Newell Brands Inc. shares jumped 12.3% in Monday trading after the company reported first-quarter earnings that beat expectations, and raised both its guidance and dividend. Net income was $638.5 million, or $1.31 per share, up from $40.5 million, or 15 cents per share for the same period last year. Earnings benefited from the sale of the company's tools business and cost synergies from the acquisition of Jarden and other contributions. Adjusted earnings were 34 cents, beating the 29-cent FactSet consensus. Sales were $3.27 billion, up from $1.31 billion last year, and ahead of the $3.21 billion FactSet consensus. Newell raised its full-year adjusted EPS guidance to $3.00 to $3.20 from $2.95 to $3.15. It reaffirmed it full-year sales guidance of $14.52 billion to $14.72 billion. The FactSet consensus is for adjusted EPS of $3.05 and sales of $14.71 billion. Newell also raised its dividend by 4 cents to 23 cents per share. Newell shares are up nearly 4% for the year so far while the S&P 500 index is up 7.2% for the period.
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