Fortune Brands Innovations delivered Q4 adjusted EPS of $0.86, down 12.2% from $0.98 a year ago and 13.9% below the $1.00 consensus. Total revenue declined 1.8% year-over-year to $1.08 billion, missing the $1.14 billion forecast by 5.3%.

In the quarter, Water net sales slipped 4.4% to $616.8 million versus a $665.1 million estimate, Outdoors sales fell 2.7% to $294.9 million against $306.0 million expected, and Security sales rose 5.6% to $165.8 million, narrowly under the $166.9 million forecast. Operating income before charges dropped to $140.6 million in Water (vs. $156.3 million est.), $41.8 million in Outdoors (vs. $47.2 million est.) and $22.2 million in Security (vs. $29.8 million est.), while corporate expenses were $46.3 million vs. $42.9 million expected.

Shares have rallied 26.1% year-to-date versus a 1.4% S&P 500 gain, but this fourth consecutive revenue shortfall has prompted downward estimate revisions. Analysts now forecast Q1 EPS of $0.73 on $1.05 billion revenue and full-year EPS of $4.03 on $4.61 billion sales, while the building products industry remains in the bottom decile for growth.