Plus   Neg

Newell Brands Withdraws FY20 Outlook Amid COVID-19 - Quick Facts

While reporting financial results for the first quarter on Friday, consumer goods company Newell Brands (NWL) said it is withdrawing its previously announced full-year 2020 guidance and is not issuing quarterly guidance for the second quarter.

This is attributed to the uncertain and highly dynamic outlook for the global economy, as well as ongoing demand and supply chain disruptions amid the COVID-19 pandemic.

The company expect the second quarter to be a very challenging quarter. It is encouraged, however, by the pockets of strength it is seeing in the Food and Commercial businesses as well as recent point of sale trends in the Appliances & Cookware business in the U.S.

As a result of the challenges, Newell Brands experienced a significant negative impact on sales in March and April and expects this trend to continue through the second quarter. For context, in April, the company estimates it experienced a sales decline of approximately 25 percent.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Billionaire Warren Buffett's Berkshire Hathaway reported a profit for the second-quarter that increased 87 percent from last year, as the value of its investment portfolio increased with the stock market. But it took about $10 billion write down on the value of its Precision Castparts aircraft parts unit due to the impact of the COVID-19 pandemic. Operating profit declined 10 percent. Twitter has had preliminary talks with TikTok's Chinese owner ByteDance to buy the U.S. operations of the video-sharing app, the Wall Street Journal reported citing people familiar with the matter. Meanwhile, Microsoft has been the only company so far to say publicly it is pursuing TikTok. Pfizer said Friday it reached a multi-year deal with Gilead Sciences to manufacture and supply Gilead's investigational antiviral remdesivir for COVID-19 patients.
Follow RTT