Rubbermaid reports strong performance in 2010
Atlanta-based Newell Rubbermaid used the term "growth trifecta" to describe its 2010 performance -- strong sales, strong margins and strong earnings.
The company reported fourth quarter net income of $75.7 million, up 24.9% from $60.6 million reported for the same period last year.
Sales for the quarter ended Dec. 31 were $1.46 billion, up 3.4% from $1.42 billion reported for the same period in 2009.
For the full year, the company reported net income of $292.8 million, up 2.6% from $285.5 million reported in 2009.
Sales for 2010 were $5.75 billion, up 3.2% from $5.57 billion from last year.
Looking forward, the company expects core sales to increase 4% to 5% in 2011.
“As I look back on 2010, I think it’s most notable that we consistently grew core sales in a sluggish economy and delivered on all of our financial targets, while continuing to advance our long-term growth strategies,” said Mark Ketchum, president and CEO. “By staying focused on the drivers that are in our control, we have created our own momentum to deliver once again a full year of the growth trifecta – sales growth, gross margin expansion and normalized earnings growth.”