Newell Brands Q4 Normalized Profit Declines, Core Sales Down 9.4%; Names Chris Peterson CEO

(RTTNews) - Newell Brands (NWL) reported fourth quarter normalized earnings per share of $0.16 compared with $0.42 per share, last year. On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $0.11, for the quarter. Analysts' estimates typically exclude special items.

The company reported a net loss of $249 million, or $0.60 per share, compared with net income of $98 million, or $0.23 per share, a year ago.

Net sales were $2.3 billion, a decline of 18.5 percent compared with the prior year period, including the year over year impact from the sale of the Connected Home & Security business at the end of the first quarter 2022. Core sales declined 9.4 percent compared with the prior year period. Analysts on average had estimated $2.23 billion in revenue.

The company initiated its full year 2023 outlook, with expected net sales of $8.4 billion to $8.6 billion and normalized earnings per share of $0.95 to $1.08.

Separately, Newell Brands announced the appointment of Chris Peterson, currently President, to serve as President and Chief Executive Officer, effective upon the conclusion of the 2023 Annual Meeting of Stockholders. The Board will also nominate Peterson for election to the Board. Ravi Saligram will retire as Chief Executive Officer and as a member of the Board of Directors, effective May 16th, 2023.

Shares of Newell Brands are down 5% in pre-market trade on Friday.

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