What's the best way to describe Fortune Brands (NYSE: FO), which makes Jim Beam bourbon, Effen vodka, Titleist golf balls, Cobra golf clubs, Moen faucets, and Master Lock padlocks?

If someone mentions the word "screwdriver," I don't know whether I should check a liquor store or the hardware aisle.

Given that disclaimer, I'll note that Fortune is emulating pure-play peers in the alcoholic beverage industry, such as Constellation Brands (NYSE: STZ) and Brown-Forman (NYSE: BF-B), by producing quarterly earnings that beat Wall Street estimates but lagged year-ago quarterly results.

Fortune said Friday that it earned $0.70 per share for the April-June quarter, excluding one-time events, or $0.06 better than the consensus of Wall Street analysts.

On a reported basis for the second quarter, however, net income of $0.66 per share was well below the $0.88 for the year-ago quarter. Net sales of $1.74 billion were a 17% drop.

Trying to figure it out
Fortune said earnings and revenue declined at a "more moderate pace" from the preceding quarter, adding that the spirits business "tempered" the double-digit sales declines for the golf equipment and home/hardware businesses.

Each unit performed "in line" with quarterly expectations, the company said. Although the home/hardware business returned to profitability in the quarter, the spirits unit provided most of Fortune's operating income.

The market offers many corporate combinations for Wall Street to digest, but Fortune -- designated a Frankenstein conglomerate by Foolish colleague Mike Pienciak -- is difficult to evaluate. Continued...