Newell Rubbermaid returns to 4Q profit
Newell Rubbermaid returned to a profitable fourth quarter on cost cuts and higher prices for its household products, and the company said it gained market share in the majority of its businesses.
Revenue fell, however, with consumers pulling back on spending, and Newell said it expects to spend as much as $80 million for ongoing restructuring.
Newell earned $60.6 million in the fourth quarter, or 20 cents per share, compared with a loss of $256.1 million, or 92 cents per share last year.
However, both years included a significant number of one-time items.
Adjusting for those, the company's fourth-quarter profit amounted to 27 cents per share, compared to a year-ago adjusted profit of 11 cents per share.
Fourth-quarter revenue slipped 1 percent to $1.42 billion, down from $1.45 billion last year.
The maker of Rubbermaid storage products, Sharpie pens and Calphalon cookware said it earned $285.5 million, or 97 cents per share for the full year. Last year, it lost $52.3 million, or 18 cents per share.
However, adjusting for one-time items, the company's full-year profit amounted to $1.31 per share, up from an adjusted year-ago profit of $1.21 per share.
Full-year revenue fell 14 percent to $5.58 billion, down from $6.47 billion last year.
Newell Rubbermaid Inc. shares closed at $14.20 on Thursday.
Copyright 2010 AP News
