Newell Brands soars after 2024 profit forecast raise

Newell Brands

25/10/2024 16:31

(Updates)
    ** Shares of Newell Brands  NWL.O  surge as much as 25.7% at
$9.01 
    ** The Sharpie maker raises 2024 adjusted EPS forecast to a
range of 63 cents to 66 cents vs prior forecast of 60 cents to
65 cents
    ** Stock is set for its best day since July 26, if gains
hold
    ** JP Morgan says investor expectations for the quarter was
higher compared to past quarters, showing investors are warming
up to the progress made in margins
    ** NWL 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
    ** NWL snaps a four-day losing streak
    ** Stock down ~17% so far this year

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