Newell Rubbermaid Core Sales Accelerate To 5.7%, J.P. Morgan Reports

Newell Rubbermaid Inc. NWL posted normalized Q3 EPS of $0.42, “which was a penny below our forecast, but ahead of the Bloomberg consensus estimate of $0.41,” J.P. Morgan reports. “The key takeaway is that core sales accelerated to 5.7% in the quarter despite significant macro headwinds,” J.P. Morgan writes. “There has been (well-earned) skepticism about NWL's ability to grow the top line, but we think this quarter should ease a lot of doubts. It was also encouraging to see all three divisions grow for the first time in several years. The company reiterated their FY10 EPS guidance range, highlighting that they expect to come in the high end of their $1.40-$1.50 range.” Newell Rubbermaid closed Friday at $17.65.