Newell Brands Cuts 2017 Normalized EPS View

(RTTNews) - Newell Brands (NWL) said that it cut its 2017 normalized earnings per share guidance for the anticipated effects of Hurricane Harvey on its U.S. manufactured resin businesses, including increasing inflationary pressure through the third quarter. Since Hurricane Harvey's landfall on August 25, 2017, nearly all of Newell Brands' resin suppliers with facilities in Texas and Louisiana have declared force majeure, with many facilities shut down for more than a week and some still not operating.

The company has revised its normalized EPS guidance to $2.95 to $3.05 from $3.00 to $3.20. Its outlook for 2017 net sales and core sales remains unchanged.

Annual net sales are still expected to be in the range of $14.8 billion - $15.0 billion.

Analysts polled by Thomson Reuters expect the company to report earnings of $3.12 per share and revenues of $14.94 billion for 2017. Analysts' estimates typically exclude special items.