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Sat, Jan 30, 2016, 6:09pm EST - US Markets are closed
ATLANTA (AP) _ Newell Rubbermaid Inc. (NWL) on Friday reported fourth-quarter net income of $13.2 million.
On a per-share basis, the Atlanta-based company said it had net income of 5 cents. Earnings, adjusted for one-time gains and costs, were 56 cents per share.
The results met Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was also for earnings of 56 cents per share.
The consumer products company posted revenue of $1.56 billion in the period, which also matched Street forecasts.
For the year, the company reported profit of $350 million, or $1.29 per share. Revenue was reported #$%$92 billion.
Newell Rubbermaid Inc.? Watchlist
NYSEFri, Jan 29, 2016 4:04 PM EST
Edited Transcript of NWL earnings conference call or presentation 29-Jan-16 1:30pm GMT Thomson Reuters StreetEvents 1 day 2 hrs ago
Newell Reiterates 201
Sentiment: Strong Buy
Newell Rubbermaid Reports Strong Fourth Quarter Results
6.2% Core Sales Growth; 4.4% Core Sales Growth excluding Venezuela
Normalized EPS $0.56, a 14.3% Increase versus Prior Year
Net Sales Growth 2.3%; Reported EPS $0.05
Reaffirms 2016 Core Sales and Normalized EPS Outlook
Jarden Transaction on Track for Second Quarter Completion
Fourth Quarter Executive Summary
6.2 percent core sales growth, which excludes a 150 basis point net contribution from acquisitions and planned/completed divestitures and a 540 basis point negative impact from foreign currency; 2.3 percent net sales growth
4.4 percent core sales growth excluding contribution from operations in Venezuela
38.5 percent normalized gross margin, an 80 basis point improvement compared with the prior year; 38.3 percent reported gross margin
13.7 percent normalized operating margin, a 30 basis point improvement compared with the prior year; 6.5 percent reported operating margin
$0.56 normalized diluted earnings per share compared with $0.49 in the prior year, a 14.3 percent increase despite a $0.06 negative impact from foreign currency; $0.05 reported diluted earnings per share
Completed sale of Endicia for $209 million in net proceeds, resulting in an after tax gain of $96 million
Announced a definitive agreement to enter into a business combination with Jarden Corporation (“Jarden”) in a cash and equity transaction to create Newell Brands Inc., a $16 billion consumer goods company with a portfolio of powerful leading brands
Deconsolidated its Venezuelan operations as of December 31, 2015, resulting in an after tax charge of $165 million
Reaffirmed 2016 financial outlook for core sales growth of 4 to 5 percent and normalized EPS of $2.21 to $2.30
Business Wire Newell Rubbermaid Inc.
9 hours ago
Newell Rubbermaid Inc. ( NWL ) announced its fourth quarter 2015 financial results today.
We have delivered another set of strong results for the fourth quarter. Core sales grew 6.2
Sentiment: Strong Buy
Manuel, that's going back a really long time! Everyone involved in the Rubbermaid deal is long gone. However, you make an interesting point. What, NWL was around $50 per back then? Hmmmmmm
NWL has a history of making foolish purchases. Take a look back to the 90's and the Rubbermaid incident. This stock has NEVER gotten back to it's highs before that deal was closed. Take a look at the stock price graph. This stock will go nowhere long-term. Maybe you can make a little on short-term trades but it is by no means a core holding.
Sentiment: Strong Sell
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Newell Rubbermaid and Jarden Corporation Announce Consumer Goods Combination with $16 Billion Revenue
- Strong portfolio of leading brands to be called Newell Brands
- Transaction expected to be immediately accretive to normalized EPS
- Substantial revenue synergies and $500 million cost synergies over four years
• Jarden shareholders will receive, for each Jarden share, $21 in cash and 0.862 of a share in Newell Rubbermaid stock at closing; Newell Rubbermaid shareholders will own approximately 55 percent of the company after the transaction is complete
• Combination creates $16 billion consumer goods company with portfolio of power brands in large, growing and unconsolidated global markets
• Transaction expected to substantially scale presence in key retailers, channels, and geographies resulting in increased speed and impact of extended distribution, cross-sell, and market deployment
• Complementary portfolios expected to accelerate existing business plans and growth in Food & Beverage, Baby Products, Commercial Products, Kitchenware & Appliances
• Newell Brands expects to be a leader in innovation, brand building and best-in-class execution with an increased exposure to fast growing eCommerce channels and scaled presence in priority international markets
• $500 million in incremental cost synergies expected over the next four years; combination expected to be immediately accretive with strong double digit normalized earnings per share accretion post synergy realization
• Newell Brands expects to maintain investment grade rating due to the combined business’ strong cash generative profile and commitment to a target leverage ratio of 3.0 to 3.5 times following a temporary increase in leverage metrics
• Annualized dividend per share will be maintained at or above the current Newell Rubbermaid annualized level of $0.76 per share
• Annual adjusted EBITDA of over $3 billion post synergies creates long-term opportunity to strengthen
Sentiment: Strong Buy
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Just in time to make it into the 2015 record books, a couple of big household-products makers may be on the verge of a deal.
Combined Market Value
Newell Rubbermaid and Jarden -- companies with a combined market value of $24 billion -- are in talks to combine, according to a Wall Street Journal report late Monday. The union would put products from Mr. Coffee machines to Rawlings baseballs, PaperMate pens and, of course, Rubbermaid containers all under the same roof.
Shares of Newell Rubbermaid and Jarden closed roughly 7 percent and 4 percent higher, respectively, and although the deal's structure is unclear, it makes sense for Newell Rubbermaid -- the slightly larger of the two, with a market value of almost $13 billion -- to be seeking out its biggest bet yet.
Newell Rubbermaid's shares had climbed 18 percent this year before news of the deal on Monday. Last week, it surpassed the $45 mark, a feat it hadn't achieved since the middle of 1999.
So perhaps it's no surprise that, buoyed by the company's best price in more than 15 years, Newell Rubbermaid CEO Michael Polk is thinking big despite what he's previously guided.
At a Morgan Stanley conference three weeks ago, Polk said the company's priority was to make bolt-on M&A acquisitions, similar to those it had done in the past. He outlined about $5.5 billion of capacity over the next few years for deals, buybacks and an increased dividend.
For his own part, Jarden CEO James Lillie said in April that company "would consider selling all of Jarden" if the right bidder came along.
Jarden certainly wouldn't be a bolt-on acquisition: it'd be at least double the company's $6 billion acquisition of Rubbermaid in 1999, its biggest deal so far. But buying Jarden would give it a more diverse stable of brands, including Coleman coolers, Bicycle playing cards and the recently added Waddington food containers and Jostens class rings and yearbooks.
4:40 pm Newell Rubbermaid reaffirms 2015 and 2016 outlooks (NWL) :
•Core Sales Growth of 5-6%;
•EPS of $2.14-2.20, Capital IQ consensus $2.18.
2016 Outlook (including Venezuela)
•Core Sales Growth 5-6%;
•EPS $2.35-2.44, Capital IQ consensus $2.40.
Sentiment: Strong Buy