Shares of Newell Brands Inc.
NWL,
fell 3.6% in premarket trades Friday after the consumer goods company reported better-than-expected fourth-quarter earnings and sales but gave soft full-year outlook. The company, whose brands include Rubbermaid, Sharpie, Graco and Yankee Candle reported a net loss of $86 million, or a loss of 21 cents a share, compared with a net loss of $249 million, or a loss of 60 cents a share, in the prior year’s quarter. On an adjusted basis, Newell Brands earned 22 cents a share. Analysts surveyed by FactSet were looking for earnings of 17 cents a share. Newell Brands’ sales were $2.08 billion, a decline of 9% from the prior year’s quarter, but topped the $1.98 billion FactSet forecast. The company’s sales decline reflected a core sales decrease of 9.3%, as well as the impact of category exits and favorable foreign exchange, Newell Brands said. For 2024, Newell Brands expects net sales between $7.45 billion and $7.7 billion, and adjusted earnings of 52 cents to 62 cents a share. Analysts surveyed by FactSet are looking for full-year sales of $7.7 billion and earnings of 77 cents a share. Newell Brands shares have fallen 42.8% in the last 52 weeks, compared with the S&P 500 index’s gain
SPX,
of 22.2%.
