Newell Rubbermaid Inc. (NWL) came out with first-quarter 2015 results, wherein normalized earnings came in at 36 cents a share, up 5.9% from the year-ago quarter as well as the Zacks Consensus Estimate of 34 cents.
On a reported basis, the company’s quarterly earnings rose 5.3% year over year to 20 cents per share.
Following the results, management reiterated its 2015 normalized earnings guidance in the band of $2.10 to $2.18 per share. Further it reaffirmed its sales outlook, expecting core sales to grow by 3.5%- 4.5% during the year, while net sales are still expected to grow in the range of 3%- 4%.
Earnings Estimate Revision: The Zacks Consensus Estimate for 2015 has been flat over the last 30 days. However, if we look at Newell’s performance in the trailing four quarters (including the quarter under review), the company has outperformed the Zacks Consensus Estimate by an average of 5.7%.
Revenues: Newell generated revenue of $1,264 million that advanced 4.1% year over year, missing the Zacks Consensus Estimate of $1,269 million.
Key Events: During the quarter, the company repurchased 1.9 million shares worth $73.6 million. Also, it extended its Project Renewal Program, and now expects cost savings of an additional $150 million by the end of 2017. The company also announced plans to divest its Rubbermaid medical cart business.
Zacks Rank: Currently, Newell carries a Zacks Rank #4 (Sell) which is subject to change following the earnings announcement.
Stock Movement: Newell’s shares fell 1.9% during pre-market trading hours following the earnings release.
Check back later for our full write up on Newell’s earnings report!
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