Newell Rubbermaid Backs FY15 Normalized EPS Guidance, Lifts Cores Sales View

(RTTNews) - Newell Rubbermaid Inc. (NWL) Friday reaffirmed its full year 2015 normalized earnings per share and raised its core sales guidance. Normalized earnings per share for the third quarter increased 6.9 percent, while reported earnings per share recorded a growth of 13.6 percent from the previous year.

For the third quarter, net income increased 9.7 percent to $134.2 million from $122.3 million a year ago. On a per share basis, earnings climbed to $0.50 from $0.44 last year.

On average, 17 analysts polled by Thomson Reuters expected the company to earn $0.61 per share. Analysts estimates usually exclude special items.

Net sales for the quarter rose 3.1 percent to $1.530 billion from $1.484 billion in the previous year. Wall Street was looking for $1.54 billion.

Looking ahead to the full year 2015, the company reaffirmed its normalized earnings per share growth in a range of $2.14 to $2.20 per share. Core sales growth is now expected in a range of 5 to 5.5 percent, while net sales growth is projected in a range of 3 to 3.5 percent. Earlier projection for core sales growth was in a range of 4 to 5 percent. Analysts expects $2.18 per share on revenue of $5.92 billion.

For the full year 2016, the company expects normalized earnings per share in a range of $2.35 to $2.44 per share and excluding Venezuela in a range of $2.21 to $2.30 per share. Core sales is expected in a range of 5 to 6 percent and excluding items in a range of 4 to 5 percent. Net sales growth outlook is in a range of 2.5 percent to 3.5 percent. Wall Street expects $2.41 per share on revenue of $6.12 billion.