It has been about a month since the last earnings report for Fortune Brands Home & Security (FBHS). Shares have added about 6.5% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Fortune Brands Home & Security due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers. Fortune Brands (FBHS) Q3 Earnings & Revenues Surpass EstimatesFortune Brands reported third-quarter 2021 earnings before charges/gains of $1.49 per share, which surpassed the Zacks Consensus Estimate of $1.42 by 4.93%. On a year-over-year basis, the bottom line increased 25.2% on the back of sales growth.In the third quarter, Fortune Brands’ net sales were $1,986.3 million, increasing 20.2% from the year-ago figure. The improvement was driven by solid performance across all its segments. Also, the top line beat the consensus estimate of $1,942 million by 2.26%.Segmental DetailsCabinets’ quarterly net sales grew 9% year over year to $716.5 million. Results were driven by continued strong demand for the company’s products.Plumbing net sales increased 26% year over year to $741.4 million. Results were driven by impressive performance across the business.Outdoors & Security’s net sales increased 30% to $528.4 million on the back of solid sales growth for decking, doors, and security products.Costs & ExpensesIn the third quarter, Fortune Brands’ cost of sales increased 19% year over year to $1,280 million. It represented 64.4% of net sales compared with 64.9% in the year-ago quarter. Selling, general and administrative expenses increased 22% to $400.2 million and represented 20.1% of the net sales compared with 19.9% a year ago.Operating income before charges/gains increased 20% to $293.3 million. Operating margin before charges/gains were 14.8%, unchanged year over year. Interest expenses increased 2% to $20.6 million.Balance SheetExiting the third quarter, Fortune Brands’ cash and cash equivalents were $460.7 million, up 0.2% from $460 million at the end of the previous quarter. Its long-term debt increased 0.8% to $2,629.1 million sequentially.In the first nine months of 2021, net cash provided by operating activities was $430.8 million compared with $506.8 million in the year-ago period. Capital expenditure amounted to $113 million, up from $66.2 million. In the first nine months of the year, its free cash flow was $352.1 million, down 29.3%.In the first nine months of 2021, the company rewarded shareholders with a dividend payout of $107.9 million. The amount represents growth of 8% year over year. Amount spent on purchasing treasury stock totaled $252.9 million, up 68.6%.OutlookFor 2021, Fortune Brands anticipates sales to increase 24.5-25.5% from the previous year, higher than growth of 23-25% guided earlier. Earnings before charges/gains are estimated to be $5.63-$5.73 per share compared with 5.65-$5.85 per share predicted earlier. Also, it anticipates generating a free cash flow of $625-$675 million.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates revision. The consensus estimate has shifted -11.72% due to these changes.VGM ScoresAt this time, Fortune Brands Home & Security has an average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a grade of B on the value side, putting it in the second quintile for this investment strategy.Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Fortune Brands Home & Security has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Breakout Biotech Stocks with Triple-Digit Profit Potential The biotech sector is projected to surge beyond $2.4 trillion by 2028 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases. Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Recommendations from previous editions of this report have produced gains of +205%, +258% and +477%. The stocks in this report could perform even better.See these 7 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Fortune Brands Home & Security, Inc. (FBHS): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research