Newell Rubbermaid reaffirms outlook
Newell Rubbermaid announced it will reaffirm its fiscal year 2013 outlook, as provided in its fourth quarter 2012 earnings press release dated Feb.1, 2013, during its presentation Thursday at the Consumer Analyst Group of New York (CAGNY) conference.
The company’s guidance and key assumptions for the full year 2013 are as follows:
- Core sales increase of 2% to 4%;
- Net sales are expected to grow 1% to 3%; and
- Normalized EPS growth of 5% to 8%, or $1.78 to $1.84.
The company’s 2013 normalized EPS expectation excludes between $90 million and $110 million of restructuring and restructuring-related costs associated with Project Renewal. (A reconciliation to normalized results is included below.)
The company said it is on track to realize cumulative annualized cost savings of approximately $270 million to $325 million by the second quarter of 2015 related to Project Renewal, with cumulative annualized savings of $90 million to $100 million expected by the first half of 2013. The company intends to reinvest the majority of Project Renewal savings in the business to strengthen brand building and selling capabilities and accelerate growth.