NEW YORK ( TheStreet -- Newell Rubbermaid ( NWL) posted a 14% jump in second-quarter earnings on Thursday, boosted by lower material costs and the discontinuation of less-profitable products.

The better-than-expected results allowed management to raise its full-year outlook, which sent shares up 6% in pre-market trading to $13.02.

The maker of Sharpie pens and Paper Mate earned $105.7 million, or 38 cents a share, compared with $92.5 million, or 33 cents, in the year-ago period.

Excluding one-time items, profit was 47 cents a share, surpassing analysts' estimates of 35 cents.

Sales tumbled 18% to $1.5 billion from $1.83 billion, mostly due to product discontinuations.

In an effort to cut costs, Newell has eliminated jobs, frozen wages, slashed its dividend and even put a pause on some manufacturing to reduce inventory levels.

Rubbermaid now expects full-year earnings in the range of $1.15 to $1.30 a share, up from its prior forecast of $1 to $1.25 a share.

Last week, rival Tupperware ( TUP) reported an 8% decline in second-quarter earnings, but sailed past analysts' expectations.

CEO Rick Goings told TheStreet.com that the company is "less bad" in tough economic times because of its flexible business model.

-- Reported by Jeanine Poggi in New York.
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

If you liked this article you might like

Don't Get Shaken Out of Good Stocks: Cramer's 'Mad Money' Recap (Wed 9/13/17)

Home Depot and Lowe's Brace for Hurricane Irma Impact

Debt Ceiling Progress Boosts Stocks, but Hurricane Irma Rains on Major Rally

Debt Ceiling Progress Shores Up Market Gains, But Hurricane Irma Spoils Big Rally

Stocks Gain After Trump Agrees With Democrats on Debt Ceiling Deal