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3001 Deming Way Middleton , WI 53562-1431 P.O. Box 620992 Middleton , WI 53562-0992 ( 608 ) 275-3340 For Immediate Release • Exhibit 99.1 Spectrum Brands Investor / Media Contact : Kevin Kim 608-278-6148 Spectrum Brands Holdings Reports Fiscal 2021 Second Quarter Results Net Sales Increased 22.6 % and Organic Net Sales Increased 17.8 % , with Double - Digit Growth Across All Business Units • • Net Income From Continuing Operations Increased $ 96.0 Million to $ 36.8 Million Adjusted EBITDA Increased 28.8 % to $ 180.9 Million • • • Maintained Strong Financial Flexibility with Over $ 860 million of Total Liquidity Raising 2021 Earnings Framework to Reflect Expected Net Sales and Adjusted EBITDA Growth in the Mid Teens Raising Total Savings Gross Target from Global Productivity Improvement Program from $ 150 Million to $ 200 Million Board of Directors Authorized a New 3 - Year , $ 1 Billion Stock Repurchase Program Middleton , WI , May 7 , 2021 - Spectrum Brands Holdings , Inc. ( NYSE : SPB ; “ Spectrum Brands " or the " Company " ) , a leading global branded consumer products and home essentials company focused on driving innovation and providing exceptional customer service , today reported results from continuing operations for the second quarter of fiscal 2021 ended April 4 , 2021 . " Our latest financial results for second quarter reflect another quarter of exceptional top line growth and operating leverage , with net sales growth of 23 % , net income from continuing operations increased $ 96 million with adjusted EBITDA up 29 % to $ 181 million . Our operating leverage also improved despite higher inflation and incremental investments in marketing and advertising . Higher re - investments continue to reignite the fly wheel of new product launches , improving our top line growth , expanding our margins and driving greater profitability and cash flow generation , " said David Maura , Chairman and Chief Executive Officer of Spectrum Brands . " Our balance sheet this quarter also improved sequentially , ending the quarter with net leverage of 3.2 times and over $ 860 million in total liquidity . Going forward , we will continue to focus on disciplined execution of our winning playbook . Our stellar first half financial performance and continued organic growth give us confidence in again raising our earnings framework to reflect mid - teens net sales and adjusted EBITDA growth , as well as adjusted free cash flow of $ 260 million to $ 280 million . We are also raising our total gross savings target from our Global Productivity Improvement Program to $ 200 million by the end of fiscal 2022 " said Mr. Maura . Page 1/19