Newell (NWL) Tops Q2 Earnings Estimates, Keeps 2016 View
Zacks Investment Research | Jul 29, 2016 02:56AM ET
Newell Brands Inc. (NYSE:NWL) came up with robust second-quarter 2016 results, which is the company’s first quarter where it is reporting results including the recently-acquired Jarden business. Top and bottom lines in the quarter beat estimates and surged year over year, mainly benefiting from the Jarden acquisition, along with strong sales performances at various businesses – including Writing, Baby, Food & Beverage, Yankee Candle and Appliances. Further, the company remains confident of reaching its 2016 earnings and sales targets.
Newell’s second quarter adjusted earnings of 78 cents a share beat the Zacks Consensus Estimate of 73 cents and rose 21.9% year over year. Earnings mainly gained from robust sales growth, contributions from the Jarden and Elmer’s acquisitions and Project Renewal savings, partly muted by adverse currency effects, as well as an increase in tax rate, advertising and promotion expenses, interest expense and shares outstanding.
On a reported basis, including one-time items, the company recorded earnings of 30 cents per share, down 45.5% from the prior-year earnings of 55 cents.
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