Newell Brands jumps after hiking 2024 profit forecast

Newell Brands

25/10/2024 12:36

** Shares of Newell Brands  NWL.O  surge 11.2% at $7.99
premarket
    ** The Sharpie maker raises 2024 adjusted EPS outlook to a
range of 63 cents to 66 cents vs prior forecast of 60 cents to
65 cents
    ** Posts Q3 gross margin expansion of 460 basis points to
34.9% owing to cost-cutting efforts 
    ** Reports net loss $198 mln vs $218 mln last year
    ** Net sales down 4.9% to $1.9 bln driven by
restructuring-related business exits
    ** Stock down ~17% so far this year

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.Mishra@thomsonreuters.com))