Newell Brands (NWL) - Get Newell Brands Inc. (NWL) Report , the consumer-products conglomerate, posted third-quarter adjusted earnings and sales in the third quarter that topped analysts' forecasts and the company raised guidance for 2019.
Newell Brands, which makes Sharpie pens and Graco strollers, earned 73 cents a share on adjusted basis in the third quarter, below year-earlier earnings of 77 cents but ahead of forecasts of 55 cents. Sales in the period fell to $2.45 billion from $2.55 billion but came in ahead of consensus of $2.43 billion.
In a press release Friday, Newell Brands raised its adjusted earnings outlook for 2019 to $1.63 to $1.68 a share, up from previous guidance of $1.50 to $1.65 a share. Sales guidance was raised to $9.6 billion to $9.7 billion from $9.1 billion to $9.3 billion.
The company also raised its outlook for full-year operating cash flow to $700 to $850 million.
The stock rose 2.42% in premarket trading to $19.43.
"We are pleased with the progress the company is making on its turnaround journey, with third-quarter operating margin, earnings per share and operating cash flow ahead of plan, fueled by a disciplined focus on productivity, overhead cost savings and working capital initiatives," said Chris Peterson, chief financial officer, in a statement Friday.
Newell Brands named Ravi Saligram as CEO over the summer. He took over in early October. He previously served as CEO of OfficeMax until its merger with Office Depot.
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