Newell Brands, parent company of Rubbermaid Commercial Products (RCP), has reported second-quarter net sales of US$2.7 billion, up 28.3 per cent from the same quarter last year.
Newell’s normalised net income rose to $239 million, or $0.56 per share, up from $127 million, or $0.30 per share, a year earlier.
The company’s commercial solutions division posted net sales of $493 million, a jump of 16.6 per cent from $413 million in the prior year.
Newell attributed the rise in sales to an increase in core sales by its commercial and connected home and security business segments.
“We delivered outstanding top and bottom line results during the second quarter and first half of 2021, both relative to the year-ago period as well as 2019, as the power of our strategic vision and turnaround has been brought to life through strong and agile execution in a dynamic environment,” said Ravi Saligram, Newell Brands President and CEO.
“We remain laser focused on driving operational excellence throughout the organization and our teams have rallied to address short-term challenges surrounding extraordinary inflationary and supply chain pressures. We are pleased with the significant progress we have achieved on our strategic and financial agenda and we believe there is significant opportunity ahead of us for further value creation.”
Chris Peterson, CFO and president, business operations, said, “Second quarter results exceeded our expectations across key financial metrics, including top line, operating margin, cash conversion cycle, and leverage ratio. We are updating our full year 2021 outlook to account for stronger than expected demand, higher productivity savings, as well as an unprecedented escalation in inflation. We now expect core sales to increase 7 to 10 per cent in 2021, while our normalised earnings per share outlook remains unchanged at $1.63 to $1.73.”
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