Shares of Newell Brands (NWL - Get Report) were rallying in premarket trading Friday despite a drop in profit after the consumer-goods conglomerate's second-quarter adjusted earnings beat forecasts.

The company reported an adjusted profit of 45 cents a share in the second quarter, down from 78 cents a year ago. Wall Street was expecting earnings of 36 cents a share. Net income in the quarter was $89.8 million, or 21 cents a share, down from $131.7 million, or 27 cents, a year earlier. 

Newell Brands also raised its full-year outlook for sales. Newell, which owns the Rubbermaid brands among many others, said full-year sales will total $9.1 to $9.3 billion, up from previous guidance of $8.2 billion to $8.4 billion.

The company didn't change its outlook for adjusted earnings which remain at $1.50 to $1.65 a share for the year. Wall Street analysts expect a profit of $1.55 a share for the year.

The shares were up 17% in trading Friday to $15.71.

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Constable owns none of the securities listed in this story.