Shares of Newell Brands Inc. dove 10.3% in premarket trading Friday, after the consumer goods company, with brands including Rubbermaid, Sharpie, Paper Mate...
Shares of Newell Brands Inc. NWL dove 10.3% in premarket trading Friday, after the consumer goods company, with brands including Rubbermaid, Sharpie, Paper Mate and Graco, beat fourth-quarter profit expectations but warned of a surprise first-quarter loss as a recession looms. The company swung to a net loss of $249 million, or 60 cents a share, from net income of $98 million, or 23 cents a share, in the year-ago period.
Excluding nonrecurring items, such as $326 million in goodwill impairment charges, adjusted earnings per share of 16 cents beat the FactSet consensus of 11 cents. Sales fell 18.5% to $2.29 billion but was above the FactSet consensus of $2.23 billion. Gross margin contracted to 26.3% from 29.8%. For the first quarter, the company expects an adjusted per-share loss of 6 cents to 3 cents, compared with the FactSet consensus for a per-share profit of 22 cents, and expects sales of $1.
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