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Newell Brands Inc (NASDAQ:NWL) shares fell more than 4% after-hours following the company’s announced update on its Q3 and full 2022-year outlook, reflecting a more challenging than anticipated operating and consumer backdrop.
For Q3, the company expects net sales in the range of $2.21-$2.32 billion, compared to the prior guidance of $2.39-$2.5 billion and the consensus estimate of $2.52 billion. EPS is expected to be in the range of $0.46-$0.51, compared to the prior guidance of $0.50-$0.54, and the consensus estimate of $0.53.
For the full-year, the company expects net sales in the range of $9.37-$9.58 billion, compared to the prior guidance of $9.76-$9.98 billion and the consensus estimate of $9.89 billion. EPS is expected to be in the range of $1.56-$1.70, compared to the prior guidance of $1.79-$1.86 and the consensus estimate of $1.84.
“Although we remain enthusiastic about the back-to-school season and continue to see solid growth in the Commercial business, we have experienced a significantly greater than expected pullback in retailer orders and continued inflationary pressures on the consumer,” said Ravi Saligram, CEO of Newell Brands.
