Newell Rubbermaid Inc. (NWL) reported that its fourth-quarter net income controlling interests was $60.6 million or $0.20 per share, compared to a loss of $256.7 million or $0.92 per share, in the fourth quarter 2008.
Normalized earnings controlling interests were $75.7 million or $0.27 per share, compared to $29.4 million or $0.11 per share in the fourth quarter 2008. Analysts polled by Thomson Reuters expected the company to report earnings of $0.27 per share. Analysts' estimates typically exclude special items.
Net sales declined 2% to $1.42 billion, from $1.45 billion in the prior year quarter. Ten analysts had consensus revenue estimate of $1.41 billion for the quarter.
The company expects core sales to increase in the low single digits in 2010, along with a two percent decline from planned product exits and a slightly positive impact from foreign currency.
The company expects normalized earnings of $1.35 to $1.45 per share, which includes an estimated $0.04 to $0.05 negative impact from the devaluation of the Venezuelan bolivar. Earnings per share are expected to be in the range of $1.15 to $1.25 for fiscal 2010.
Analysts expect the company to report earnings of $1.47 per share on revenues of $5.68 billion for fiscal 2010. Analysts' estimates typically exclude special items.
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