Newell-Rubbermaid 2Q Meets Expectations

By EarningsFOXBusiness

Newell-Rubbermaid (NYSE:NWL) marginally topped second-quarter profit expectations and posted in-line sales on Friday as the company recorded “steady progress” as a run-up to new product launches later this year.

The Atlanta-based maker of Sharpie markers and other household goods reported net income of $109.8 million, or 37 cents, down from $111.8 million, or 38 cents, a year ago.

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Excluding one-time items, Newell-Rubbermaid said it earned 50 cents, topping average analyst estimates by a penny.

Revenue for the three-month period increased 3.5% to $1.47 billion from $1.42 billion a year ago, matching the Street’s view. Sales improved across all but one of its major segments, driven by strong sales growth in both its writing tool and commercial products divisions.

"Our second quarter was another quarter of steady progress," Newell-Rubbermaid CEO Michael Polk said in a statement.

The company on Friday raised the lower end of its non-GAAP EPS outlook to a range of $1.80 to $1.84, bracketing the consensus view of $1.82.

It now says it is confident in its full-year guidance and well positioned to “accelerate core growth in the back half of the year.”

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