Newell Rubbermaid 2Q profit slips, but tops view
by Associated Press Wire
July 26, 2013 08:45 AM | 997 views | 0 0 comments | 32 32 recommendations | email to a friend | print

ATLANTA (AP) — Newell Rubbermaid said Friday that its second-quarter net income slipped 2 percent as it dealt with higher restructuring costs. Its adjusted results topped analysts' expectations and the company raised the low end of its forecast for the year.

The consumer products company makes Sharpie pens, its namesake containers and other items.

Newell Rubbermaid Inc. earned $109.8 million, or 37 cents per share, for the three months ended June 30. That's down from $111.8 million, or 38 cents per share, in the prior-year period.

Restructuring costs climbed to $32 million from $10 million.

Excluding the restructuring costs and other items, earnings were 50 cents per share. Adjusted earnings were 45 cents per share a year earlier.

Analysts polled by FactSet predicted earnings of 49 cents per share.

Revenue increased 3 percent to $1.47 billion from $1.43 billion. The revenue figure met Wall Street's expectations.

Sales for the Home Solutions division rose 2 percent on a strong performance from its namesake containers and increased Calphalon cookware distribution. Baby and parenting unit sales climbed 8 percent on stronger distribution and share gains in North America and new products in Japan and North America. Sales of the commercial products segment increased 7 percent on strength in North America. Tools division sales dipped 2 percent.

For the year, Newell Rubbermaid now foresees earnings between $1.80 and $1.84 per share. The Atlanta company's prior guidance called for $1.78 to $1.84 per share. It still expects core revenue to climb 2 percent to 4 percent.

Analysts expect full-year earnings of $1.82 per share.

Newell shares closed at $27.21 on Thursday.

Copyright 2013 The Associated Press.

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