Newell Brands Sees Q3 EPS Below Market, Lifts FY24 Earnings View; Stock Up In Pre-market

(RTTNews) - Consumer goods company Newell Brands, Inc. (NWL), while reporting higher earnings and weak revenues in its second quarter, on Friday issued third-quarter earnings view below market. However, the company lifted fiscal 2024 earnings view in line or above the Street estimate.

In pre-market activity on the Nasdaq, Newell Brands shares were gaining around 8 percent to trade at $6.85.

For the third quarter, the company projects normalized earnings in a range of $0.14 to $0.17 per share, on net sales decline of 4 to 6 percent, with core sales decline of 2 percent to flat.

Analysts on average expect the company to earn $0.20 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Further, for fiscal 2024, the company now projects normalized earnings in a range of $0.60 to $0.65 per share , higher than previously expected range of $0.52 to $0.62 per share.

Analysts expect the company to earn $0.60 per share for the year.

Net sales for the year are now expected to decline 6 to 7 percent with core sales decline of 3 to 4 percent. The company previously expected net sales decline of 5 to 8 percent, with core sales decline of 3 to 6 percent.

In its second quarter, Newell Brands' earnings increased from last year and beat the Street estimates.

The company's bottom line totaled $45 million, or $0.11 per share, compared with $18 million, or $0.04 per share, in last year's second quarter.

Adjusted earnings were $151 million or $0.36 per share for the period. Analysts had expected the company to earn $0.21 per share.

The company's revenue for the quarter fell 7.8 percent to $2.033 billion from $2.204 billion last year. The Street estimated revenues of $2.05 billion for the quarter.

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