Newell Rubbermaid Q4 Profit Declines, Reaffirms Earnings View

(RTTNews) - Newell Rubbermaid Inc. (NWL) Friday announced 74.6 percent decline in fourth quarter net income to $13.2 million from $52 million a year ago. On a per share basis, earnings were $0.05, down from $0.19 a year ago.

On average 16 analysts polled by Thomson Reuters expected the company to earn $0.56 per share. Analysts estimates usually exclude special items.

Net sales for the quarter increased 2.3 percent to $1.560 billion from $1.526 billion last year. Wall Street expected $1.56 billion.

Looking ahead to the fiscal 2016, the company reaffirmed its Core sales and normalised earnings per share outlook. Normalised earnings is reaffirmed in the range of $2.21 to $2.30 per share, while core sales growth is confirmed in 4 to 5 percent. Analysts expect $2.40 per share.

The company said it expects foreign currency to have a negative impact of about $0.26 to $0.28 per share on 2016 normalized earnings per share driven by the stronger U.S. dollar to most currencies. On a normalized currency neutral basis basis, earnings guidance is expected to represent strong double-digit earnings growth.

Further, the company said the Jarden transaction is on track for completion in the second quarter.