UPDATE: Newell Rubbermaid Posts Upbeat Q2 Profit

Newell Rubbermaid NWL reported a better-than-expected second-quarter profit and lifted the low end of its earnings forecast for the year. Newell Rubbermaid now projects adjusted earnings of $1.80 to $1.84 per share, versus its earlier outlook of $1.78 to $1.84 per share. Newell's quarterly profit fell to $109.8 million, or $0.37 per share, from $111.8 million, or $0.38 per share, in the year-ago period. Excluding one-time items, it earned $0.50 per share, versus $0.45 per share. Its sales increased 3.5% to $1.47 billion. However, analysts were estimating earnings of $0.49 per share on sales of $1.47 billion. Its gross margin improved to 39.5% from 38.8%. Newell Rubbermaid shares closed at $27.21 yesterday.