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Investing.com — Shares of consumer goods company Newell Brands Inc (NASDAQ:NWL) rose Friday following the company’s third-quarter earnings.
Newell reported a non-GAAP EPS of 54 cents, beating estimates by 4 cents, while revenue was reported at $2.79 billion, above the consensus of $2.78 billion.
The company’s shares have gained around 6.8%, to $23.25.
Chris Peterson, chief financial officer and president, Business Operations, said: “During the third quarter, strong operational delivery, coupled with financial discipline, enabled us to deliver better than anticipated operating profit and sustained progress on the cash conversion cycle.”
Looking ahead, Newell raised its full-year net sales outlook to $10.38 billion to $10.46 billion from its previous range of $10.1 billion to $10.35 billion. It also increased its full-year outlook for normalized earnings per share to $1.69 to $1.73 from the previous range of $1.63 to $1.73.
“While the external environment remains challenging and volatile, strong year-to-date results give us confidence to raise our top and bottom line outlooks for full year 2021. We now forecast core sales growth of 10 to 11 percent and normalized earnings per share of $1.69 to $1.73 in 2021,” added Peterson.
On October 20, Deutsche Bank analyst Steve Powers cut his price target to $25 from $26, maintaining a hold rating.
