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TheStreet Open House

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

A reconciliation of the third quarter 2012 and 2011 results is as follows:

 

Q3 2012*

   

Q3 2011*

 
Diluted earnings per share (as reported) $0.37 ($0.61 )
 
Impairment charges $0.00 $1.05
 
Restructuring and restructuring-related costs $0.06 $0.06
 
Discontinued operations ($0.01 ) $0.04
 
CEO transition costs $0.00 $0.01
 
Income tax – discrete contingencies, expiration of statutes of limitation and resolution of examinations

 

$0.03

 

($0.10

 

)

 
Loss related to the extinguishment of debt $0.01 $0.00
 
Other items $0.00   ($0.01 )
 
“Normalized” EPS $0.47 $0.45
 

* totals may not add due to rounding

Third Quarter 2012 Operating Segment Results

The Newell Consumer segment’s net sales for the third quarter were $814.6 million, a 2.1 percent decline compared with the prior year quarter. Core sales in the segment decreased 0.4 percent. Year-to-date core sales in this segment declined 1.2 percent. The improved performance versus first half results was driven by a strong performance from the Writing and Creative Expression global business unit during the Back-to-School season. This improvement was offset by a decline in the Décor and Culinary businesses largely related to a change in merchandising strategy at a significant retail customer. Normalized operating income in the Newell Consumer segment was $141.1 million, or 17.3 percent of sales, compared with $128.8 million, or 15.5 percent of sales, in the prior year. The operating margin improvement was driven by gross margin expansion and lower SG&A expense attributable to the deferral of brand building investments from the third quarter to the fourth quarter.

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