Newell Brands jumps after raising annual profit forecast

Newell Brands

26/07/2024 14:59

(Updates)
    ** Sharpie maker Newell Brands  NWL.O  jumps as much as
29.8% to $8.23
    ** Co lifts annual adj EPS forecast as turnaround plan
returns strong margin growth in Q2
    ** Expects adj EPS between 60 cents and 65 cents, up from
prior forecast of 52 cents to 62 cents
    ** Co also tightens the upper end of its annual core sales
target; now expects a decline of 4% to 3%, compared with a 6% to
3% decline expected earlier
    ** Q2 gross margin rose by 590 bps vs last year
    ** Still, Q2 net sales fell 7.8% to $2.03 billion, short of
estimates of $2.05 billion - LSEG
    ** "While the macroeconomic environment remains choppy, the
transformation of our business is clearly underway, which has
given us confidence to improve our financial outlook for the
year," says CFO Mark Erceg
    ** YTD stock down ~27% as of last close

 (Reporting by Juveria Tabassum in Bengaluru)
 ((Juveria.Tabassum@thomsonreuters.com;))