Press release
Newell Brands Announces Second Quarter 2023 Results
Net Sales Decline 13%; Core Sales Decline 12% Diluted EPS $0.04; Normalized Diluted EPS $0.24 Operating Cash Flow Improves Significantly Versus Prior Year
About this update from Newell Brands Inc.
[{"type":"text","content":"\nNet Sales Decline 13%; Core Sales Decline 12%\nDiluted EPS $0.04; Normalized Diluted EPS $0.24\nOperating Cash Flow Improves Significantly Versus Prior Year\nUpdates Outlook for Full Year 2023\n\n\n ATLANTA--(BUSINESS WIRE)--\nNewell Brands (NASDAQ: NWL) today announced its second quarter 2023 financial results.\n\n\nChris Peterson, Newell Brands President and Chief Executive Officer, said, \"Since my appointment two months ago we have created and deployed a new corporate strategy based on a comprehensive company wide capability assessment. Building on the solid operational foundation we have already put in place, we are now focused on significantly strengthening the company’s consumer-facing capabilities while prioritizing the top 10 countries and top 25 brands, which represent about 90% of sales. Consistent with the new strategy, we are investing in consumer and customer understanding, brand building, brand communication, innovation and retail execution as part of our One Newell approach to unlock the full power of our leading consumer brands, create and leverage scale and drive operational excellence. While we have lots of work to do, we are off to a great start, which is why I remain confident in our ability to accelerate the company's financial performance over the long term, while we continue to navigate through a challenging macro-economic backdrop in the near term.\"\n\n\nMark Erceg, Newell Brands Chief Financial Officer, said, \"Restoring strong operating cash flow and improving the underlying structural economics of our business remains our primary financial focus this year. Against those two measures, we were very pleased with our second quarter results, with operating cash flow up over $500 million dollars versus last year and normalized operating margin ahead of expectations. As we look toward the balance of the year, we expect top and bottom-line pressure to persist as consumers continue to wrestle with elevated levels of core inflation and the resumption of student loan repayments. Despite these pressures, and because of the conviction we have behind our new strategy, we have chosen to invest more behind capability building and brand support during the second half of the year. While some of these investments will lower near term earnings, we remain confident in our operating cash flow guidance for the full year ...