecast $3.54 per share, according to Reuters Estimates.Fortune said it expects the current quarter to be its most challenging and said it Canada Goose Jackets more info Canada Goose Outlet might deliver only modest earnings, excluding one time items.On a positive note, Goldman Sachs analyst Lindsay Mann said the company a sufficiently low bar for next year, which may represent the investors Canada Goose Outlet have been looking for to get behind the name.Mann, who has a rating on the shares, said she would like to see concrete signs of stabilization in the home products business before being more aggressive on the stock.The company shares slipped $4.03 or 10.6 percent to $33.93. At Thursday intraday uk canada goose low, the shares were down 51 percent from a year ago. (Additional reporting by Jessica Wohl in Chicago; Editing by Lisa Von Ahn and John Wallace).