Press release
Newell Brands Announces Fourth Quarter and Full Year 2022 Results
Q4 Net Sales Decline 18.5%; Core Sales Decline 9.4% Q4 Diluted Loss Per Share $0.60 Including Impairment Charges Normalized Diluted EPS $0.16 Provides
About this update from Newell Brands Inc.
[{"type":"text","content":"\nQ4 Net Sales Decline 18.5%; Core Sales Decline 9.4%\nQ4 Diluted Loss Per Share $0.60 Including Impairment Charges\nNormalized Diluted EPS $0.16\nProvides Initial Outlook for Full Year 2023\n\n ATLANTA--(BUSINESS WIRE)--\nNewell Brands (NASDAQ: NWL) today announced its fourth quarter and full year 2022 financial results.\n\n\"Fourth quarter results were in line with our expectations and brought to a close a difficult second half. The business continued to be impacted by a tough operating environment, including slowing consumer demand for general merchandise categories, as well as inventory reductions at retail,” said Ravi Saligram, Newell Brands CEO. “We have been taking decisive actions to effectively navigate the current environment, while positioning the organization for long-term success. Several weeks ago we announced Project Phoenix through which we expect to further simplify and strengthen our company by leveraging the scale and power of One Newell to optimize our cost structure and operate more efficiently. We expect the new operating model to unlock additional growth opportunities for the business over time and bring us even closer to our customers and consumers.”\n\nChris Peterson, President, said, “During 2022, we meaningfully reduced complexity, realized strong productivity savings and drove significant progress in our supply chain transformation journey through Project Ovid. We expect many of the headwinds the company experienced in the second half of 2022 to persist in 2023, as we plan for a recessionary environment. We are focused on improving Newell's financial performance by strengthening its cash flow and balance sheet, driving gross margin improvement and overhead savings, while positioning the organization for future growth through capability investments that enhance operational excellence and create value for our stakeholders.”\n\nFourth Quarter 2022 Executive Summary\n\n\nNet sales were $2.3 billion, a decline of 18.5 percent compared with the prior year period, including the year over year impact from the sale of the Connected Home & Security (CH&S) business at the end of the first quarter 2022.\n\n\nCore sales declined 9.4 percent compared with the prior year period. One of seven business units increased core sales compared with the prior year period.\n\n\nDuring the fourth quarter 2022, the company elec...