Why These 10 Firms Nosedived Today

7. Fortune Brands Innovations, Inc. (NYSE:FBIN)

Fortune Brands lost 8.79 percent of its valuation for a third straight day on Wednesday to close at $48.16 each after a disappointing earnings performance for the first quarter of the year.

In its financial statement, Fortune Brands Innovations, Inc. (NYSE:FBIN) said that net income fell by 47 percent to $51.4 million from $96.4 million in the same period last year. Revenues also dropped by 7 percent to $1.033 billion from $1.109 billion year-on-year.

Further weighing down on sentiment was the company’s lack of revenue guidance for the upcoming quarters amid the ongoing uncertainties globally.

However, it said that its teams are working on mitigating the expected impact of tariffs quickly and strategically through sourcing moves, cost-out opportunities, and strategic pricing.

“The company remains confident in its long-term strategy of focusing on categories driven by brands and innovation, with an emphasis on attractive areas of its core and acceleration in its digital strategy,” it said.