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Newell Rubbermaid Announces Strong First Quarter Results
39 minutes ago
• 4.7% Core Sales Growth and Normalized EPS of $0.36
• 4.1% Net Sales Growth and Reported EPS of $0.20
• Affirms 2015 Full Year Guidance
• Expands Project Renewal to Capture Incremental $150 Million Savings by 2017
First Quarter Executive Summary
• 4.7 percent core sales growth, excluding foreign currency and the net impact of acquisitions and planned divestitures; 4.1 percent net sales growth including a 490 basis point net contribution from acquisitions and planned divestitures
• 38.8 percent normalized gross margin, a 50 basis point improvement compared to the prior year; 38.6 percent reported gross margin, a 100 basis point improvement compared to the prior year
• 12.1 percent normalized operating margin, a 90 basis point improvement compared to the prior year; 7.8 percent reported operating margin, an 80 basis point decline compared to prior year attributable to increased restructuring costs
• $0.36 normalized EPS compared to $0.34 in the prior year, a 5.9 percent increase despite an $0.08 negative impact from foreign exchange and a comparison with the prior year which included $0.04 in discrete tax rate benefits; $0.20 reported EPS compared to $0.19 in the prior year, a 5.3 percent increase
• Repurchased 1.9 million shares at a cost of $73.6 million
• Expanded Project Renewal by an incremental $150 million to capture an incremental $150 million in annualized overhead savings by the end of 2017; cumulative annualized savings over total Project Renewal now anticipated at $620 to $675 million
• Announced intention to divest Rubbermaid medical cart business (solutions for optimization of nurse work flow in hospitals)
ATLANTA, May 1, 2015 (GLOBE NEWSWIRE) -- Newell Rubbermaid (NWL) announced its first quarter 2015 financial results today.
"We've had a strong start to the year with first quarter
6:50 am Newell Rubbermaid beats by $0.02, reports revs in-line; reaffirms FY15 EPS guidance, revs guidance (NWL) : Reports Q1 (Mar) earnings of $0.36 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.34; revenues rose 4.1% year/year to $1.26 bln vs the $1.27 bln consensus.
•Co reaffirms guidance for FY15, sees EPS of $2.10-2.18 vs. $2.15 Capital IQ Consensus Estimate; sees FY15 revs of +3.5-4.5% to ~$5.93-5.98 bln vs. $5.93 bln Capital IQ Consensus Estimate.
•Normalized gross margin was 38.8 percent, a 50 basis point improvement versus prior year, as benefits from productivity, commodity deflation and pricing more than offset the negative impacts of foreign currency and mix from acquisitions.