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Newell Brands Cuts FY22 Outlook Post Mixed Q2 Results

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  • Newell Brands Inc (NASDAQ: NWLreported a second-quarter FY22 sales decline of 6.5% year-on-year to $2.53 billion, missing the consensus of $2.56 billion. Core sales grew 1.7%.

  • The Commercial Solutions segment sales decreased 12.9% Y/Y to $429 million, Home Appliances fell 12.2% to $346 million, Home Solutions declined 11% to $467 million, and Learning & Development increased 2.4% to $865 million.

  • The gross margin for the quarter remained flat Y/Y at 32.6%, and the gross profit decreased 6.5% to $825 million.

  • The operating margin expanded 120 basis points to 12.5%, and operating income for the quarter rose 3.9% to $317 million.

  • The company held $323 million in cash and equivalents as of June 30, 2022.

  • Adjusted EPS of $0.57 beat the analyst consensus of $0.47.

  • Outlook: Newell reduced FY22 adjusted EPS guidance to $1.79 - $1.86 from $1.85 - $1.93, against the consensus of $1.88.

  • It also cut the FY22 sales outlook to $9.76 billion - $9.98 billion from $9.93 billion - $10.13 billion, against the consensus of $10.06 billion.

  • Newell expects Q3 sales of $2.39 billion - $2.50 billion (consensus $2.58 billion) and adjusted EPS of $0.50 - $0.54 (consensus $0.57).

  • Price Action: NWL shares traded lower by 0.56% at $20.58 on the last check Friday.

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