UPDATE: Newell Rubbermaid Q1 Profit Declines 32%

Newell Rubbermaid NWL reported a 32% drop in its first-quarter profit. Newell Rubbermaid's quarterly profit fell to $54.2 million, or $0.19 per share, from $79.3 million, or $0.27 per share, in the year-earlier period. Excluding one-time items, it earned $0.35 per share. Its sales fell 0.8% to $1.24 billion. However, analysts were expecting earnings of $0.32 per share on sales of $1.32 billion. Its gross margin declined to 38.2% from 39%. Newell Rubbermaid shares closed at $26.39 yesterday.