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4-Traders Homepage  >  Equities  >  Nyse  >  Newell Brands Inc    NWL

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Newell Brands Inc : Post Earnings Coverage as Newell Brands' Quarterly Sales Soared 148.4%; Raised Dividend by 21%

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05/24/2017 | 02:21pm CEST

Upcoming AWS Coverage on Clorox Post-Earnings Results

LONDON, UK / ACCESSWIRE / May 24, 2017 / Active Wall St. announces its post-earnings coverage on Newell Brands Inc. (NYSE: NWL). The Company released its first quarter fiscal 2017 financial results on May 08, 2017. The consumer products Company reported better than expected earnings and sales numbers. Register with us now for your free membership at:

http://www.activewallst.com/register/

One of Newell Brands' competitors within the Housewares & Accessories space, The Clorox Co. (NYSE: CLX), reported on May 03, 2017, its Q3 FY17 results and provided updates for FY17 outlook. AWS will be initiating a research report on Clorox in the coming days.

Today, AWS is promoting its earnings coverage on NWL; touching on CLX. Get our free coverage by signing up to:

http://www.activewallst.com/register/

Earnings Reviewed

For the quarter ended March 31, 2017, Newell Brands' net sales rocketed 148.4% to $3.27 billion compared with $1.31 billion in Q1 2016, due to the inclusion of the acquired Jarden business and competitive core sales growth, partially offset by divestitures of Décor and Tools. The Company's reported sales numbers came in ahead of analysts' consensus of $3.21 billion.

For Q1 2017, Newell Brands' reported gross margin was 34.2% compared with 38.5% in Q1 2016, as the benefits of synergies and productivity were more than offset by negative mix effects related to the Jarden transaction, input cost inflation, and the adverse impact of foreign currency. The Company's normalized gross margin was 34.5% for the reported quarter compared with 38.6% in the year ago same period.

Newell Brands' reported operating income was $156 million, or 4.8% of sales, for Q1 2017 compared with $125 million, or 9.5% of sales, in Q1 2016. The Company's normalized operating income was $348 million compared with $172 million in the year ago corresponding period. Newell Brands' normalized operating margin was 10.6% in Q1 2017 compared with 13.1% in Q1 2016, reflecting the negative mix effects related to the Jarden acquisition, increased investment in brand development, ecommerce and insights, and the negative impact from foreign currency.

For Q1 2017, Newell Brands reported net income of $639 million, or $1.31 per share, compared with net income of $40.5 million, or $0.15 per share, attributable to increased operating profits and a $784 million gain on the sale of its Tools business. The Company's normalized net income was $164 million, or $0.34 per share, for the reported quarter compared with $108 million, or $0.40 per share, in the prior year's same period. Newell Brands' earnings numbers surpassed Wall Street's estimates of $0.29 per share.

Operating Segment Results

During Q1 2017, Newell Brands' Live segment generated net sales of $1.1 billion, up 231.5% compared with sales of $322 million in Q1 2016. The segment's pro- forma core sales growth of 2.7% was driven by the Baby, Appliances, Food Storage, and Home Fragrance businesses, partially offset by softness in Cookware. Live segment's reported operating income was $57.6 million compared with $32.0 million in Q1 2016, while reported operating margin was 5.4% of sales in the reported quarter versus 9.9% of sales in the year ago comparable period. The division's normalized operating income was $81.0 million versus $32.0 million last year.

Newell Brands' Learn segment generated net sales surged 47.9% to $569 million in Q1 2017 compared with $385 million in Q1 2016. The segment's reported operating income was $88.2 million compared with $84.8 million in the year ago same period, while reported operating margin totaled 15.5% of sales compared with 22.0% in the prior year. The increase in reported results was primarily attributable to the contribution from and mix impact of Jostens as well as the negative margin mix effect of strong Elmer's sales within the Writing unit.

For Q1 2017, Newell Brands' Work segment generated net sales more than doubled by 128.5% to $614 million compared with $269 million in Q1 2016. The segment's reported operating income was $62.9 million in the reported quarter compared with $40.5 million in the prior year's same quarter, while reported operating margin was 10.2% of sales compared with 15.1% in the year ago corresponding quarter. Reported results versus prior year are primarily attributable to the contribution from and mix impact of certain legacy Jarden businesses, which was partially offset by the benefit of cost synergies and other savings.

Newell Brands Play segment recorded net sales of $628 million, an increase of 927.8% compared with net sales $61.1 million in Q1 2016. The segment's reported operating income was $56.3 million compared with an operating loss of $2.1 million in the prior year. Reported operating margin was 9.0% of sales versus a negative 3.4% in Q1 2016. The Play segment's normalized operating income was $66.8 million versus an operating loss of $2.1 million in the prior year and normalized operating margin was 10.6% of sales compared with a negative 3.4% last year.

Dividend Hike

In a separate press release on the same day, Newell Brands announced that its Board of Directors declared a 21% increase in its quarterly cash dividend, from $0.19 per share to $0.23 per share. The dividend is payable June 15, 2017, to common stockholders of record at the close of business on May 31, 2017.

Outlook

Newell Brands raised its normalized earnings per share outlook to $3.00 to $3.20 for FY17 compared with its previous guidance of $2.95 to $3.15. The Company still expects the previously communicated 2017 tax rate of about 23%, driven by a one-time very low rate likely realized in Q3 2017.

Stock Performance

At the closing bell, on Tuesday, May 23, 2017, Newell Brands' stock rose slightly by 0.09%, ending the trading session at $52.84. A total volume of 3.34 million shares were traded at the end of the day. In the last month and previous three months, shares of the Company have surged 10.08% and 11.83%, respectively. Moreover, the stock soared 18.34% since the start of the year. The Company's shares are trading at a PE ratio of 22.61 and have a dividend yield of 1.74%. At Tuesday's closing price, the stock's net capitalization stands at $25.59 billion.

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© Accesswire 2017
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Financials ($)
Sales 2017 14 755 M
EBIT 2017 2 443 M
Net income 2017 1 924 M
Debt 2017 9 128 M
Yield 2017 1,64%
P/E ratio 2017 12,88
P/E ratio 2018 15,53
EV / Sales 2017 2,35x
EV / Sales 2018 2,28x
Capitalization 25 513 M
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Consensus
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 58,7 $
Spread / Average Target 11%
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NameTitle
Michael B. Polk Chief Executive Officer & Director
Mark S. Tarchetti President
Michael T. Cowhig Non-Executive Chairman
William A. Burke Chief Operating Officer & Executive Vice President
Ralph J. Nicoletti Chief Financial Officer & Executive Vice President
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