Newell Rubbermaid Posts Mixed Results (NWL)

Atlanta, Georgia based Newell Rubbermaid Inc. NWL announced on Friday morning that it beat consensus Wall Street earnings estimates, while just missing revenue expectations. Newell Rubbermaid Inc. (NWL) reported that its 2nd quarter net income rose to $130.4 million, or 41 cents per, up from $105.7 million, 37 cents per share, a year earlier. The company reported that its normalized earnings came in at 51 cents per share. The company's revenue was $1.5 billion. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 44 cents per share, on revenue of $1.52 billion. The company raised its forecast of full year normalized earnings per share to the range of $1.40 to $1.50 per share, up from the previous forecat of $1.38 to $1.48 per share. President and chief executive officer Mark Ketchum said, "We delivered strong second quarter results across almost all metrics, including core sales growth of almost 4 percent, if adjusted for the customer orders shift from the second quarter to the first quarter in advance of an April SAP implementation. This growth was the result of a combination of market share gains and distribution wins as well as strong consumer demand in Latin American and developing markets in EMEA. We also generated significant improvement in gross margin this quarter driven by productivity gains and improved product mix. The solid progress we’ve made year to date despite a lackluster economy gives us increased confidence that our business model is working." Newell Rubbermaid Inc. closed at $15.58 per share the previous trading day. Analysts covering the company's stock give it a consensus price target of $19.75 per share. Read more from Benzinga's Company news.