NEW YORK (Reuters) - Fortune Brands Inc , which makes Jim Beam bourbon, Moen faucets and Titleist golf equipment, reported higher-than-expected operating profit on Friday on higher pricing for its spirits and strong demand for golf equipment in Asia.
But Fortune cut its full-year earnings outlook due to the weak economy.
"Given that the current economic environment has become more challenging and uncertain than anyone had anticipated, we are approaching our earnings targets with caution," said Chief Executive Bruce Carbonari.
Third-quarter net profit rose to $335.9 million, or $2.21 per share, from $208.9 million, or $1.33 per share, a year ago.
Excluding items, the company earned $1.11 per share, topping analysts' average estimate of $1.08, according to Reuters Estimates.
Net sales fell to $1.92 billion from $2.15 billion, hurt by the weak U.S. housing market.
For the fourth quarter, Fortune is targeting earnings per share, excluding items, to be down at a low-30s to high-40s percentage rate.
For the full year, the company expects earnings to be down at a high-teens to mid-20s percentage rates. Its prior forecast called for 2008 earnings per share down at a high single-digit to high-teen percentage rate before one-time items.
(See http://blogs.reuters.com/category/themes/shop-talk/ for "Shop Talk" -- Reuters' retail and consumer blog)
(Reporting by Martinne Geller; editing by Jeffrey Benkoe)
