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Newell Brands Jumps After Forecast Upgrade, Strong Q2

Investing.com - Sharpie maker Newell Brands (NASDAQ:NWL) surged in midday trade on Friday after the company posted a strong second-quarter.

Shares jumped 15.2% in midday trade.

Newell reported earnings per share of $0.45 on $2.12 billion in revenue, compared to the consensus forecast of $0.36 EPS on $2.12 billion revenue.

Newell Brands forecast full-year revenue of $9.1 billion to $9.3 billion and EPS of $1.50 to $1.56.

“The financial results we announced this morning represent another quarter of progress, with disciplined cost management and focused execution behind working capital initiatives driving better than expected margin and cash flow progression in the second quarter,” Chris Peterson, Newell Brands interim CEO and CFO, said in a press release.

The company also announced that it plans to keep its Rubbermaid Commercial Products unit, which was for sale, due to the strength of the brand and competitive edge in the industry.

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