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Newell Rubbermaid raises low end of 2013 profit forecast

Friday, 26 Jul 2013 | 4:22 PM ET
Ty Wright | Bloomberg | Getty Images

Consumer products maker Newell Rubbermaid raised the low end of its full-year earnings forecast after reporting a better-than-expected quarter boosted by demand in Latin America and improved productivity.

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The company, which makes Sharpie pens and Rubbermaid storage containers, raised the lower end of its profit forecast for 2013 by 2 cents to a range of $1.80 to $1.84 per share.

"We are well positioned to accelerate core growth in the back half of the year fueled by new item launches in Commercial Products, Tools, Writing and Baby and strengthened brand investment," said chief executive Michael Polk.

For the second quarter, the company earned 50 cents per share excluding one-time items, 1 cent above the average analyst estimate.

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The company has been banking on fast-growing Latin America to offset challenges in crisis-ridden Europe and a slowdown in Asia. In May, it announced plans to sell its hardware and teaching aids businesses to boost overall productivity.

It completed the sale of its teaching aids business earlier this month.

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Net income in the quarter ended June fell 2 percent to $109.8 million, or 37 cents per share, from $111.8 million, or 38 cents per share, a year earlier.

Second-quarter sales rose 3.5 percent to $1.47 billion.

Analysts on average expected revenue of $1.47 billion, according to Thomson Reuters I/B/E/S.

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