(Reuters) - Newell Brands Inc (NWL.N) reported better-than-expected quarterly sales and profit on Friday, helped by strong demand for food containers, fragrances and sporting goods.
Revenue in Newell’s biggest business, Live, which sells home fragrances and food containers, rose 2.7 percent. Sales in its Play segment, which sells sporting items, rose 6.6 percent.
Net income rose to $1.65 billion, or $3.38 per share in the fourth quarter ended Dec. 31, from $165.6 million, or 34 cents per share, a year earlier.
The latest quarter benefited from a one-time tax benefit of $1.45 billion.
Excluding items, Newell earned 68 cents per share, one cent above average analysts’ estimates, according to Thomson Reuters I/B/E/S.
Net sales fell to $3.74 billion from $4.14 billion, but beat estimates of $3.69 billion, according to Thomson Reuters I/B/E/S.
The company also forecast net sales of $14.4 billion to $14.8 billion and adjusted profit of $2.65-$2.85 per share for 2018. Analysts on average estimated full-year profit of $2.71 per share and sales of $14.41 billion.
The results come a few days after activist investor Starboard Value LP said it was seeking to replace Newell’s entire board, expressing concerns over underperformance and alleged Newell had mismanaged the integration of its 2016 acquisition of Jarden Corp.
Reporting by Karina Dsouza and Nivedita Balu in Bengaluru; Editing by Bernard Orr