UPDATE 2-Newell Brands cuts full-year forecast as it divests brands

(Adds full year- 2018 outlook, shares, details)

Aug 6 (Reuters) - Newell Brands Inc reported quarterly sales below Wall Street's estimates on Monday and cut its full-year forecast as the Sharpie pen maker streamlines its business by selling some of its brands.

Newell has been selling assets as part of plans to raise $10 billion following pressure from activist investors Carl Icahn and Starboard Value LP.

It has sold plastics packaging unit Waddington Group and Rawlings Sporting Goods and plans to sell Jostens and Pure Fishing brands.

"We continue to prioritize deleveraging.. While there is much more to do, we are acting decisively to make Newell Brands a simpler, faster and stronger company," Chief Executive Officer Michael Polk said.

As a result of the divestiture, second-quarter net sales declined 13 percent to $2.20 billion.

For the rest of the year, Newell expects net sales in the range of $8.70 billion to $9.00 billion, a drop from its previous forecast of $14.40 billion to $14.80 billion.

The company forecast adjusted profit in the range of $2.45 to $2.65 per share, from $2.65 to $2.85 per share.

Core sales growth, which includes the impact of discontinued operations for businesses divested in 2018, fell 8 percent to $3.73 billion, missing analysts estimate of $3.83 billion, according to Thomson Reuters I/B/E/S.

The decline was due to cut backs in inventory by retailers for its writing products and the bankruptcy of Babies R Us.

Sales at the company's Learning & Development division, which makes Graco car seats and Baby Jogger strollers and sharpie pens, posted a 15 percent drop in sales due to supply chain disruptions caused by the liquidation of Babies R Us stores in the U.S.

Excluding items, Newell earned 82 cents per share, topping analysts' average estimate of 77 cents.

Net income fell to $131.7 million, or 27 cents per share, in the second-quarter ended June 30, from $223 million, or 46 cents per share, a year earlier.

The company's shares were last up 0.6 percent at $26.74 in premarket trade. (Reporting by Nivedita Balu in Bengaluru; Editing by Shailesh Kuber)