Newell Rubbermaid reports ‘another very good quarter’

Net sales in the third quarter were $1.53 billion, up 3.4% from $1.48 billion in the prior year. Reported net income was $134.2 million, up 9.7% from $122.3 million in the prior year.

“We delivered another very good quarter with core sales growth of 5.9% driven by strengthened innovation, sustained high investment in our brands and outstanding commercial execution,” said Michael Polk, president and CEO. “We have delivered three consecutive quarters of very competitive results and our brand and innovation led operating model is working to accelerate growth while simultaneously expanding margins. In 2016, we expect to deliver another year of strong core sales and earnings growth, with core sales growth of 5% to 6% and normalized earnings per share of $2.35 to $2.44.”

Home Solutions net sales were $459.4 million, up 10.2% from the prior year, driven by the Contigo and bubba brand acquisitions and continued strong growth on Rubbermaid Food Storage, partially offset by a negative 180 basis point impact from foreign currency and a negative 30 basis point impact from the planned divestiture of the Décor business.

Tools net sales were $196.7 million, down 8.4% from the prior year, and Commercial Products net sales were $206.8 million, down 5.1% from the prior year.