Newell's profit beats on cost cuts, emerging market growth
Feb 1 (Reuters) - Consumer products maker Newell Rubbermaid Inc reported a better-than-expected quarterly profit, boosted by cost cuts and strength in emerging markets.
Under Chief Executive Mike Polk, who took the Newell helm in July 2011, the maker of Sharpie pens and Rubbermaid storage containers has reduced jobs, consolidated manufacturing and distribution facilities and cut the number of business units to control costs.
The company's net income rose to $101.9 million, or 35 cents per share, in the fourth quarter from $80.4 million, or 27 cents per share, a year earlier.
Excluding one-time items, it earned 43 cents, beating analysts' average estimate of 42 cents, according to Thomson Reuters I/B/E/S.
Newell, which also makes Graco strollers, Calphalon cookware and Paper Mate pens, said net sales rose 1.6 percent to $1.52 billion, meeting analysts' expectations.
- Ukraine forces kill up to five rebels, Russia starts drill near border |
- Boy and girl on Korean ferry drowned with life jackets tied together |
- Apple's China success sets stage for iPhone 6, new products
- Children's corpses reveal desperate attempts to escape Korean ferry |
- Zimmer to buy Biomet for $13.35 billion in latest consolidation