NEW YORK (TheStreet) -- Newell Rubbermaid (NWL) - Get Report stock has made significant gains Friday morning, as the company raised its full-year guidance after reporting consensus-beating first-quarter earnings.
Newell Rubbermaid has risen 3.5% to $17.55 about two hours into Friday's regular trading session and was, during this timeframe, the second-biggest gainer on the S&P 500 Index. It has been outperforming the S&P 500 year-to-date.
Newell Rubbermaid said that the company's encouraged by early signs of improvement in the global economy and increased confidence on the part of its retail and industrial customers. The company is raising its full-year guidance to $1.38 to $1.48 a share from its previous guidance of $1.35 to $1.45 a share; the Street is targeting earnings of $1.43 a share.
Newell is also raising its full-year net sales guidance to a range of low-to mid-single digits versus earlier expectations of low-single-digit growth.
For the first quarter, Newell Rubbermaid's net income was $58.4 million, or 19 cents a share, up from $33.7 million, or 12 cents a share a year ago. Normalized earnings were 25 cents a share, up from 20 cents a share in the prior-year, blowing past the consensus view of 18 cents a share.
Meanwhile, net sales increased 8.5% to $1.3 billion in the first quarter, beating the average analyst view of $1.21 billion. Foreign currency translation contributed 2.5% to the company's net sales improvement, while the year-over-year impact of last year's product line exits reduced net sales by 1.2%.
-- Reported by Andrea Tse in New York
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