- Newell Brands Inc NWL reported second-quarter FY21 sales growth of 28.3% year-on-year, to $2.71 billion, beating the analyst consensus of $2.55 billion. Core sales grew 25.4%.
- Gross margin expanded 110 basis points to 32.6% of net sales. Normalized gross margin was 32.7%.
- Selling, general and administrative expenses rose 17.2% Y/Y to $572 million.
- The operating margin was 11.3%, and operating income for the quarter rose 87.1% to $305 million.
- The company held $648 million in cash and equivalents as of June 30, 2021. Net cash provided by operating activities for the six months contracted 42.2% Y/Y to $76 million.
- Normalized EPS of $0.56 beat the analyst consensus of $0.45.
- "We remain laser-focused on driving operational excellence throughout the organization and our teams have rallied to address short-term challenges surrounding extraordinary inflationary and supply chain pressures," said President and CEO Ravi Saligram.
- Outlook: Newell raised FY21 sales guidance to $10.1 billion - $10.35 billion, (prior $9.9 billion - $10.1 billion), versus the consensus of $10.1 billion. Core sales growth outlook raised to 7%-10% (prior 5%-7%).
- The company reiterated its normalized EPS forecast of $1.63-$1.73, versus the consensus of $1.72.
- For Q3, Newell sees net sales of $2.7 billion - $2.78 billion, versus the consensus of $2.59 billion.
- Core sales growth to be flat - 3% and Normalized EPS of $0.46 - $0.50, versus the consensus of $0.55.
- Price action: NWL shares are trading lower by 8.92% at $24.79 on the last check Friday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.