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Newell Rubbermaid Raises Profit Forecasts

Newell Rubbermaid raised its full-year and current-quarter earnings guidance Monday, after it resolved some tax matters that resulted in a benefit of about $39 million, or 14 cents a share in the current quarter.

The company said it now expects per-share earnings of 48 cents to 50 cents in the current quarter, which is the fiscal third quarter for Newell, excluding some restructuring costs and one-time tax items.

Analysts, on average, forecast earnings of 45 cents per share, according to Reuters Estimates.

Previously, during its second-quarter earnings report in July, the Atlanta-based consumer-products maker had forecast third-quarter earnings below analysts' estimates.

Newell also raised its third-quarter sales growth outlook to the high end of its prior range of 5 percent to 7 percent, citing strength in its Home & Family and Tools & Hardware segments, and a favorable foreign currency benefit.

For fiscal 2007, the maker of Sharpie markers and Rubbermaid storage containers raised per-share earnings outlook to between $1.74 and $1.78, from an earlier range of $1.73 to $1.78.

Analysts currently expect full-year earnings of $1.77 a share.