Press release
Newell Brands Announces Fourth Quarter and Full Year 2020 Results
Q4 Net Sales Growth 2.5%; Core Sales Growth 4.9% Q4 Diluted EPS $0.30; Normalized Diluted EPS $0.56 Full Year Operating Cash Flow Exceeds $1.4 Billion
About this update from Newell Brands Inc.
[{"type":"text","content":"\nQ4 Net Sales Growth 2.5%; Core Sales Growth 4.9%\nQ4 Diluted EPS $0.30; Normalized Diluted EPS $0.56\nFull Year Operating Cash Flow Exceeds $1.4 Billion\nProvides Initial Outlook for 2021\n\n ATLANTA--(BUSINESS WIRE)--\nNewell Brands (NASDAQ: NWL) today announced its fourth quarter and full year 2020 financial results.\n\n\"We gained considerable momentum on our turnaround in 2020 and laid a solid foundation to deliver sustainable, profitable growth in the future,” said Ravi Saligram, Newell Brands President and CEO. “We are proud of our accomplishments in 2020, returning to meaningful core sales growth and operating margin improvement in the back half of the year, delivering stellar cash flow, significantly reducing complexity, improving productivity, accelerating eCommerce growth, and improving customer relationships. The strength and resilience of our portfolio shone through as growth in Food, Commercial and Appliances & Cookware business units offset Writing softness caused by the stay at home pandemic related phenomenon. I am excited about Newell's prospects and feel our best days are ahead as we focus on sustaining top line growth, strengthening our brands through insights and innovation, focus on omni-channel initiatives, expand distribution and begin to unlock international opportunities.”\n\nChris Peterson, Chief Financial Officer and President, Business Operations, said, “We ended the fourth quarter on a very strong note, delivering mid-single-digit core sales growth, operating margin expansion, excellent cash flow, and double-digit normalized earnings per share growth, all ahead of our expectations. Full year results showed sequential improvement across key metrics, with operating cash flow exceeding $1.4 billion and free cash flow productivity above 150%, enabled by progress on working capital. We strengthened the balance sheet, exiting the year with a leverage ratio of 3.5x. As we look out to 2021, we are projecting low single digit core sales growth, normalized operating margin improvement of 30 to 60 basis points, normalized diluted EPS of $1.55 to $1.65, and operating cash flow of approximately $1.0 billion.”\n\nFourth Quarter 2020 Executive Summary\n\n\nNet sales were $2.7 billion, an increase of 2.5 percent compared with the prior year period.\n\n\nCore sales grew 4.9 percent compared with the prior year peri...