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Newell edges past sales estimates, raises forecast
August 4, 2017 / 10:42 AM / 3 months ago

Newell edges past sales estimates, raises forecast

(Reuters) - Sharpie maker Newell Brands Inc’s (NWL.N) quarterly sales scraped past analysts’ estimates as it sold more home fragrances and baby and parenting products.

The company on Friday also raised its full-year sales forecast to $14.8 billion to $15.0 billion from $14.52 billion to $14.72 billion.

Revenue in Newell’s biggest business, Live, which sells home fragrances and baby products such as Graco strollers, increased 13.8 percent to $1.28 billion in the quarter.

Net income rose to $223 million, or 46 cents per share, in the second quarter ended June 30, from $135.2 million, or 30 cents per share, a year earlier.

Excluding items, Newell earned 87 cents per share, in line with the average analyst estimate, according to Thomson Reuters I/B/E/S.

Net sales rose 5.1 percent to $4.05 billion, beating analysts’ average estimate of $3.95 billion.

Core sales growth, which excludes the impact of currency changes and acquisitions and divestitures rose 2.5 percent.

Shares of the company, which added more than 120 brands through its acquisition of Jarden Corp last year, were largely flat at $52.57 in premarket trading on Friday.

Reporting by Karina Dsouza in Bengaluru; Editing by Martina D'Couto

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