By Dhanya Skariachan
Oct 25 (Reuters) - Newell Rubbermaid Inc reportedbetter-than-expected quarterly profit on Friday, boosted bytight cost controls and strength in its Latin American business.
The maker of Sharpie pens and Rubbermaid storage containershas banked on the fast-growing Latin American market to offsetweakness in crisis-ridden Europe and Asia.
Earlier this year, Newell decided to sell its hardware andteaching aids units to focus on products for contractors and onemerging markets.
Under Chief Executive Mike Polk, a former Unilever Plc
executive who took the helm in July 2011,Newell has kept a tight lid on costs by cutting jobs,consolidating manufacturing and distribution facilities andreducing the number of business units.
Net income in the third quarter rose to $193.3 million, or66 cents a share, from $108.3 million, or 37 cents a share, ayear earlier.
Excluding restructuring costs, tax benefits and a gain fromthe sale of its hardware business, it earned 52 cents a share.On that basis, the average analyst estimate was 49 cents ashare, according to Thomson Reuters I/B/E/S.
Sales rose 2.1 percent to $1.49 billion, while analystsexpected $1.50 billion. Sales rose in Latin America and theUnited States, but fell in its Europe, Middle East and Africaunit and in Asia Pacific.
The company also stood by its full-year profit forecast of$1.80 to $1.84 a share, before items. Analysts expect $1.82.
- Consumer Discretionary
- Company Earnings
- Newell Rubbermaid Inc