(Reuters) - Newell Brands Inc (NWL.N), the maker of Sharpie markers and Rubbermaid food containers, raised the lower end of its full-year profit and sales forecasts, helped by strong growth in most of its businesses.
The company also reported third-quarter revenue that more than doubled to $3.95 billion as it gained from the $15 billion acquisition of Sunbeam appliance maker Jarden Corp earlier this year.
The deal added 160 brands to Newell’s portfolio. However, the company said it would sell about 10 percent of its portfolio as it simplifies its operating structure by halving the number of business units to 16.
Newell said earlier this month that it was selling its tools business to Stanley Black & Decker Inc (SWK.N) for $1.95 billion and also planned to sell its winter sports business among others.
Excluding these businesses, Newell’s core sales grew 3 percent, driven by strong sales of its writing, and baby and parenting products.
Sales of writing products jumped 14.5 percent to $526.3 million, helped by the acquisition of Elmer’s Products, while a strong Back-to-School season boosted demand for its Paper Mate InkJoy gel pens.
Newell’s baby and parenting business posted an 11.3 percent rise in sales to $231.1 million as demand for Graco and Baby Jogger strollers remained strong in North America.
The company’s net income rose to $186.5 million, or 38 cents per share, for the third quarter ended Sept. 30 from $134.2 million, or 50 cents per share, a year earlier.
Excluding items, Newell earned 78 cents per share.
The company said it expected 2016 adjusted profit of $2.85-$2.90 per share, compared with its earlier forecast of $2.75-$2.90, and core sales to increase 3.5-4.0 percent, compared with its earlier forecast of 3-4 percent.
Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Anil D'Silva