This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Newell Rubbermaid Reports Third Quarter 2012 Results And Reaffirms Full Year Guidance

Newell Rubbermaid (NYSE: NWL) today announced solid third quarter 2012 results and reaffirmed full-year core sales, normalized operating margin, normalized earnings per share and operating cash flow guidance. The company also announced a 50 percent increase in its quarterly dividend to $0.15 per share and plans to expand its Project Renewal restructuring program. Five new work streams will generate between $180 and $225 million in incremental annualized savings by the end of the second quarter of 2015 for an incremental cash cost of $225 to $250 million.

“Our solid third quarter results represent another step toward establishing a more consistent cadence of delivery. I am encouraged by the progress we have made over the last 15 months and excited by the significant potential that lies ahead,” said Michael Polk, President and Chief Executive Officer. “We have built the organization’s capacity to drive delivery and drive change. We are on track to deliver the savings we committed to in the first phase of Project Renewal on time and in full. Today’s announced expansion of Project Renewal will accelerate our transformation.”

The company expects the expansion of Project Renewal to enable four outcomes:

  • a flatter and simplified organization built around the first two pillars of the Growth Game Plan – Brand & Category Development and Best in Class Execution & Delivery,
  • an accelerated release of costs, the majority of which will be invested in faster growth and the geographic expansion of our leading brands,
  • a greater line of sight to earnings and operating cash flow growth while the company invests to accelerate performance, and
  • a strengthened leadership team that can drive faster implementation of the Growth Game Plan.

“The actions taken today reflect an exciting set of changes and an important moment for our company. I am confident they will accelerate achievement of our Growth Game Plan ambition of creating a bigger, faster growing, more global, more profitable Newell Rubbermaid,” said Polk.

1 of 14

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs