Newell Rubbermaid attributes windfall Q3 income to sale of hardware unit
Newell Rubbermaid reported massive gains of 79% in net income for the third fiscal quarter of 2013, a momentary boom that the company attributed to the sale of its hardware business.
Newell sold the unit to Nova Capital for $214 million, before taxes, in September.
In addition to the income generated from the sale, the company also reported improved sales in North America and Latin America, with increased market share in baby and parenting products, home solutions and tools.
All in all, net income rose to $193.3 million, compared to $108.3 million the previous quarter. Revenue was up 2% to $1.49 billion.