Rubbermaid Profit Doubles on Cost Cuts

ATLANTA (TheStreet) -- Newell Rubbermaid(NWL Quote) saw its third-quarter profit more than double, boosted by significant cost cuts, and upped its outlook as a result.

During the quarter, the maker of Sharpie pens and Calphalon cookware earned $85.5 million, or 28 cents a share, compared with $55.6 million, or 20 cents, in the year-ago period.

Excluding restructuring costs and other items, profit was actually 38 cents a share, better than the 35 cents analysts expected.

Sales, however, were still weak, falling 18% to $1.45 billion from $1.76 billion last year. Wall Street forecast sales of $1.47 billion.

Looking ahead the company expects full-year earnings in the range of $1.27 to $1.32 a share, up from prior guidance of $1.15 to $1.30 a share.

Last week, rival Tupperware(TUP Quote) also posted better-than-expected profit, which grew by 18%, and raised its full-year guidance.

-- Reported by Jeanine Poggi in New York

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