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Newell Brands quarterly sales beat estimates
July 29, 2016 / 10:36 AM / a year ago

Newell Brands quarterly sales beat estimates

July 29 (Reuters) - Newell Brands Inc, the maker of Sharpie pens and Rubbermaid food containers, reported better-than-expected quarterly sales, helped by its acquisition of Jarden Corp.

The company’s net income fell to $135.2 million, or 30 cents per share, in the second quarter ended June 30, from $148.5 million, or 55 cents per share, a year earlier due to higher selling, general and administrative expenses.

Excluding items, the company earned 78 cents per share.

The company’s net sales more than doubled to $3.86 billion, with $2.22 billion coming from the Jarden business.

Analysts on average had expected revenue of $3.76 billion, according to Thomson Reuters I/B/E/S.

This is the first quarter which includes results of Jarden, which added about 120 brands, including Crock-Pot cookware and Yankee Candle, to Newell’s portfolio since the more than $15 billion deal closed on April 15.

The deal was aimed primarily at accelerating growth while fending off demand for price cuts from large retailers such as Wal-Mart Stores Inc, analysts have said. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Maju Samuel)

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