While reporting financial results for the third quarter on Friday, consumer goods company Newell Brands, Inc. (NWL) slashed its normalized earnings and sales growth guidance for the full-year 2023.
For fiscal 2023, the company now projects normalized earnings in a range of $0.72 to $0.77 per share on net sales between $8.02 billion to $8.09 billion, with core sales decline of about 13 percent.
Previously, the company expected normalized earnings in a range of $0.80 to $0.90 per share on net sales between $8.2 billion to $8.34 billion, with core sales decline of 12 to 10 percent.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.84 per share on revenues of $8.30 billion for the year. Analysts' estimates typically exclude special items.
For the fourth quarter, the company anticipates normalized earnings in a range of $0.15 to $0.20 per share on net sales between $1.96 billion to $2.03 billion, with core sales decline of 14 to 11 percent.
The Street is looking for earnings of $0.44 per share on revenues of $2.17 billion for the quarter.
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