Press release
Newell Brands Announces Third Quarter 2021 Results
Net Sales Growth 3.3%; Core Sales Growth 3.2% Delivers Operating Profit and EPS Ahead of Outlook Diluted EPS $0.44; Normalized Diluted EPS $0.54 Raises Net
About this update from Newell Brands Inc.
[{"type":"text","content":"\nNet Sales Growth 3.3%; Core Sales Growth 3.2%\nDelivers Operating Profit and EPS Ahead of Outlook\nDiluted EPS $0.44; Normalized Diluted EPS $0.54\nRaises Net Sales and Improves EPS Outlook for Full Year 2021\n\n ATLANTA--(BUSINESS WIRE)--\nNewell Brands (NASDAQ: NWL) today announced its third quarter 2021 financial results.\n\n\"We continued to execute very well throughout the third quarter and our results reflect the effectiveness of our strategy, as well as the resilience and agility of our operating model. Strong consumer demand, supported by innovation, fueled core sales growth of 3.2 percent, at the high-end of our evergreen target, on top of a difficult year-ago comparison of 7.2 percent,” said Ravi Saligram, Newell Brands President and CEO. “While we are taking action to address the significant inflationary pressures and supply chain bottlenecks, we are also advancing our strategic priorities, by continuing to reduce complexity, capitalizing on the international opportunity, and building operational excellence throughout the organization. I am confident the company has a long runway for value creation, as we position it for sustainable and profitable growth, while building competitive advantage.\"\n\nChris Peterson, Chief Financial Officer and President, Business Operations, said, “During the third quarter, strong operational delivery, coupled with financial discipline, enabled us to deliver better than anticipated operating profit and sustained progress on the cash conversion cycle. While the external environment remains challenging and volatile, strong year-to-date results give us confidence to raise our top and bottom line outlooks for full year 2021. We now forecast core sales growth of 10 to 11 percent and normalized earnings per share of $1.69 to $1.73 in 2021.\"\n\nThird Quarter 2021 Executive Summary\n\n\nNet sales were $2.8 billion, a 3.3 percent increase compared with the prior year period, during which the company experienced elevated demand across many of its categories. All five segments grew net sales versus the third quarter of 2019.\n\n\nCore sales grew 3.2 percent compared with the prior year period. Five of eight business units increased core sales compared with the prior year period.\n\n\nReported operating margin was 10.1 percent compared with 13.4 percent in the prior year period, largely reflectin...