Stock Market News

Newell Brands cuts annual forecast on slowing demand

2023.07.28 08:18


© Reuters. FILE PHOTO: Sharpie markers owned by Newell Brands are seen for sale in a store in Manhattan, New York City, U.S., February 7, 2022. REUTERS/Andrew Kelly/File Photo

(Reuters) – Inc trimmed its full-year net sales and profit forecast on Friday, signaling a slowdown in demand for the Sharpie maker’s Rubbermaid food containers and kitchen appliances as consumers grapple with rising prices.

Multiple price increases and high inflation have prompted consumers to become more mindful about spending on non-essential items like sporting goods and bakeware hurting Newell’s business.

The company said it now expects full-year 2023 net sales between $8.2 billion and $8.34 billion and profit per share between 80 cents and 90 cents.

Previously, the company had forecasted annual net sales and profit at the low end of $8.4 billion to $8.6 billion and the 95 cents to $1.08 range, respectively.

Shares of the Graco (NYSE:) parent were down about 2% in premarket trading.

In April, the company said that it expects to take an incremental U.S. pricing action across roughly 30% of its U.S. business largely concentrated in the home and commercial solutions segment in the third quarter.

Excluding items, Newell earned 24 cents per share, beating analysts’ average expectation of 14 cents per share, according to IBES data from Refinitiv.

 

 

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 97,830.21 1.23%
ethereum
Ethereum (ETH) $ 3,412.09 2.88%
tether
Tether (USDT) $ 1.00 0.05%
solana
Solana (SOL) $ 255.58 0.25%
bnb
BNB (BNB) $ 656.22 4.74%
xrp
XRP (XRP) $ 1.48 0.73%
dogecoin
Dogecoin (DOGE) $ 0.436316 5.14%
usd-coin
USDC (USDC) $ 0.999688 0.03%
cardano
Cardano (ADA) $ 1.07 4.25%
staked-ether
Lido Staked Ether (STETH) $ 3,411.41 2.78%
tron
TRON (TRX) $ 0.212785 4.25%
avalanche-2
Avalanche (AVAX) $ 41.93 1.05%
the-open-network
Toncoin (TON) $ 6.42 18.67%
shiba-inu
Shiba Inu (SHIB) $ 0.000026 2.77%
stellar
Stellar (XLM) $ 0.493771 43.96%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,044.85 3.56%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 97,453.11 1.17%
polkadot
Polkadot (DOT) $ 8.62 34.21%
chainlink
Chainlink (LINK) $ 17.62 11.92%
bitcoin-cash
Bitcoin Cash (BCH) $ 508.74 4.13%
sui
Sui (SUI) $ 3.47 0.05%
weth
WETH (WETH) $ 3,413.10 2.96%
pepe
Pepe (PEPE) $ 0.000021 2.10%
leo-token
LEO Token (LEO) $ 8.63 4.23%
near
NEAR Protocol (NEAR) $ 6.23 5.94%
litecoin
Litecoin (LTC) $ 99.22 8.73%
aptos
Aptos (APT) $ 12.86 5.53%
uniswap
Uniswap (UNI) $ 10.78 13.57%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,595.62 3.19%
hedera-hashgraph
Hedera (HBAR) $ 0.152622 1.45%
crypto-com-chain
Cronos (CRO) $ 0.2017 5.07%
internet-computer
Internet Computer (ICP) $ 11.46 7.84%
usds
USDS (USDS) $ 0.998535 0.53%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.572581 17.88%
ethereum-classic
Ethereum Classic (ETC) $ 29.75 5.62%
render-token
Render (RENDER) $ 7.82 6.17%
bittensor
Bittensor (TAO) $ 533.46 7.02%
kaspa
Kaspa (KAS) $ 0.153959 1.16%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.00%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.44 14.35%
bonk
Bonk (BONK) $ 0.000048 0.85%
whitebit
WhiteBIT Coin (WBT) $ 24.75 0.39%
arbitrum
Arbitrum (ARB) $ 0.867208 9.45%
dai
Dai (DAI) $ 0.999641 0.05%
vechain
VeChain (VET) $ 0.041915 21.33%
mantra-dao
MANTRA (OM) $ 3.70 4.58%
dogwifcoin
dogwifhat (WIF) $ 3.33 4.53%
filecoin
Filecoin (FIL) $ 5.53 15.32%
cosmos
Cosmos Hub (ATOM) $ 8.33 13.23%
celestia
Celestia (TIA) $ 7.29 31.62%