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Newell Rubbermaid Posts Higher Net, But Cuts ForecastFiled at 3:04 p.m. ET ATLANTA, April 24 (Reuters) - Newell Rubbermaid (NYSE:NWL) Inc , the consumer products maker, reported higher first-quarter profit on Thursday, but cut its full-year outlook because of soaring materials costs, pushing its shares down 11 percent. The maker of Goody hair products, Graco baby strollers and Sharpie markers also forecast lower second-quarter earnings. Net income increased to $56.9 million, or 20 cents a share, for the first quarter, from $49.3 million, or 18 cents a share, a year earlier. Excluding restructuring costs and one-time tax items, earnings from continuing operations were 27 cents a share, in line with analysts expectations, according to Reuters Estimates. Total sales rose 3.6 percent to $1.43 billion, helped by strength in the home and family businesses as well as the Rubbermaid commercial and food business units. Tools and hardware and office products sales fell. Atlanta-based Newell Rubbermaid has moved manufacturing to lower-cost areas, shed underperforming or nonstrategic product lines and acquired higher-growth businesses to improve results. "We still have a lot of things in our arsenal that are within our control and the single biggest one is innovation," Newell Chief Executive Mark Ketchum said. He added that new products were aiding the companys Goody hair care and Calphalon cookware divisions, categories that might in theory be considered discretionary items. The company raised its full-year sales forecast to growth of 6 percent to 8 percent to account for recent acquisitions, but cut the profit outlook to $1.80 to $1.90 a share from $1.95 to $2 a share. It expects savings from a multiyear restructuring program to be largely offset by the "unprecedented" rise in costs for resins and other materials. For the second quarter, the company forecast profit of 47 cents to 50 cents a share, down from 55 cents a year earlier. Analysts expected profit of 59 cents a share for the second quarter and $1.97 a share for the year, according to Reuters Estimates. Newell Rubbermaid shares reached a year low of $20.23 before easing to $21.17, off $2.52 on Thursday afternoon on the New York Stock Exchange trading. The shares have dropped 31 percent in the past year. Tag CloudExternal InformationAdditional InformationPublishing That’s All About Me...Archstone Merger Likely to Be Delayed... ASIC chases Westpoint lost millions... Credit Suisse Expects to Post a Loss... Where Am I?News Main Page - Business - Newell Rubbermaid Posts Higher Net, But Cuts Forecast |
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