While reporting financial results for the third quarter on Friday, consumer goods company Newell Brands, Inc. (NWL) raised its normalized earnings and net sales guidance for the full-year 2021, based on strong year-to-date results despite the external environment remaining challenging and volatile. The company also provided outlook for the fourth quarter.
For fiscal 2021, the company now projects normalized earnings in a range of $1.69 to $1.73 per share on net sales between $10.38 billion and $10.46 billion, with core sales growth of 10 to 11 percent.
Previously, the company expected normalized earnings in a range of $1.63 to $1.73 per share on net sales between $10.10 billion to $10.35 billion, with core sales growth of 7 to 10 percent.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.72 per share on revenues of $10.38 billion for the year. Analysts' estimates typically exclude special items.
For the fourth quarter, the company anticipates normalized earnings in a range of $0.29 to $0.33 per share on net sales between $2.60 billion to $2.68 billion, with core sales between a decline of 2 percent and a growth of 1 percent.
The Street is looking for earnings of $0.37 per share on revenues of $2.60 billion for the quarter.
For the third quarter, net income plunged to $190 million or $0.44 per share from $304 million or $0.71 per share in the prior-year quarter. Excluding items, normalized net income was $0.54 per share, compared to $0.84 per share in the year-ago quarter.
Net sales for the quarter grew 3.3 percent to $2.8 billion from last year, largely reflecting core sales growth of 3.2 percent.
Analysts expected earnings of $0.50 per share on revenues of $2.78 billion for the quarter.
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