Sales up 1.6% at Newell Rubbermaid
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Atlanta-based Newell Rubbermaid’s fourth quarter sales increased 1.6% to $1.52 billion. For the full year, sales increased 0.6% to $5.90 billion.
“We are pleased with our quarterly and full year 2012 performance,” said president and CEO Michael Polk. “Our solid fourth-quarter financial results represent the sixth consecutive quarter of consistent delivery in line with or better than expectations.”
The Tools segment net sales for the fourth quarter were $209.5 million, a 3.6% increase compared with the prior-year quarter. Core sales in the segment increased 6.0%. The improved performance was driven by strong growth in emerging markets, particularly Latin America. Operating income in the Tools segment was $23.8 million, or 11.4% of sales, compared with $30.3 million, or 15.0% of sales, in the prior year.
Improved productivity was more than offset by unfavorable mix, inflation and ongoing investment in sales force expansion in Latin America and an increase in customer programs, the company said.
In addition to Rubbermaid, Newell Rubbermaid’s brands include Irwin, Lenox, Sharpie, Graco and Calphalon, to name a few.