- Newell Brands Inc (NASDAQ:NWL) reported first-quarter FY22 sales growth of 4.4%, to $2.39 billion, beating the consensus of $2.28 billion. Core sales grew 6.9%.
- The Commercial Solutions segment sales increased 8.3% Y/Y to $510 million, Home Appliances fell 5.8% to $340 million, Home Solutions declined 0.8% to $500 million, Learning & Development increased 5.3% to $650 million.
- Gross margin for the quarter declined 90 basis points Y/Y to 31%, and the gross profit increased 1.2% to $740 million.
- Operating margin expanded 70 basis points to 9.1%, and operating income for the quarter rose 13% to $217 million.
- The company held $344 million in cash and equivalents as of March 31, 2022.
- Adjusted EPS of $0.36 beat the analyst consensus of $0.27.
- Outlook: Newell sees Q2 sales of $2.52 billion - $2.57 billion, above the consensus of $2.43 billion.
- It expects Q2 EPS of $0.45 - $0.48, below the consensus of $0.50.
- NWL reaffirmed the FY22 outlook, with sales of $9.93 billion - $10.13 billion versus the Street view of $10.12 billion.
- It expects FY22 EPS of $1.85 - $1.93, against the consensus of $1.90.
- Price Action: NWL shares traded higher by 2.74% at $23.66 on the last check Friday.
