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Newell (NWL) Q3 Earnings & Sales Lag, Cuts FY17 View

Newell Brands Inc. NWL came out with third-quarter 2017 results, wherein normalized earnings of 86 cents fell short of the Zacks Consensus Estimate of 92 cents. However, bottom line improved 10.3% year-over-year.

For 2017, management expects normalized earnings per share in a band of $2.80-$2.85 per share.

Earnings Estimate Revision: The Zacks Consensus Estimate for 2017 has been stable in the past 30 days. Further, if we look at Newell’s performance in the trailing four quarters (excluding the quarter under review), the company has outperformed the Zacks Consensus Estimate by an average of 6.3%.

Newell Brands Inc. Price and EPS Surprise

Newell Brands Inc. Price and EPS Surprise | Newell Brands Inc. Quote

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Revenues: Newell generated net sales of $3,678.2 million that dropped 7% year over year and lagged the Zacks Consensus Estimate of $3,702 million. The decline in sales can mainly be attributed to the negative effect of acquisitions and divestitures. However, core sales improved 4% driven by core sales growth at all operating segments.

Management now anticipates 2017 net sales in the band of $14.7-$14.8 billion, reflecting year-over-year growth in a band of 11.3%-11.8%. The company still expects core sales growth for 2017 to range from 1.5-2%.

Key Events: Newell Brands announced an expansion and extension of its existing share repurchase program. Under the revised program, the company will buy back up to $1 billion worth of shares through the end of 2020. This is in addition to the $256 million remaining under its current $500 million share repurchase program, which was likely to expire at the end of 2017 and is now extended up to 2020.

Zacks Rank: Currently, Newell carries a Zacks Rank #4 (Sell) which is subject to change following the just released earnings results.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Check back later for our full write up on Newell Brand’s earnings report!

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