September 6, 2017 / 10:48 AM / a year ago

CORRECTED-Newell Brands cuts profit forecast as Harvey hits resin supplies

(Corrects throughout to show the company cut its full-year, not third-quarter, forecast)

Sept 6 (Reuters) - Sharpie maker Newell Brands Inc cut its adjusted profit forecast for 2017 due to low supply of resins and an expected rise in costs, both related to Hurricane Harvey.

Since Hurricane Harvey’s landfall on Aug. 25, nearly all of Newell’s resin suppliers with facilities in Texas and Louisiana have declared force majeure, with many facilities shut for more than a week and some still not operational, the company said.

Newell said it now expected full-year adjusted profit of $2.95 to $3.05 per share, down from its previous forecast of $3.00 to $3.20. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Savio D’Souza)

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