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Sharpie maker Newell reports 52 pct jump in profit
May 8, 2017 / 10:46 AM / 7 months ago

Sharpie maker Newell reports 52 pct jump in profit

May 8 (Reuters) - Newell Brands Inc, the maker of Sharpie pens, reported a 52 percent jump in quarterly normalized profit on Monday, helped by strong demand for Rubbermaid food containers, baby and parenting products and appliances.

The company also raised its forecast for full-year normalized profit to $3-$3.20 per share from $2.95-$3.15 per share.

Newell’s “Live” unit that includes core products such as appliances and food storage — its biggest business by sales — reported pro-forma sales growth of 2.7 percent in the first quarter ended March 31.

The division also sells baby products such as Graco and Baby Jogger strollers.

The company added more than 120 brands to its product line through its $15 billion purchase of Jarden Corp last year.

Newell said on Monday it had nearly completed the sale of 10 percent of its portfolio that would allow the company to focus on its core business.

The company said normalized net income rose to $164 million or 34 cents per share in the quarter, from $107.7 million, or 40 cents per share a year earlier.

Core sales rose 2.5 percent to $3.27 billion, beating analysts’ average estimate of $3.22 billion, according to Thomson Reuters I/B/E/S.

Newell also hiked its quarterly dividend by 21 percent to 23 cents per share. (Reporting by Karina Dsouza in Bengaluru; Editing by Sai Sachin Ravikumar)

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