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Friday, November 2, 2018

=Newell Brands (NWL) reported earnings on Fri 2 Nov 2018 (b/o)

  • Oct. 30: #5: #5; vol. 9.4M
  • Nov. 1: #1, 20; vol. 16M

Newell Brands misses by $0.10, misses on revs; guides FY18 EPS in-line, reaffirms FY18 revs guidance, reaffirms Operating Cash Flow guidance

  • Reports Q3 (Sep) earnings of $0.54 per share, excluding non-recurring items, $0.10 worse than the S&P Capital IQ Consensus of $0.64; revenues fell 7.7% year/year to $2.28 bln vs the $2.34 bln S&P Capital IQ Consensus.
    • Core sales from continuing operations declined 4.0 percent. All segments and regions posted better core sales trends on a sequential basis, with the Writing business returning to growth.
    • Reported gross margin was 35.9 percent compared with 35.1 percent in the prior year, resulting from better pricing, productivity, lower integration and restructuring costs and the impact of the new revenue recognition standard, which more than offset the impact of foreign exchange, inflation related to tariffs and higher input costs and other manufacturing costs associated with inventory reduction. Normalized gross margin was 35.7 percent compared with 35.8 percent in the prior year.
    • The company recorded an $8.1 billion non-cash impairment charge from continuing operations primarily associated with intangible assets in certain acquired businesses in each of its reporting segments.
  • Co issues guidance for FY18, sees EPS of $2.55-2.75 (Prior $2.45-2.65), excluding non-recurring items, vs. $2.47 S&P Capital IQ Consensus; sees FY18 revs of $8.7-9.0 bln vs. $9.05 bln S&P Capital IQ Consensus. Reaffirms Operating Cash Flow in the range of $0.9-$1.2 bln,
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