Newell Brands misses Street 3Q forecasts

Markets Associated Press

Newell Brands Inc. (NWL) on Thursday reported third-quarter earnings of $234.4 million.

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The Hoboken, New Jersey-based company said it had profit of 48 cents per share. Earnings, adjusted for non-recurring costs, were 86 cents per share.

The results fell short of Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 92 cents per share.

The consumer products company posted revenue of $3.68 billion in the period, which also did not meet Street forecasts. Eight analysts surveyed by Zacks expected $3.7 billion.

Newell Brands expects full-year earnings in the range of $2.80 to $2.85 per share, with revenue in the range of $14.7 billion to $14.8 billion.

Newell Brands shares have dropped 8 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 15 percent. The stock has dropped 15 percent in the last 12 months.

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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on NWL at https://www.zacks.com/ap/NWL