Newell Brands stock dips on weaker-than-expected outlook

Newell Brands Inc.
NWL,
+9.41%
stock fell 1.4% in premarket trades on Friday after the household products maker said it would miss its third-quarter earnings target, although its revenue and adjusted profit beat analyst expectations for the second quarter. Newell said its profit for the three months ended June 30 dropped to $18 million, or 4 cents a share, from $199 million, or 48 cents a share in the prior year period. Newell said its second-quarter adjusted earnings fell to 24 cents a share from 56 cents a share. Analysts were looking for earnings of 13 cents a share in the latest quarter, according to estimates compiled by FactSet. Newell’s second-quarter revenue dropped 13% to $2.2 billion, ahead of the analyst estimate of $2.15 billion. Newell said it will earn 20 cents to 24 cents a share in adjusted earnings in the third quarter, below the analyst target of 45 cents a share. Newell now expects 2023 revenue of $8.2 billion to $8.34 billion, below the Wall Street target of $8.45 billion and 2023 earnings of 80 cents to 90 cents a share, against the current analyst view of 95 cents a share.