Newell Rubbermaid Lowers 2011 Projections; Shares Down In Pre-Market Trading

Newell Rubbermaid Inc NWL lowered its 2011 projections on Friday. Newell Rubbermaid now expects 2011 core sales growth in the range of 3% to 4%. The company now projects a full-year adjusted profit to be in the range of $1.60 to $1.67 per share, down its previous forecast of $1.67 to $1.70 per share. However, analysts expected 2011 earnings of $1.69 per share. “Persistent softness in the U.S. economy and increased inflationary pressure have caused us to revise our outlook for the balance of the year. We still expect solid core sales growth versus our 2010 results; however, our revised expectations are lower than they were just a short while ago,” said Mark Ketchum, Newell Rubbermaid's President and Chief Executive Officer. NWL shares dropped 3.48% to $16.38 in pre-market trading. Read more from Benzinga's Company news.