Newell Brands Inc. shares NWL, -0.69% slid 1.5% in premarket trade Friday, after the parent of brands including Sharpie, Papermate and Rubbermaid, beat earnings estimates for the fourth quarter but offered guidance that lagged consensus. The company posted net income of $127 million, or 30 cents a share, for the quarter, down from $794 million, or $1.87 a share, in the year-earlier period. Adjusted per-share earnings came to 56 cents, ahead of the 48 cents FactSet consensus. Sales rose 2.
689 billion from $2.624 billion, also ahead of the FactSet consensus of $2.615 billion. Chief Executive Ravi Saligram said growth in food, commercial and appliances and cookware business units offset writing softness caused by consumers being forced to stay at home during the coronavirus pandemic. The company is now expecting 2021 adjusted EPS to range from $1.55 to $1.65, which is below the FactSet consensus of $1.70. Shares have gained 32% in the last 12 months, while the S&P 500 SPX, +0.
SHARPIE DIPS AS WHITE HOUSE NO LONGER BUYS MILLIONS OF BOXES OF PRODUCT....