€ Consumer Bonds Earnings - Headline Takes

US Pre-market

Spectrum Brands (B2 Neg, B, BB Neg); 1Q results beat on headline by ~$20m at $692m stronger beat on EBITDA (even ex. investment income) at $84m ($63m) - favourable benefits from pricing, cost reduction & at headline investment income. Debt at $1.4b (down $200m on qtr), cash & eqv's at $1.4b (down ~$500m over qtr) - leverage not liquidity focus for SPB - revolver use unch. Guidance on net sales (decline in low single digits), EBITDA (high single digit growth), capex ($75-$85m) & cash transaction all unch.

Philip Morris (A2 S, A- S, A Neg); 4Q looks flat & missed on EPS, FY24 guidance for organic revenue at +6.5-+8% but EPS looks below consensus. Leverage (Net debt to Adj EBITDA) rose marginally from 0.3* to 0.5*, target unch at 2* by '26. reported earlier today.

Tapestry (Baa2 Neg, BBB Neg); 2Q beat on headline sales (+~$30m) at $2.03b, raises FY guidance slightly to $6.6b - still below consensus $6.66b, gross margin looks to have missed at 68.6%, reiterates $1b return to shareholders (remaining ~$400m in share buybacks & annual dividend ~$300m). Cash up ~$300m (FCF +~552m) & debt little changed.

Still to come;

* Kellanova (Baa2 S, BBB Neg, BBB S); US pre-market;

* L'Oreal (Aa1 S, AA S); After Euro Close.

From London Morning;.

Coty (Ba2 Pos, BB+ Pos, BB+ Pos); potential rising star - beats on 2Q & affirms FY24 EBITDA & CY24/25 leverage targets.

British American Tobacco (Baa2 Pos, BBB+, BBB); FY23 slight miss - organic adjusted net debt / adjusted EBITDA down to 2.6x - will invest in innovation etc. this yr weighting on performance, but will see 3-5% organic revenue growth after that.

Ontex (B3 Stable, B Neg) - FY EBITDA strong beat at €223 vs. c€183, guiding to low single-digit like-for-like revenue growth in FY24 (c has +3%) & leverage below 3* by year-end - consensus had 2.4* - it fell form 6.4* to 3.3* this yr.

Unilever (A1, A+; S) - Slight beat driven by Beauty & Wellbeing & Personal care (see Coty above too) guiding to sales of +3-5% vs. c3.82% - earnings shouldn't be a mover.

Kering (NR, A Stable) - slight beat - shouldn't be a mover for credit - guides to lower operating income, particularly in 1H - consensus has -7.5% fall in FY24 operating income. L'Oreal comes later today.