Newell Brands beats profit expectations, revenue was in line
Newell Brands Inc. reported Friday first-quarter earnings that beat expectations, and announced an agreement to sell packaging maker The Waddington Group for about $2.3 billion. The stock was still inactive in premarket trade. The consumer goods company also said it was adding its Jostens and Pure Fishing brands to the list of potential divestitures. For earnings, net income fell to $53.3 million, or 11 cents a share, from $638.5 million, or $1.31 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 34 cents, beating the FactSet consensus of 26 cents. Revenue fell 7.6% to $3.02 billion, in line with the FactSet consensus of $3.04 billion. Sales from its Live and Work business segments beat expectations, while Learn and Play missed. Looking ahead, the company expects 2018 adjusted EPS of $2.65 to $2.85, compared with the FactSet consensus of $2.66, and expects revenue of $14.4 billion to $14.8 billion, surrounding expectations of $14.5 billion. The stock has tumbled 13.6% year to date, while the S&P 500 has slipped 1.6%.
Source : MTV
