Why Newell Brands Shares Are Gaining Today
Portfolio Pulse from Shivani Kumaresan
Newell Brands Inc reported a Q2 FY23 sales decline of 13.2% YoY to $2.20 billion, beating the analyst consensus of $2.15 billion. The company's adjusted EPS of $0.24 also beat the analyst consensus of $0.13. However, the company lowered its FY23 adjusted EPS outlook to $0.80 - $0.90 from $0.95 - $1.08 and cut the FY23 sales outlook to $8.20 billion - $8.34 billion from $8.4 billion - $8.6 billion. Despite the lowered outlook, NWL shares traded higher by 10% at $11.28.
July 28, 2023 | 3:24 pm
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Newell Brands reported a Q2 sales decline but beat analyst expectations. The company lowered its FY23 outlook, but its shares traded higher.
Despite reporting a sales decline and lowering its FY23 outlook, Newell Brands beat analyst expectations for Q2, which likely contributed to the increase in its share price. The company's future performance will depend on its ability to improve its financials as indicated by its CEO and CFO.
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RELEVANCE 100