reported third-quarter earnings that met analysts' expectations, but lowered its fourth-quarter and full-year profit estimates, citing disappointing order patterns.
The Freeport, Ill., company earned $125.6 million, or 47 cents a share, slightly higher than last year's figure of $124.6 million, or 44 cents a share. According to a poll by
First Call/Thomson Financial
, 14 analysts expected the company to earn 47 cents a share.
Sales in the third quarter were $1.69 billion, up 4.8% from $1.61 billion last year.
The company also lowered its fourth-quarter and fiscal 2000 sales and earnings expectations, citing disappointing order rates. Newell now expects to earn 43 cents to 48 cents a share in the fourth quarter, compared with 54 cents a share last year, and $1.70 to $1.75 a share for the year, up from $1.65 in 1999. Analysts expect fourth-quarter EPS of 55 cents and full-year EPS of $1.82. For 2001, the company forecast earnings of $1.85 to $1.95 a share, while analysts are expecting $2.01.
Shares of Newell were recently down $1.38, or 6.2%, to $20.69 on the
New York Stock Exchange