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By Sam Boughedda
Investing.com — Shares of shopper items firm Inc (NASDAQ:) rose Friday following the corporate’s third-quarter earnings.
Newell reported a non-GAAP EPS of 54 cents, beating estimates by 4 cents, whereas income was reported at $2.79 billion, above the consensus of $2.78 billion.
The corporate’s shares have gained round 6.8%, to $23.25.
Chris Peterson, chief monetary officer and president, Enterprise Operations, stated: “Through the third quarter, robust operational supply, coupled with monetary self-discipline, enabled us to ship higher than anticipated working revenue and sustained progress on the money conversion cycle.”
Wanting forward, Newell raised its full-year internet gross sales outlook to $10.38 billion to $10.46 billion from its earlier vary of $10.1 billion to $10.35 billion. It additionally elevated its full-year outlook for normalized earnings per share to $1.69 to $1.73 from the earlier vary of $1.63 to $1.73.
“Whereas the exterior setting stays difficult and risky, robust year-to-date outcomes give us confidence to lift our prime and backside line outlooks for full 12 months 2021. We now forecast core gross sales progress of 10 to 11 p.c and normalized earnings per share of $1.69 to $1.73 in 2021,” added Peterson.
On October 20, Deutsche Financial institution analyst Steve Powers minimize his worth goal to $25 from $26, sustaining a maintain score.
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