Newell Brands Inc (NWL)

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As a JAH shareholder, now NWL. Looks like even greater potential ahead.

[Drmicrocap]

Newell Brands Announces Strong First Quarter Results
Accelerated Growth and Earnings Momentum
Jarden Transaction Completed
Provides 2016 Newell Brands Guidance
First Quarter 2016 Executive Summary
5.6 percent core sales growth, with core growth in all five business segments and all four regions; 4.0 percent net sales growth to $1.31 billion compared to $1.26 billion in the prior year
100 basis point increase in normalized operating margin compared to the prior year, while simultaneously increasing advertising and promotion investment by 40 basis points; 170 basis point increase in reported operating margin compared to the prior year
$0.40 normalized earnings per share compared to $0.36 in the prior year, an 11.1 percent increase despite a negative impact from foreign currency of $0.04 per share; normalized earnings per share increased 17.6 percent excluding the prior year $0.02 contribution from Venezuelan operations
$0.15 reported earnings per share compared to $0.20 in the prior year, a 25.0 percent decline attributable to interest and other expenses incurred in connection with the Jarden Corporation (“Jarden”) transaction, including costs associated with $8 billion in notes placed prior to the closing of the transaction on April 15, 2016
Operating cash flow was a use of $270.9 million compared to a use of $154.3 million in the prior year reflecting divestiture-related tax payments, Jarden transaction-related payments and an increase in annual incentive compensation payments related to strong 2015 results
Successfully completed $8 billion public debt offering with weighted average effective interest rate of 4.38% and weighted average maturity of 12.8 years
Newell Brands’ guidance for the twelve months ending December 31, 2016 is 3 to 4 percent core sales growth and normalized EPS of $2.75 to $2.90 at a full year weighted average diluted share count of approximately 430 million shares
Business Wire Newell Brands Inc.
7 hours ago
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ATLANTA--(BUSINESS WIRE)--

Newell Brands Inc. (NWL) announced its first quarter 2016 financial results today.

“We are extremely pleased with our growth and financial results this quarter,” said Newell Brands Chief Executive Officer Michael Polk. “The Newell playbook, which couples increased innovation activity together with increased brand investment, delivered 5.6 percent core sales growth as we continue to win market share, particularly in our fastest growing channels. Simultaneously, we increased operating margins and drove over eleven percent normalized EPS growth. Importantly, our performance was broad-based with core sales growth in all five business segments and in all four regions."

“We delivered these strong results while completing the most transformative transaction in our history. The new Newell Brands more than doubles our size in key strategic retailers, channels and geographies. We expect scale to enable accelerated growth over time through broadened channel cross-sell, accelerated international deployment and strengthened category leadership as we extend the best capabilities from both companies across the full portfolio. Our growth acceleration will be fueled by working to make the new company leaner and more efficient and by focusing our investments on the businesses with the greatest potential. We expect to unlock the financial capacity for growth and margin development through delivery of at least $500 million in cost synergies and $300 million in Project Renewal savings over the next three to four years. We remain fully committed and are on track to reach our target leverage ratio of 3.0 to 3.5 times within two to three years. With the transaction now complete, we have begun our work and are energized by this unique opportunity to create extraordinary value for our shareholders through the creation of Newell Brands.”

First Quarter 2016 Operating Results

Core sales grew 5.6 percent, with growth in all five segments and all four regions.

Net sales grew 4.0 percent to $1.31 billion compared with $1.26 billion in the prior year. Net sales benefited from a 240 basis point net contribution from acquisitions and planned and completed divestitures, but were adversely affected by a 230 basis point negative impact from foreign currency and a 170 basis point negative impact from the deconsolidation of Venezuelan operations as of December 31, 2015.

Normalized gross margin was 38.6 percent, a 20 basis point decline versus prior year, as the negative impact of foreign currency, mix from the deconsolidation of Venezuela, and mix from acquisitions was only partially offset by the benefits of productivity, input cost deflation and pricing.

Reported gross margin was 38.5 percent compared with 38.6 percent in the prior year.

First quarter normalized operating margin increased 100 basis points to 13.1 percent of sales, despite a 40 basis point increase in advertising and promotion investment. Normalized operating income increased 12.6 percent to $171.8 million compared with $152.6 million in the prior year.

Reported operating margin increased 170 basis points to 9.5 percent of sales. Operating income increased 27.7 percent to $125.4 million compared with $98.2 million in the prior year.

The normalized tax rate was 27.2 percent, unchanged from the prior year. The reported tax rate for the quarter was 21.9 percent, compared with 27.9 percent in the prior year.

Normalized net income increased 11.0 percent to $107.7 million compared with $97.0 million in the prior year. Normalized diluted earnings per share increased 11.1 percent to $0.40 compared with $0.36 in the prior year. The improvement in normalized diluted earnings per share was attributable to increased core sales, strong operating margin improvement as a result of reduced overhead expenses and the positive impact of fewer outstanding shares, which more than offset an increase in advertising and promotion support, negative foreign currency impact and the absence of income from Venezuelan operations.

Reported net income decreased 25.1 percent to $40.5 million compared with $54.1 million in the prior year. Reported diluted earnings per share decreased 25.0 percent to $0.15 compared with $0.20 in the prior year. In addition to the factors cited in the explanation of normalized diluted earnings per share, reported diluted earnings per share were negatively impacted by $49.9 million in interest expense and other acquisition-related costs incurred prior to the closing of the Jarden acquisition offset by lower restructuring and other Project Renewal costs.

Operating cash flow was a use of $270.9 million compared with a use of $154.3 million in the prior year period, reflecting a $58.0 million tax payment associated with the gain on the sale of Endicia, a $92.1 million payment associated with pre-issuance interest rate hedge positions taken in advance of the company’s recent $8 billion public debt placement, $12.0 million of payments for acquisition and integration related fees and $31.8 million in higher management incentive payments for strong 2015 performance, which were partially offset by the absence of the prior year voluntary pension contribution of $70 million.

A reconciliation of the “as reported” results to “normalized” results is included in the appendix.

First Quarter 2016 Operating Segment Results

Writing net sales increased 10.8 percent to $378.8 million, with strong core sales growth and the benefit of the Elmer’s acquisition partially offset by the deconsolidation of Venezuelan operations and negative impact of foreign currency. Writing core sales increased 8.8 percent, driven by double-digit core growth in North America and Latin America attributable to strong innovation, including the North American launch of Paper Mate InkJoy Gel Pens, increased advertising and promotion support and pricing. Normalized operating income was $86.2 million compared with $83.0 million in the prior year. Normalized operating margin was 22.8 percent compared with 24.3 percent in the prior year as pricing, productivity and cost management were more than offset by increased advertising and promotion spending and the negative mix impact of both the deconsolidation of Venezuela and the Elmer’s acquisition.

Home Solutions net sales increased 2.1 percent to $372.1 million. Core sales increased 3.6 percent, attributable to continued strong Beverage growth and the introduction of Rubbermaid FreshWorks and Rubbermaid Fasten&Go, partially offset by continued contraction of the lower margin Rubbermaid Consumer Storage business. Normalized operating income was $38.0 million versus $38.6 million in the prior year. Normalized operating margin was 10.2 percent of sales compared to 10.6 percent in the prior year as the positive mix effect of Rubbermaid Food Storage and input cost deflation were more than offset by higher advertising and promotion expenses to support new product launches.

Tools net sales declined 0.4 percent to $179.7 million, driven by a 440 basis point negative impact due to foreign currency. Core sales grew 4.0 percent with strong growth in North America, Europe and Asia Pacific partially offset by continued weakness in Brazil. Normalized operating income was $19.4 million versus $22.2 million in the prior year. Normalized operating margin was 10.8 percent of sales compared with 12.3 percent of sales in the prior year. The normalized operating margin contraction was primarily driven by continuing growth- and negative foreign currency- related challenges in Brazil partially offset by productivity and pricing.

Commercial Products net sales declined 5.8 percent to $174.5 million, driven by the divestiture of the Rubbermaid medical cart business in August 2015 and the negative impact of foreign currency. Core sales increased 0.9 percent due primarily to good growth in EMEA offset by timing-related declines in North America. Normalized operating income was $22.6 million compared to $17.6 million in the prior year. Normalized operating margin was 13.0 percent of sales compared with 9.5 percent of sales in the prior year. The increase in normalized operating margin reflects the benefits of productivity, pricing and input cost deflation.

Baby & Parenting net sales increased 9.2 percent to $209.8 million. Core sales grew 9.3 percent, driven by strong car seat and mobility innovation by Graco, Aprica and Baby Jogger. Normalized operating income was $23.1 million compared to $12.3 million in the prior year. Normalized operating margin was 11.0 percent of sales compared with 6.4 percent of sales in the prior year. The normalized operating margin improvement was due to strong volume growth, the positive product mix effect of Baby Jogger and Aprica growth and the timing of advertising and promotion spending in support of innovation.

Outlook for the Twelve Months Ending December 31, 2016

Newell Brands provided 2016 full year core sales growth and normalized EPS guidance metrics to reflect the Jarden transaction that was completed on April 15, 2016. The company currently projects financial metrics as follows:


2016 Full Year Guidance

Core sales growth 3.0% to 4.0%

Normalized EPS $2.75 to $2.90

As of April 15, 2016, Newell Brands core sales will include pro forma core sales associated with the Jarden transaction as if the combination occurred April 15, 2015. Core sales excludes the impact of foreign currency, all acquisitions until their first anniversary and all planned and completed divestitures (which includes the deconsolidation of Venezuela), but includes the negative impact of planned product line exits. The company’s core sales growth guidance assumes legacy Newell Rubbermaid core sales growth of 4 to 5 percent and legacy Jarden core sales growth of 2 to 4 percent, which includes the negative impact of planned product line exits. Jarden core sales growth of 2 to 4 percent is roughly in line with Jarden’s pre-transaction long term “organic growth” target of 3 to 5 percent. Newell Brands expects to exit product lines with annual sales of $250 million to $300 million across both legacy businesses over the next two to three years.

For the full year 2016, Newell Brands expects normalized EPS of $2.75 to $2.90 assuming a 2016 weighted average diluted share count of approximately 430 million shares. The company’s normalized EPS guidance range assumes a share count for Newell Brands of approximately 497 million shares from April 15, 2016 onward, which given the transaction completion date will result in Newell Brands 2016 full year weighted average diluted share count of approximately 430 million shares. Beginning with the second quarter of 2016, the company will exclude the amortization of intangible assets associated with acquisitions (including the Jarden acquisition) from its calculation of normalized EPS. The company expects the effective tax rate for 2016 to be 29 to 30 percent.

Conference Call

The company’s first quarter 2016 earnings conference call will be held today, April 29, 2016, at 8:30 a.m. ET. A link to the webcast is provided under Events & Presentations in the Investor Relations section of Newell Brands’ website at www.newellbrands.com. A webcast replay and a supporting slide presentation will be made available in the Investor Relations section on the company’s website under Quarterly Earnings.

Non-GAAP Financial Measures

This release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission and includes a reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP.

The company uses certain non-GAAP financial measures that are included in this press release and the additional financial information both in explaining its results to stockholders and the investment community and in its internal evaluation and management of its businesses. The company’s management believes that these non-GAAP financial measures and the information they provide are useful to investors since these measures (a) permit investors to view the company’s performance using the same tools that management uses to evaluate the company’s past performance, reportable business segments and prospects for future performance and (b) determine certain elements of management’s incentive compensation.

The company’s management believes that core sales provides a more complete understanding of underlying sales trends by providing sales on a consistent basis as it excludes the impacts of acquisitions (other than the Jarden acquisition, which will be included in core sales on a pro forma basis starting in the second quarter of 2016), planned or completed divestitures, the deconsolidation of the company’s Venezuelan operations and changes in foreign currency from year-over-year comparisons. As reflected in the Currency Analysis, the effect of foreign currency on reported sales is determined by applying a fixed exchange rate, calculated as the 12-month average in the prior year, to the current and prior year local currency sales amounts (excluding acquisitions and planned and completed divestitures), with the difference in these two amounts being the increase or decrease in core sales, and the difference between the change in as reported sales and the change in constant currency sales reported as the currency impact. The company’s management believes that “normalized” gross margin, “normalized” SG&A expense, “normalized” operating income, “normalized” earnings per share, “normalized” interest and “normalized” tax rates, which exclude restructuring and other expenses and one-time and other events such as costs related to certain product recalls, the extinguishment of debt, certain tax benefits and charges, impairment charges, pension settlement charges, discontinued operations, costs related to the acquisition, integration and financing of acquired businesses, amortization of intangible assets associated with acquisitions (beginning in the second quarter of 2016), advisory costs for process transformation and optimization initiatives, costs of personnel dedicated to integration activities and transformation initiatives under Project Renewal and certain other items, are useful because they provide investors with a meaningful perspective on the current underlying performance of the company’s core ongoing operations.

The company determines the tax effect of the items excluded from normalized diluted earnings per share by applying the estimated effective rate for the applicable jurisdiction in which the pre-tax items were incurred, and for which realization of the resulting tax benefit, if any, is expected. In certain situations in which an item excluded from normalized results impacts income tax expense, the company uses a “with” and “without” approach to determine normalized income tax expense.

While the company believes that these non-GAAP financial measures are useful in evaluating the company’s performance, this information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies.

About Newell Brands

Newell Brands (NWL) is a leading global consumer goods company with a strong portfolio of well-known brands, including Paper Mate®, Sharpie®, Dymo®, EXPO®, Parker®, Elmer’s®, Coleman®, Jostens®, Marmot®, Rawlings®, Irwin®, Lenox®, Oster®, Sunbeam®, FoodSaver®, Mr. Coffee®, Rubbermaid Commercial Products®, Graco®, Baby Jogger®, NUK®, Calphalon®, Rubbermaid®, Contigo®, First Alert®, Waddington and Yankee Candle®. Driven by a sharp focus on the consumer, leading investment in innovation and brands, and a performance-driven culture, Newell Brands helps consumers achieve more where they live, learn, work and play.

This press release and additional information about Newell Brands are available on the company’s website, www.newellbrands.com.

Caution Concerning Forward-Looking Statements

Statements in this press release that are not historical in nature constitute forward-looking statements. These forward-looking statements relate to information or assumptions about the effects of sales, income, earnings per share, operating income, operating margin or gross margin improvements or declines, Project Renewal, capital and other expenditures, cash flow, dividends, restructuring and other project costs, costs and cost savings, inflation or deflation, particularly with respect to commodities such as oil and resin, debt ratings, changes in exchange rates, expected benefits and financial results from the Jarden transaction and other recently completed acquisitions and planned divestitures and management's plans, projections and objectives for future operations and performance. These statements are accompanied by words such as "anticipate," "expect," "project," "will," "believe," "estimate" and similar expressions. Actual results could differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, our dependence on the strength of retail, commercial and industrial sectors of the economy in light of the continuation or escalation of the global economic slowdown or regional sovereign debt issues; currency fluctuations; competition with other manufacturers and distributors of consumer products; major retailers' strong bargaining power and consolidation of our retail customers; changes in the prices of raw materials and sourced products and our ability to obtain raw materials and sourced products in a timely manner from suppliers; our ability to develop innovative new products and to develop, maintain and strengthen our end-user brands, including the ability to realize anticipated benefits of increased advertising and promotion spend; product liability, product recalls or regulatory actions; our ability to expeditiously close facilities and move operations while managing foreign regulations and other impediments; a failure of one of our key information technology systems or related controls; our ability to attract, retain and motivate key employees; future events that could adversely affect the value of our assets and require impairment charges; our ability to improve productivity and streamline operations; changes to our credit ratings; significant increases in the funding obligations related to our pension plans due to declining asset values, declining interest rates or otherwise; the imposition of tax liabilities greater than our provisions for such matters; the risks inherent in our foreign operations, including exchange controls and pricing restrictions; our ability to complete planned divestitures; our ability to successfully integrate acquired businesses, including the recently acquired Jarden business; our ability to realize the expected benefits and financial results from our recently acquired businesses and planned divestitures; and those factors listed in our most recently filed Annual Report on Form 10-K filed with the Securities and Exchange Commission. Changes in such assumptions or factors could produce significantly different results. The information contained in this news release is as of the date indicated. The company assumes no obligation to update any forward-looking statements contained in this news release as a result of new information or future events or developments.


Newell Brands Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in millions, except per share data)



Three Months Ended March 31,
YOY
2016 2015 % Change

Net sales $ 1,314.9 $ 1,264.0 4.0 %
Cost of products sold 809.3 776.5

GROSS MARGIN 505.6 487.5 3.7 %
% of sales 38.5 % 38.6 %

Selling, general & administrative expenses
362.5 362.0 0.1 %
% of sales 27.6 % 28.6 %

Restructuring costs 17.7 27.3

OPERATING INCOME 125.4 98.2 27.7 %
% of sales 9.5 % 7.8 %

Nonoperating expenses:
Interest expense, net 29.4 19.2
Loss on termination of credit facility 45.9 -
Other (income) expense, net (1.5 ) 0.1
73.8 19.3 282.4 %

INCOME BEFORE INCOME TAXES 51.6 78.9 (34.6 )%
% of sales 3.9 % 6.2 %

Income taxes 11.3 22.0 (48.6 )%
Effective rate 21.9 % 27.9 %

NET INCOME FROM CONTINUING OPERATIONS 40.3 56.9 (29.2 )%
% of sales 3.1 % 4.5 %

Income (loss) from discontinued operations, net of tax 0.2 (2.8 )

NET INCOME $ 40.5 $ 54.1 (25.1 )%
3.1 % 4.3 %

EARNINGS PER SHARE:
Basic
Income from continuing operations $ 0.15 $ 0.21
Income (loss) from discontinued operations $ - $ (0.01 )
Net income $ 0.15 $ 0.20

Diluted
Income from continuing operations $ 0.15 $ 0.21
Income (loss) from discontinued operations $ - $ (0.01 )
Net income $ 0.15 $ 0.20

AVERAGE SHARES OUTSTANDING:
Basic 268.7 270.5
Diluted 270.1 272.7


Newell Brands Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions)

March 31, March 31,
Assets: 2016 2015

Cash and cash equivalents $ 8,180.9 $ 215.4
Accounts receivable, net 1,187.7 1,053.2
Inventories, net 875.2 852.3
Prepaid expenses and other 146.0 179.2
Assets held for sale 102.8 -

Total Current Assets 10,492.6 2,300.1

Property, plant and equipment, net 624.5 563.3
Goodwill 2,801.6 2,474.6
Other intangible assets, net 1,085.9 877.2
Other assets 331.9 268.7

Total Assets $ 15,336.5 $ 6,483.9

Liabilities and Stockholders' Equity:

Accounts payable $ 660.8 $ 615.6
Accrued compensation 98.7 99.8
Other accrued liabilities 613.2 586.3
Short-term debt 762.8 733.9
Current portion of long-term debt 5.9 6.5
Liabilities held for sale 44.7 -

Total Current Liabilities 2,186.1 2,042.1

Long-term debt 10,619.1
2,078.7
Deferred income taxes 203.9 127.9
Other noncurrent liabilities 548.7 536.2

Stockholders' Equity - Parent 1,775.2 1,695.5
Stockholders' Equity - Noncontrolling Interests 3.5 3.5

Total Stockholders' Equity 1,778.7 1,699.0

Total Liabilities and Stockholders' Equity $ 15,336.5 $
6,483.9


Newell Brands Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in millions)

Three Months Ended March 31,
2016 2015
Operating Activities:
Net income $ 40.5 $ 54.1
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization 42.8 42.2
Net gain from sale of discontinued operations, including impairments (0.9 ) -
Loss on termination of credit facility 45.9 -
Non-cash restructuring costs 0.3 -
Deferred income taxes 7.0 17.9
Stock-based compensation expense 9.9 6.8
Other, net 4.8 5.5
Changes in operating assets and liabilities, excluding the effects of acquisitions and divestitures:
Accounts receivable 69.7 170.0
Inventories (141.5 ) (164.8 )
Accounts payable 11.1 (38.7 )
Accrued liabilities and other (360.5 ) (247.3 )
Net cash used in operating activities $ (270.9 ) $ (154.3 )

Investing Activities:
Proceeds from sale of discontinued operations and noncurrent assets $ 2.6 $ 4.0
Acquisitions and acquisition-related activity (21.0 ) (2.0 )
Capital expenditures (51.6 ) (50.9 )
Other - (0.2 )
Net cash used in investing activities $ (70.0 ) $ (49.1 )

Financing Activities:
Net short-term borrowings $ 378.7 $ 343.4
Proceeds from issuance of debt, net of debt issuance costs 7,931.2 -
Repurchase and retirement of shares of common stock - (73.6 )
Cash dividends (53.3 ) (53.2 )
Excess tax benefits related to stock-based compensation 9.5 15.2
Equity compensation activity and other (18.0 ) (13.6 )
Net cash provided by financing activities $ 8,248.1 $ 218.2

Currency rate effect on cash and cash equivalents $ (1.1 ) $ 1.2

Increase in cash and cash equivalents $ 7,906.1 $ 16.0
Cash and cash equivalents at beginning of period 274.8 199.4
Cash and cash equivalents at end of period $ 8,180.9 $ 215.4


Newell Brands Inc.
Financial Worksheet - Segment Reporting
(In Millions)

2016 2015
Reconciliation (1,2,3) Reconciliation (1,2,4,5) Year-over-year changes
Reported Excluded Normalized Operating Reported Excluded Normalized Operating Net Sales Normalized OI
Net Sales OI Items OI Margin Net Sales OI Items OI Margin $ % $ %
Q1:
Writing $ 378.8 $ 83.8 $ 2.4 $ 86.2 22.8 % $ 341.8 $ 82.4 $ 0.6 $ 83.0 24.3 % $ 37.0 10.8 % $ 3.2 3.9 %
Home Solutions 372.1 36.1 1.9 38.0 10.2 % 364.5 38.5 0.1 38.6 10.6 % 7.6 2.1 % (0.6 ) (1.6 )%
Tools 179.7 18.7 0.7 19.4 10.8 % 180.4 22.2 - 22.2 12.3 % (0.7 ) (0.4 )% (2.8 ) (12.6 )%
Commercial Products 174.5 22.4 0.2 22.6 13.0 % 185.2 17.0 0.6 17.6 9.5 % (10.7 ) (5.8 )% 5.0 28.4 %
Baby & Parenting 209.8 23.1 - 23.1 11.0 % 192.1 0.5 11.8 12.3 6.4 % 17.7 9.2 % 10.8 87.8 %
Restructuring Costs - (17.7 ) 17.7 - - (27.3 ) 27.3 - - -
Corporate - (41.0 ) 23.5 (17.5 ) - (35.1 ) 14.0 (21.1 ) - 3.6 17.1 %
Total $ 1,314.9 $ 125.4 $ 46.4 $ 171.8 13.1 % $ 1,264.0 $ 98.2 $ 54.4 $ 152.6 12.1 % $ 50.9 4.0 % $ 19.2 12.6 %

(1) Excluded items include project-related costs and restructuring costs associated with Project Renewal. Project-related costs of $15.0 million and $11.1 million of restructuring costs incurred during 2016 relate to Project Renewal. For 2015, project-related costs of $14.9 million and restructuring costs of $27.3 million relate to Project Renewal.

(2) Normalized operating income for 2016 excludes $6.6 million of integration-related restructuring costs associated with Ignite Holdings, LLC and Elmer's. Normalized operating income also excludes $12.7 million of acquisition and integration costs primarily associated with Jarden. Home Solutions normalized operating income for 2015 excludes $0.1 million of acquisition and integration costs associated with the acquisitions of Ignite Holdings, LLC and bubba brands, and Baby & Parenting normalized operating income for 2015 excludes $1.6 million of costs associated with the acquisition of Baby Jogger.

(3) Home Solutions normalized operating income for 2016 excludes $1.0 million of costs associated with the planned divestiture of Décor.

(4) Baby & Parenting normalized operating income for 2015 excludes charges of $10.2 million relating to the Graco product recall.

(5) Writing normalized operating income for 2015 excludes charges of $0.3 million associated with Venezuelan inventory resulting from changes in the exchange rate for the Venezuelan Bolivar.


Newell Brands Inc.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION
CERTAIN LINE ITEMS
(in millions, except per share data)

Three Months Ended March 31, 2016
GAAP Measure Project Renewal Costs (1) Acquisition Non-GAAP Measure
Advisory Personnel Other Restructuring Divestiture and integration Discontinued Percentage
Reported costs costs costs costs costs (2) costs (3) operations (4) Normalized* of Sales

Cost of products sold $ 809.3 $ (0.2 ) $ (1.5 ) $ (0.4 ) $ - $ - $ - $ - $ 807.2 61.4 %

Gross margin $ 505.6 $ 0.2 $ 1.5 $ 0.4 $ - $ - $ - $ - $ 507.7 38.6 %

Selling, general & administrative expenses $ 362.5 $ (5.1 ) $ (6.1 ) $ (1.7 ) $ - $ (1.0 ) $ (12.7 ) $ - $ 335.9 25.5 %

Operating income $ 125.4 $ 5.3 $ 7.6 $ 2.1 $ 11.1 $ 1.0 $ 19.3 $ - $ 171.8 13.1 %

Non-operating expenses $ 73.8 $ - $ - $ - $ - $ - $ (49.9 ) $ - $ 23.9

Income before income taxes $ 51.6 $ 5.3 $ 7.6 $ 2.1 $ 11.1 $ 1.0 $ 69.2 $ - $ 147.9

Income taxes (7) $ 11.3 $ 1.5 $ 2.2 $ 0.6 $ 4.2 $ 0.3 $ 20.1 $ - $ 40.2

Net income from continuing operations $ 40.3 $ 3.8 $ 5.4 $ 1.5 $ 6.9 $ 0.7 $ 49.1 $ - $ 107.7

Net income $ 40.5 $ 3.8 $ 5.4 $ 1.5 $ 6.9 $ 0.7 $ 49.1 $ (0.2 ) $ 107.7

Diluted earnings per share** $ 0.15 $ 0.01 $ 0.02 $ 0.01 $ 0.03 $ 0.00 $ 0.18 $ (0.00 ) $ 0.40


Three Months Ended March 31, 2015
GAAP Measure Project Renewal Costs (1) Inventory charge from Acquisition Non-GAAP Measure
Product Advisory Personnel Other Restructuring the devaluation of the and integration Discontinued Percentage
Reported recall costs (5) costs costs costs costs Venezuelan Bolivar (6) costs (3) operations (4) Normalized* of Sales

Cost of products sold $ 776.5 $ - $ - $ (0.2 ) $ (1.0 ) $ - $ (0.3 ) $ (1.5 ) $ - $ 773.5 61.2 %

Gross margin $ 487.5 $ - $ - $ 0.2 $ 1.0 $ - $ 0.3 $ 1.5 $ - $ 490.5 38.8 %

Selling, general & administrative expenses $ 362.0 $ (10.2 ) $ (10.6 ) $ (2.3 ) $ (0.8 ) $ - $ - $ (0.2 ) $ - $ 337.9 26.7 %

Operating income $ 98.2 $ 10.2 $ 10.6 $ 2.5 $ 1.8 $ 27.3 $ 0.3 $ 1.7 $ - $ 152.6 12.1 %

Income before income taxes $ 78.9 $ 10.2 $ 10.6 $ 2.5 $ 1.8 $ 27.3 $ 0.3 $ 1.7 $ - $ 133.3

Income taxes (7) $ 22.0 $ 3.3 $ 3.4 $ 0.8 $ 0.6 $ 5.5 $ 0.1 $ 0.6 $ - $ 36.3

Net income from continuing operations $ 56.9 $ 6.9 $ 7.2 $ 1.7 $ 1.2 $ 21.8 $ 0.2 $ 1.1 $ - $ 97.0

Net income $ 54.1 $ 6.9 $ 7.2 $ 1.7 $ 1.2 $ 21.8 $ 0.2 $ 1.1 $ 2.8 $ 97.0

Diluted earnings per share** $ 0.20 $ 0.03 $ 0.03 $ 0.01 $ 0.00 $ 0.08 $ 0.00 $ 0.00 $ 0.01 $ 0.36
.
* Normalized results are financial measures that are not in accordance with GAAP and exclude the above normalized adjustments. See below for a discussion of each of these adjustments.

**Totals may not add due to rounding.

(1) Costs associated with Project Renewal during the three months ended March 31, 2016 include $15.0 million of project-related costs and $11.1 million of restructuring costs. Project-related costs include advisory and consultancy costs, compensation and related costs of personnel dedicated to transformation projects, and other project-related costs. Costs associated with Project Renewal during the three months ended March 31, 2015 include $14.9 million of project-related costs and $27.3 million of restructuring costs.

(2) During the three months ended March 31, 2016, the Company recognized $1.0 million of costs associated with the planned divestiture of Décor.

(3) During the three months ended March 31, 2016, the Company incurred $19.3 million of costs (including $6.6 million of restructuring costs) associated with the acquisition and integration of Elmer's, Ignite Holdings, LLC, and Jarden. In addition, the Company recognized a $45.9 million loss associated with the termination of the Jarden Bridge Facility and $4.0 million of interest costs associated with borrowing arrangements for the Jarden transaction. During the three months ended March 31, 2015, the Company incurred $1.7 million of acquisition and integration costs associated with the acquisitions of Ignite Holdings, bubba brands and Baby Jogger.

(4) During the three months ended March 31, 2016, the Company recognized net income of $0.2 million in discontinued operations. During the three months ended March 31, 2015, the Company recognized a net loss of $2.8 million in discontinued operations, which primarily relates to the results of operations of Endicia and certain Culinary businesses.

(5) During the three months ended March 31, 2015, the Company recognized costs of $10.2 million associated with the Graco product recall.

(6) During the three months ended March 31, 2015, the Company recognized an increase of $0.3 million in cost of products sold resulting from increased costs of inventory due to changes in the exchange rate for the Venezuelan Bolivar.

(7) The Company determined the tax effect of the items excluded from normalized results by applying the estimated effective rate for the applicable jurisdiction in which the pre-tax items were incurred, and for which realization of the resulting tax benefit, if any, is expected. In certain situations in which an item excluded from normalized results impacts income tax expense, the Company uses a "with" and "without" approach to determine normalized income tax expense.


Newell Brands Inc.
Three Months Ended March 31, 2016
In Millions

Currency Analysis


By Segment

Net Sales, As Reported Core
Sales (1)
Year-Over-Year
Less Less Constant Inc. (Dec.) Excl.
Increase (Decrease)
Increase Planned Less 2016 Planned 2015 Currency Planned Divest. & Currency Excluding Including Currency Planned Core Sales
2016 2015 (Decrease) 2016 Divestitures (2) Acquisitions Core Sales 2015 Divestitures (2) Core Sales Inc. (Dec.) Acquisitions Impact Currency Currency Impact Acquisitions Divestitures (2) Growth (1)

Writing $ 378.8 $ 341.8 $ 37.0 $ 387.8 $ - $ 44.9 $ 342.9 $ 336.0 $ 20.9 $ 315.1 $ 51.8 $ 27.8 $ (14.8 ) 15.4 % 10.8 % (4.6 )% 13.4 % (6.8 )% 8.8 %
Home Solutions 372.1 364.5 7.6 374.6 74.6 - 300.0 363.6 74.1 289.5 11.0 10.5 (3.4 ) 3.0 % 2.1 % (0.9 )% 0.0 % (0.6 )% 3.6 %
Tools 179.7 180.4 (0.7 ) 183.6 - - 183.6 176.6 - 176.6 7.0 7.0 (7.7 ) 4.0 % (0.4 )% (4.4 )% 0.0 % 0.0 % 4.0 %
Commercial Products 174.5 185.2 (10.7 ) 176.0 - - 176.0 184.2 9.8 174.4 (8.2 ) 1.6 (2.5 ) (4.5 )% (5.8 )% (1.3 )% 0.0 % (5.4 )% 0.9 %
Baby & Parenting 209.8 192.1 17.7 209.2 - - 209.2 191.4 - 191.4 17.8 17.8 (0.1 ) 9.3 % 9.2 % (0.1 )% 0.0 % 0.0 % 9.3 %

Total Company $ 1,314.9 $ 1,264.0 $ 50.9 $ 1,331.2 $ 74.6 $ 44.9 $ 1,211.7 $ 1,251.8 $ 104.8 $ 1,147.0 $ 79.4 $ 64.7 $ (28.5 ) 6.3 % 4.0 % (2.3 )% 3.6 % (2.9 )% 5.6 %

Win Bigger Businesses Core Sales Growth (3) $ 708.7 $ 700.9 $ 7.8 $ 721.9 $ - $ - $ 721.9 $ 692.1 $ 20.2 $ 671.9 $ 29.8 $ 50.0 $ (22.0 ) 4.3 % 1.1 % (3.2 )% 0.0 % (3.1 )% 7.4 %


By Geography

United States $ 995.9 $ 917.2 $ 78.7 $ 995.9 $ 73.1 $ 41.1 $ 881.7 $ 917.2 $ 81.0 $ 836.2 $ 78.7 $ 45.5 $ - 8.6 % 8.6 % 0.0 % 4.5 % (1.3 )% 5.4 %
Canada 48.2 46.2 2.0 52.4 1.5 3.8 47.1 44.8 2.9 41.9 7.6 5.2 (5.6 ) 17.0 % 4.3 % (12.7 )% 8.5 % (3.9 )% 12.4 %
Total North America 1,044.1 963.4 80.7 1,048.3 74.6 44.9 928.8 962.0 83.9 878.1 86.3 50.7 (5.6 ) 9.0 % 8.4 % (0.6 )% 4.7 % (1.5 )% 5.8 %

Europe, Middle East and Africa 127.6 127.6 - 129.6 - - 129.6 125.1 - 125.1 4.5 4.5 (4.5 ) 3.6 % 0.0 % (3.6 )% 0.0 % 0.0 % 3.6 %
Latin America 55.8 89.4 (33.6 ) 65.3 - - 65.3 82.8 20.9 61.9 (17.5 ) 3.4 (16.1 ) (21.1 )% (37.6 )% (16.5 )% 0.0 % (26.6 )% 5.5 %
Asia Pacific 87.4 83.6 3.8 88.0 - - 88.0 81.9 - 81.9 6.1 6.1 (2.3 ) 7.4 % 4.5 % (2.9 )% 0.0 % (0.0 )% 7.4 %
Total International 270.8 300.6 (29.8 ) 282.9 - - 282.9 289.8 20.9 268.9 (6.9 ) 14.0 (22.9 ) (2.4 )% (9.9 )% (7.5 )% 0.0 % (7.6 )% 5.2 %

Total Company $ 1,314.9 $ 1,264.0 $ 50.9 $ 1,331.2 $ 74.6 $ 44.9 $ 1,211.7 $ 1,251.8 $ 104.8 $ 1,147.0 $ 79.4 $ 64.7 $ (28.5 ) 6.3 % 4.0 % (2.3 )% 3.6 % (2.9 )% 5.6 %

(1) "Core Sales" is determined by applying a fixed exchange rate, calculated as the 12-month average in 2015, to the current and prior year local currency sales amounts, with the difference between the change in "As Reported" sales and the change in "Core Sales" reported in the table as "Currency Impact". Core Sales Growth excludes the impact of currency, acquisitions and planned and actual divestitures from the period the intent to divest is determined through the date of sale.

(2) Actual and planned divestitures represent the Rubbermaid medical cart business, which the Company divested in August 2015; the Levolor and Kirsch window coverings brands ("Décor"), which the Company plans to divest in 2016; and, the Company's Venezuela operations, which the Company deconsolidated as of December 31, 2015.

(3) Win Bigger businesses include Writing & Creative Expression, which is included in the Writing segment, Tools, Commercial Products (excluding Medical) and Food & Beverage, which is included in the Home Solutions segment.


Legacy Newell Rubbermaid
Twelve Months Ended December 31, 2015
In Millions


Net Sales, As Reported Core
Sales (1)
Year-Over-Year
Less Less Constant Inc. (Dec.) Excl.
Increase (Decrease)
Increase Planned Less 2015 Planned 2014 Currency Planned Divest. & Currency Excluding Including Currency Planned Core Sales
2015 2014 (Decrease) 2015 Divestitures (2) Acquisitions Core Sales 2014 Divestitures (2) Core Sales Inc. (Dec.) Acquisitions Impact Currency Currency Impact Acquisitions Divestitures (2) Growth (1)

Total Company $ 5,915.7 $ 5,727.0 $ 188.7 $ 6,255.8 $ 178.1 $ 272.1 $ 5,805.6 $ 5,736.1 $ 233.1 $ 5,503.0 $ 519.7 $ 302.6 $ (331.0 ) 9.1 % 3.3 % (5.8 )% 4.7 % (1.1 )% 5.5 %

Total Company excl. Venezuela $ 5,787.1 $ 5,648.5 $ 138.6 $ 6,082.0 $ 178.1 $ 272.1 $ 5,631.8 $ 5,654.9 $ 233.1 $ 5,421.8 $ 427.1 $ 210.0 $ (288.5 ) 7.6 % 2.5 % (5.1 )% 4.8 % (1.1 )% 3.9 %

(1) "Core Sales" is determined by applying a fixed exchange rate, calculated as the 12-month average in 2014, to the current and prior year local currency sales amounts, with the difference between the change in "As Reported" sales and the change in "Core Sales" reported in the table as "Currency Impact". Core Sales Growth excludes the impact of currency, acquisitions and planned and actual divestitures from the period the intent to divest is determined through the date of sale.

(2) Actual and planned divestitures represent the Rubbermaid medical cart business on a year-to-date basis and Levolor and Kirsch window coverings brands ("Décor") for the third quarter and fourth quarter.


Newell Brands Inc.
Reconciliation of Normalized EPS Guidance
December 31, 2016

Year Ending
December 31, 2016
Diluted earnings per share $ 1.45 to $ 1.60
Project Renewal and Project Lean restructuring and other costs $ 0.35 to $ 0.45
Integration costs to drive synergies $ 0.10 to $ 0.15
Estimated gain on sale of Décor $ (0.25 ) to $ (0.35 )
Jarden transaction-related costs $ 0.20 to $ 0.30
Acquisition-related amortization* and inventory step-up $ 0.75 to $ 0.95
Normalized earnings per share $ 2.75 to $ 2.90
* Represents amortization of acquisition-related intangibles beginning in the second quarter of 2016.


Newell Brands Inc.
Reconciliation of Core Sales Growth
Year Ending December 31, 2016

Year Ending
December 31, 2016
Core Sales Growth, pro forma (1) 3.0 % to 4.0 %
Currency (1.0 %) to (2.0 %)
Acquisitions, net of divestitures (2) 6.0 % to 7.0 %
Venezuela deconsolidation (1.0 %)
Net Sales Growth, pro forma (1) 7.0 % to 8.0 %

(1) Pro forma as if the Jarden transaction was completed in April 2015.

(2) Acquisitions, net of divestitures represents estimated sales of The Waddington Group, Inc., Jostens, Inc. and Elmer's Products, Inc. until the one year anniversary of their respective dates of acquisition, net of the impacts of the divestiture of the Rubbermaid medical cart business in August 2015 and the planned divestiture of the Levolor and Kirsch window coverings brands ("Décor") in 2016.


View source version on businesswire.com: http://www.businesswire.com/news/home/20160429005229/en/

Contact:
Newell Brands Inc.
Investor Contact:
Nancy O’Donnell, [phone]
Vice President, Investor Relations
[e-mail]
or
Media Contacts :
Racquel White, [phone]
Vice President, Global Communications
[e-mail]
or
Weber Shandwick
Liz Cohen, [phone]
[e-mail]

[1center]

NWL..CC On going +6.15%

[Trueheart]

Cramer endorsed the merger.

Look out below.

Sell, sell, sell.

Trueheart

[1center]

So I guess I move in here $NWL from $JAH

[Trueheart]

New 52-week low for this growing company.

The share price is being punished in the downward tilt, IMO.

The Divvy is essentially 2% at this level.

Trueheart

[Drmicrocap]

Newell Rubbermaid Reports Strong Fourth Quarter Results
6.2% Core Sales Growth; 4.4% Core Sales Growth excluding Venezuela
Normalized EPS $0.56, a 14.3% Increase versus Prior Year
Net Sales Growth 2.3%; Reported EPS $0.05
Reaffirms 2016 Core Sales and Normalized EPS Outlook
Jarden Transaction on Track for Second Quarter Completion
Fourth Quarter Executive Summary
6.2 percent core sales growth, which excludes a 150 basis point net contribution from acquisitions and planned/completed divestitures and a 540 basis point negative impact from foreign currency; 2.3 percent net sales growth
4.4 percent core sales growth excluding contribution from operations in Venezuela
38.5 percent normalized gross margin, an 80 basis point improvement compared with the prior year; 38.3 percent reported gross margin
13.7 percent normalized operating margin, a 30 basis point improvement compared with the prior year; 6.5 percent reported operating margin
$0.56 normalized diluted earnings per share compared with $0.49 in the prior year, a 14.3 percent increase despite a $0.06 negative impact from foreign currency; $0.05 reported diluted earnings per share
Completed sale of Endicia for $209 million in net proceeds, resulting in an after tax gain of $96 million
Announced a definitive agreement to enter into a business combination with Jarden Corporation (“Jarden”) in a cash and equity transaction to create Newell Brands Inc., a $16 billion consumer goods company with a portfolio of powerful leading brands
Deconsolidated its Venezuelan operations as of December 31, 2015, resulting in an after tax charge of $165 million
Reaffirmed 2016 financial outlook for core sales growth of 4 to 5 percent and normalized EPS of $2.21 to $2.30
Business Wire Newell Rubbermaid Inc.
9 hours ago
????
ATLANTA--(BUSINESS WIRE)--

Newell Rubbermaid Inc. ( NWL ) announced its fourth quarter 2015 financial results today.

We have delivered another set of strong results for the fourth quarter. Core sales grew 6.2 percent, driven by strengthened innovation, increased brand support and excellent commercial execution, said Michael Polk, President and Chief Executive Officer. All five segments grew core sales, led by Writing growth of 12.5 percent, Baby growth of 10.2 percent, and Commercial Products growth of 5.8 percent. This strong performance, along with continued progress on margins, resulted in normalized earnings per share growth of over 14 percent. Our operating model is working and we enter 2016 with a clear line of sight to another year of strong core sales and earnings growth.

In December, we announced a definitive agreement to combine with Jarden Corporation, creating a $16 billion consumer goods company of leading brands that compete in large, growing and unconsolidated global markets. The combination will substantially scale our presence in key geographies, customers and channels, and is expected to deliver at least $500 million in cost synergies. The transaction is expected to be accretive to normalized earnings per share in year one, with strong double-digit accretion by year three. We are in the process of seeking the necessary regulatory approvals and securing permanent financing, and expect to complete the transaction in the second quarter.

Fourth Quarter 2015 Operating Results

Net sales in the fourth quarter were $1.56 billion compared with $1.53 billion in the prior year. Core sales grew 6.2 percent. Net sales growth includes a 150 basis point net contribution from acquisitions and planned/completed divestitures, and a negative 540 basis point impact from foreign currency.

Normalized gross margin expanded by 80 basis points to 38.5 percent, as benefits from productivity, pricing and favorable input costs more than offset the negative impacts of foreign currency.

Reported gross margin was 38.3 percent, a 70 basis point improvement versus prior year.

Normalized operating margin was 13.7 percent, a 30 basis point improvement compared with the prior year, despite a 70 basis point increase in advertising and promotion. Normalized operating income was $214.2 million compared with $204.6 million in the prior year period.

Fourth quarter reported operating margin was 6.5 percent and operating income was $101.9 million, compared with 7.4 percent and $113.5 million, respectively, in the prior year. Reported operating margin was negatively impacted by higher restructuring and other Project Renewal costs and transaction costs associated with the acquisition of Elmers Products (Elmers) and the agreement to combine with Jarden.

The normalized tax rate was 23.2 percent compared with 26.5 percent in the prior year. On a reported basis, a tax benefit of $13.1 million was recorded in the quarter compared with tax expense of $10.4 million in the prior year.

Normalized net income was $151.1 million compared with $135.3 million in the prior year. Normalized diluted earnings per share were $0.56, an increase of 14.3 percent versus $0.49 in the prior year, with the improvement primarily attributable to the increase in core sales, gross margin expansion, the positive impact of fewer outstanding shares and a lower normalized tax rate, which more than offset negative foreign currency impacts and higher advertising and promotion spend.

Reported net income was $13.2 million compared with $52.0 million in the prior year. Reported diluted earnings per share were $0.05 compared with $0.19 in the prior year. In addition to the factors cited above in the explanation of normalized diluted earnings per share, reported diluted earnings per share benefited from a net gain from the sale of the Endicia on-line postage business and the absence of last years loss on extinguishment of debt, and were negatively impacted by the Venezuela deconsolidation charge and higher restructuring and other Project Renewal transformation costs.

Operating cash flow was $277.7 million compared with $290.8 million in the prior year period.

A reconciliation of the as reported results to normalized results is included in the appendix.

Fourth Quarter 2015 Operating Segment Results

Writing net sales were $466.3 million, an 11.5 percent increase compared with the prior year. Core sales increased 12.5 percent driven by strong innovation, broadened distribution, positive pricing and increased marketing support. Normalized operating income was $105.7 million versus $103.2 million in the prior year. Normalized operating margin was 22.7 percent, compared with 24.7 percent in the prior year, as increased gross margin and reduced overheads were more than offset by increased advertising and promotion spend and negative foreign currency impacts.

Home Solutions net sales were $441.8 million, a 3.7 percent decline compared with prior year. Core sales increased 0.1 percent driven by double-digit Food & Beverage growth largely offset by the planned contraction of the lower margin Rubbermaid Consumer Storage business and a timing shift on Calphalon caused by the transition to new product offerings. Normalized operating income was $57.2 million versus $60.7 million in the prior year. Normalized operating margin was 12.9 percent, compared with 13.2 percent in the prior year, as pricing, input cost deflation and productivity were offset by higher advertising and promotion spend in support of new product launches.

Tools net sales were $207.7 million, an 8.6 percent decline compared with the prior year. Core sales increased 1.4 percent, driven by innovation in North America and strong commercial execution in Europe, largely offset by core sales declines in Brazil. Normalized operating income was $19.5 million compared with $21.5 million in the prior year. Normalized operating margin was 9.4 percent of sales, compared with 9.5 percent of sales in the prior year, as pricing and productivity were offset by the impact of negative foreign currency.

Commercial Products net sales were $207.1 million, a 2.8 percent decline compared with the prior year. Core sales increased 5.8 percent, driven by innovation and pricing in North America and Latin America. Normalized operating income was $27.5 million compared with $24.2 million in the prior year. Normalized operating margin was 13.3 percent, compared with 11.4 percent in the prior year, as pricing, productivity and input cost deflation more than offset the impact of negative foreign currency.

Baby & Parenting net sales were $237.9 million, a 13.9 percent increase compared with the prior year. Core sales grew 10.2 percent driven by strong innovation and marketing in the U.S. Normalized operating income was $27.8 million, compared with $17.3 million in the prior year. Normalized operating margin was 11.7 percent, compared with 8.3 percent in the prior year, as a result of favorable product mix and lower advertising and promotion investment.

Full Year Results

Net sales for the full year ended December 31, 2015 were $5.92 billion, an increase of 3.3 percent compared with $5.73 billion in the prior year. Core sales increased 5.5 percent, or 3.9 percent excluding the contribution from operations in Venezuela. Net sales growth includes a positive 360 basis point net impact from acquisitions and planned/completed divestitures, and a negative 580 basis point impact from foreign currency.

Normalized gross margin was 39.2 percent, an increase of 40 basis points versus the prior year.

Reported gross margin was 39.0 percent, a 50 basis point improvement versus prior year.

Normalized operating margin increased 50 basis points to 14.3 percent compared with 13.8 percent in the prior year. Normalized operating income was $848.6 million compared with $792.6 million in the prior year.

Reported operating margin was 10.2 percent compared with 10.6 percent in the prior year. Full year 2015 reported operating income was $601.4 million compared with $604.7 million in the prior year.

Normalized net income was $590.7 million compared to $557.8 million in the prior year. Normalized diluted earnings per share were $2.18 compared with $2.00 in the prior year, an increase of 9.0 percent despite a negative foreign currency impact of approximately 39 cents.

Reported net income was $350.0 million compared with $377.8 million in the prior year. Reported diluted earnings per share were $1.29 compared with $1.35 in the prior year.

Operating cash flow was $565.8 million compared with $634.1 million in the prior year, reflecting increased cash used for restructuring and other Project Renewal initiatives and a voluntary $70.0 million pension contribution in 2015.

A reconciliation of the as reported results to normalized results is included in the appendix.

Venezuela Update

At the end of 2015, the company deconsolidated the assets and liabilities of its Venezuelan business from the company's balance sheet and moved to the cost method of accounting for its operations in Venezuela. This change reflects the continued deterioration of conditions in the country, including availability of foreign exchange, and resulted in an after tax charge of $165.1 million in the fourth quarter of 2015. This charge includes the $74.7 million of net assets of the companys Venezuela subsidiary along with $58.3 million of Venezuela related assets held by other subsidiaries, resulting in $133.0 million of total charges associated with the deconsolidation of Venezuelas net assets. In addition, in accordance with applicable accounting standards for foreign currency and the transition to the cost method for Venezuela operations, the company was required to write-off the currency translation adjustment that arose prior to the application of hyperinflationary accounting in 2010 that was included in other comprehensive income in equity. The write-off of the currency translation adjustment resulted in a pre-tax charge of $39.7 million, which had no effect on net assets or total equity. Beginning in the first quarter of 2016, the company will no longer include the results of its Venezuelan business in its consolidated financial statements. The company has operated in Venezuela for decades and plans to continue to manufacture and sell products in Venezuela.

2016 Full Year Outlook

Newell Rubbermaid reaffirmed its 2016 core sales growth and normalized EPS guidance metrics excluding Venezuelan operations:

2016 Outlook

Core sales growth 4.0% to 5.0%

Currency (1.0%) to (2.0%)
Acquisitions net of divestitures (0.5%) to 0.5%
Net sales growth 2.5% to 3.5%

Normalized EPS $2.21 to $2.30

The company now expects foreign currency to have a negative impact of about $0.26 to $0.28 per diluted share on 2016 normalized EPS driven by the stronger U.S. dollar to most currencies. In this context, the 2016 normalized EPS guidance represents strong double-digit earnings growth on a currency neutral basis.

The 2016 normalized EPS guidance range excludes between $140 and $160 million of Project Renewal restructuring and other Project Renewal transformation costs. The 2016 normalized EPS guidance range also excludes acquisition and integration costs, which the company is unable to estimate at this time. A reconciliation of expected reported results to normalized results is included in the appendix.

Cumulative costs of Project Renewal are expected to be $690 to $725 million pretax, with cash costs of $645 to $675 million. Annualized savings from Project Renewal through the end of 2015 are $360 million. Project Renewal is expected to generate annualized cost savings of approximately $620 to $675 million by the end of 2017. The majority of these savings will be reinvested in new capabilities and incremental brand building investment for accelerated growth in the companys home markets and the geographic deployment of its Win Bigger portfolio into the faster growing emerging markets.

The companys 2016 guidance includes the impact of the Elmers operations and assumes disposal of the Décor business in the second quarter, but excludes any impact from the Jarden transaction. The 2016 normalized EPS guidance also does not include the companys Venezuela operations, which contributed $0.15 of normalized EPS in 2015. Guidance will be updated for the Jarden transaction closer to the expected closing of the transaction.

Conference Call

The companys fourth quarter 2015 earnings conference call will be held today, January 29, 2016, at 8:30 a.m. ET. A link to the webcast is provided under Events & Presentations in the Investor Relations section of Newell Rubbermaids Web site at www.newellrubbermaid.com . A webcast replay and a supporting slide presentation will be made available in the Investor Relations section on the companys Web site under Quarterly Earnings.

Non-GAAP Financial Measures

This release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission and includes a reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP. The company uses certain non-GAAP financial measures that are included in this press release and the additional financial information both in explaining its results to stockholders and the investment community and in its internal evaluation and management of its businesses. The companys management believes that these non-GAAP financial measures and the information they provide are useful to investors since these measures (a) permit investors to view the companys performance using the same tools that management uses to evaluate the companys past performance, reportable business segments and prospects for future performance and (b) determine certain elements of managements incentive compensation.

The companys management believes that core sales provides a more complete understanding of underlying sales trends by providing sales on a consistent basis as it excludes the impacts of acquisitions, planned and completed divestitures and changes in foreign currency from year-over-year comparisons. As reflected in the Currency Analysis, the effect of foreign currency on reported sales is determined by applying a fixed exchange rate, calculated as the 12-month average in the prior year, to the current and prior year local currency sales amounts (excluding acquisitions and planned and completed divestitures), with the difference in these two amounts being the increase or decrease in core sales, and the difference between the change in as reported sales and the change in core sales reported as the currency impact. The companys management believes that normalized gross margin, normalized SG&A expense, normalized operating income, normalized earnings per share and normalized tax rates, which exclude restructuring and other expenses and one-time and other events such as costs related to product recalls, the extinguishment of debt, certain tax benefits and charges, impairment charges, pension settlement charges, discontinued operations, costs related to the acquisition and integration of acquired businesses, advisory costs for process transformation and optimization initiatives, certain foreign currency impacts, charges associated with the deconsolidation of operations and dedicated personnel and other costs related to transformation initiatives under Project Renewal , are useful because they provide investors with a meaningful perspective on the current underlying performance of the companys core ongoing operations. The company also uses core sales, normalized gross margin and normalized earnings per share as the three performance criteria in its management cash bonus plan, and the company uses core sales and normalized earnings per share as two of the three performance criteria in its performance-based equity compensation arrangements.

The company determines the tax effect of the items excluded from normalized diluted earnings per share by applying the estimated effective rate for the applicable jurisdiction in which the pre-tax items were incurred, and for which realization of the resulting tax benefit, if any, is expected. In certain situations in which an item excluded from normalized results impacts income tax expense, the company uses a with and without approach to determine normalized income tax expense.

While the company believes that these non-GAAP financial measures are useful in evaluating the companys performance, this information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies.

About Newell Rubbermaid

Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of consumer and commercial products with 2015 sales of $5.9 billion and a strong portfolio of leading brands, including Sharpie®, Paper Mate®, Elmers®, Irwin®, Lenox®, Rubbermaid Commercial Products®, Contigo®, Rubbermaid®, Calphalon®, Goody®, Graco®, Aprica®, Baby Jogger®, Dymo®, Parker® and Waterman®. As part of the companys Growth Game Plan, Newell Rubbermaid is making sharper portfolio choices and investing in new marketing and innovation to accelerate performance.

This press release and additional information about Newell Rubbermaid are available on the companys Web site, www.newellrubbermaid.com .

Caution Concerning Forward-Looking Statements

Statements in this press release that are not historical in nature constitute forward-looking statements. These forward-looking statements relate to information or assumptions about the effects of sales, income/(loss), earnings per share, operating income, operating margin or gross margin improvements or declines, Project Renewal, capital and other expenditures, cash flow, dividends, restructuring and other project costs, costs and cost savings, inflation or deflation, particularly with respect to commodities such as oil and resin, debt ratings, changes in exchange rates, product recalls, expected benefits, synergies and financial results from recently completed acquisitions and planned acquisitions and divestitures and management's plans, projections and objectives for future operations and performance. These statements are accompanied by words such as "anticipate," "expect," "project," "will," "believe," "estimate" and similar expressions. Actual results could differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, our dependence on the strength of retail, commercial and industrial sectors of the economy in light of the continuation or escalation of the global economic slowdown or regional sovereign debt issues; currency fluctuations; competition with other manufacturers and distributors of consumer products; major retailers' strong bargaining power and consolidation of our retail customers; changes in the prices of raw materials and sourced products and our ability to obtain raw materials and sourced products in a timely manner from suppliers; our ability to develop innovative new products and to develop, maintain and strengthen our end-user brands, including the ability to realize anticipated benefits of increased advertising and promotion spend; product liability, product recalls or regulatory actions; our ability to expeditiously close facilities and move operations while managing foreign regulations and other impediments; a failure of one of our key information technology systems or related controls; the potential inability to attract, retain and motivate key employees; future events that could adversely affect the value of our assets and require impairment charges; our ability to improve productivity and streamline operations; changes to our credit ratings; significant increases in the funding obligations related to our pension plans due to declining asset values, declining interest rates or otherwise; the imposition of tax liabilities greater than our provisions for such matters; the risks inherent in our foreign operations, including exchange controls and pricing restrictions; our ability to realize the expected benefits, synergies and financial results from our recently acquired businesses and pending acquisitions; our inability to obtain stockholder or domestic and foreign regulatory approvals required to complete planned acquisitions and divestitures; failure to satisfy a condition to closing of planned acquisitions and divestitures; our ability to complete planned acquisitions and divestitures; difficulties or high costs associated with securing financing necessary to pay the cash portion of the merger consideration contemplated by the pending Jarden transaction; risks related to the substantial indebtedness that Newell Rubbermaid will incur in connection with the pending Jarden transaction and our ability to maintain our investment grade credit ratings; difficulties integrating our business with Jarden and unexpected costs or expenses associated with the pending Jarden transaction; and those factors listed in our most recently filed Quarterly Report on Form 10-Q and Exhibit 99.1 thereto filed with the Securities and Exchange Commission. Changes in such assumptions or factors could produce significantly different results. The information contained in this news release is as of the date indicated. The company assumes no obligation to update any forward-looking statements contained in this news release as a result of new information or future events or developments.

Additional Information and Where to Find it

In connection with the pending Jarden transaction, Newell Rubbermaid and Jarden have filed a registration statement on Form S-4 that includes the Joint Proxy Statement of Newell Rubbermaid and Jarden and that also constitutes a prospectus of Newell Rubbermaid. Newell Rubbermaid and Jarden plan to mail to their respective shareholders the Joint Proxy Statement/Prospectus in connection with the pending Jarden transaction. WE URGE INVESTORS AND SHAREHOLDERS TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT NEWELL RUBBERMAID, JARDEN, AND THE PENDING JARDEN TRANSACTION. Investors and shareholders are able to obtain copies of the Joint Proxy Statement/Prospectus and other documents filed with the SEC by Newell Rubbermaid and Jarden free of charge at the SECs website, www.sec.gov . In addition, investors and shareholders are able to obtain free copies of the Joint Proxy Statement/Prospectus and other documents filed with the SEC by Newell Rubbermaid by accessing Newell Rubbermaids website at www.newellrubbermaid.com by clicking on the Investor Relations link and then clicking on the SEC Filings link or by contacting Newell Rubbermaid Investor Relations at [e-mail] or by calling 1-800-424-1941. Shareholders may also read and copy any reports, statements and other information filed by Newell Rubbermaid or Jarden with the SEC, at the SEC public reference room at 100 F Street, N.E., Washington D.C. 20549. Please call the SEC at 1-800-SEC-0330 or visit the SECs website for further information on its public reference room.

Participants in the Merger Solicitation

Newell Rubbermaid, Jarden and certain of their respective directors, executive officers and other persons may be considered participants in the solicitation of proxies from the respective shareholders of Newell Rubbermaid and Jarden in respect of the proposed combination contemplated by the Joint Proxy Statement/Prospectus. Information regarding Newell Rubbermaids directors and executive officers is available in Newell Rubbermaids Form 10-K filed with the SEC on March 2, 2015, its proxy statement filed with the SEC on April 1, 2015 in connection with its 2015 annual meeting of stockholders and its Forms 8-K filed with the SEC on February 12, 2015, May 19, 2015, October 9, 2015, November 16, 2015, December 14, 2015 and December 29, 2015. Information regarding Jardens directors and executive officers is available in Jardens Form 10-K filed with the SEC on March 2, 2015, its proxy statement filed with the SEC on April 20, 2015 in connection with its 2015 annual meeting of stockholders and its Forms 8-K filed with the SEC on January 5, 2015, June 9, 2015, December 17, 2015 and January 7, 2016. Other information regarding persons who may be considered participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, are contained in the Joint Proxy Statement/Prospectus and other relevant materials filed with the SEC.

Newell Rubbermaid Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in millions, except per share data)



Three Months Ended December 31,
YOY
2015 2014 % Change

Net sales $ 1,560.8 $ 1,526.0 2.3 %
Cost of products sold 963.6 951.9

GROSS MARGIN 597.2 574.1 4.0 %
% of sales 38.3 % 37.6 %

Selling, general &
administrative expenses 427.6 385.6 10.9 %
% of sales 27.4 % 25.3 %

Pension settlement charge 52.1 65.4
Restructuring costs 15.6 9.6

OPERATING INCOME 101.9 113.5 (10.2 )%
% of sales 6.5 % 7.4 %

Nonoperating expenses:
Interest expense, net 25.1 16.7
Loss on extinguishment of debt - 33.2
Venezuela deconsolidation charge 172.7 -
Other (income) expense, net (3.1 ) 3.9
194.7 53.8
NMF


(LOSS) INCOME BEFORE INCOME TAXES (92.8 ) 59.7
NMF

% of sales (5.9 )% 3.9 %

Income taxes (13.1 ) 10.4
NMF

Effective rate 14.1 % 17.4 %

NET (LOSS) INCOME FROM CONTINUING OPERATIONS (79.7 ) 49.3
NMF

% of sales (5.1 )% 3.2 %

Income from discontinued operations, net of tax 92.9 2.7

NET INCOME $ 13.2 $ 52.0 (74.6 )%
0.8 % 3.4 %

EARNINGS PER SHARE:
Basic
(Loss) income from continuing operations $ (0.30 ) $ 0.18
Income from discontinued operations $ 0.35 $ 0.01
Net income $ 0.05 $ 0.19

Diluted
(Loss) income from continuing operations $ (0.30 ) $ 0.18
Income from discontinued operations $ 0.35 $ 0.01
Net income $ 0.05 $ 0.19

AVERAGE SHARES OUTSTANDING:
Basic 268.1 272.7
Diluted 268.1 275.6

NMF - Not meaningful

Newell Rubbermaid Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in millions, except per share data)



Year Ended December 31,
YOY
2015 2014 % Change

Net sales $ 5,915.7 $ 5,727.0 3.3 %
Cost of products sold 3,611.1 3,523.6

GROSS MARGIN 2,304.6 2,203.4 4.6 %
% of sales 39.0 % 38.5 %

Selling, general &
administrative expenses 1,573.9 1,480.5 6.3 %
% of sales 26.6 % 25.9 %

Pension settlement charge 52.1 65.4
Restructuring costs 77.2 52.8

OPERATING INCOME 601.4 604.7 (0.5 )%
% of sales 10.2 % 10.6 %

Nonoperating expenses:
Interest expense, net 79.9 60.4
Loss on extinguishment of debt - 33.2
Venezuela deconsolidation charge 172.7 -
Other expense, net 11.3 49.0
263.9 142.6 85.1 %

INCOME BEFORE INCOME TAXES 337.5 462.1 (27.0 )%
% of sales 5.7 % 8.1 %

Income taxes 78.2 89.1 (12.2 )%
Effective rate 23.2 % 19.3 %

NET INCOME FROM CONTINUING OPERATIONS 259.3 373.0 (30.5 )%
% of sales 4.4 % 6.5 %

Income from discontinued operations, net of tax 90.7 4.8

NET INCOME $ 350.0 $ 377.8 (7.4 )%
5.9 % 6.6 %

EARNINGS PER SHARE:
Basic
Income from continuing operations $ 0.96 $ 1.35
Income from discontinued operations $ 0.34 $ 0.02
Net income $ 1.30 $ 1.37

Diluted
Income from continuing operations $ 0.96 $ 1.34
Income from discontinued operations $ 0.33 $ 0.02
Net income $ 1.29 $ 1.35

AVERAGE SHARES OUTSTANDING:
Basic 269.3 276.1
Diluted 271.5 278.9

Newell Rubbermaid Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions)

December 31, December 31,
Assets: 2015 2014

Cash and cash equivalents $ 274.8 $ 199.4
Accounts receivable, net 1,250.7 1,248.2
Inventories, net 721.8 708.5
Prepaid expenses and other 147.8 136.1
Assets held for sale 98.4 -

Total Current Assets 2,493.5 2,292.2

Property, plant and equipment, net 599.2 559.1
Goodwill 2,791.2 2,546.0
Other intangible assets, net 1,063.7 887.2
Deferred income taxes 38.5 21.1
Other assets 291.9 240.7

Total Assets $ 7,278.0 $ 6,546.3

Liabilities and Stockholders' Equity:

Accounts payable $ 644.5 $ 674.1
Accrued compensation 185.2 159.9
Other accrued liabilities 730.1 657.2
Short-term debt 382.9 390.7
Current portion of long-term debt 5.9 6.7
Liabilities held for sale 40.0 -

Total Current Liabilities 1,988.6 1,888.6

Long-term debt 2,687.6 2,084.5
Deferred income taxes 226.6 87.7
Other noncurrent liabilities 548.8 630.6

Stockholders' Equity - Parent 1,822.9 1,851.4
Stockholders' Equity - Noncontrolling Interests 3.5 3.5

Total Stockholders' Equity 1,826.4 1,854.9

Total Liabilities and Stockholders' Equity $ 7,278.0 $ 6,546.3

Newell Rubbermaid Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in millions)

Year Ended December 31,
2015 2014
Operating Activities:
Net income $ 350.0 $ 377.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 171.6 156.1
Net gain from sale of discontinued operations, including impairments (154.2 ) (2.2 )
Loss on extinguishments of debt - 33.2
Non-cash restructuring costs 6.7 7.2
Deferred income taxes (12.8 ) 39.3
Stock-based compensation expense 29.2 29.9
Pension settlement charge 52.1 65.4
Venezuela deconsolidation charge 172.7 -
Other, net 32.5 69.1
Changes in operating assets and liabilities, excluding the effects of acquisitions and divestitures:
Accounts receivable (42.5 ) (140.9 )
Inventories (97.8 ) (28.2 )
Accounts payable 20.3 87.3
Accrued liabilities and other 38.0 (59.9 )
Net cash provided by operating activities $ 565.8 $ 634.1

Investing Activities:
Proceeds from sale of divested businesses and fixed assets $ 214.8 $ 19.0
Capital expenditures
(211.4
) (161.9 )
Acquisitions and acquisition-related activity
(573.7
) (602.3 )
Cash related to deconsolidated Venezuela operations (97.5 )

-
Other 17.9 (6.7 )
Net cash used in investing activities $ (649.9 ) $ (751.9 )

Financing Activities:
Net short-term borrowings and related issuance costs $ (57.0 ) $ 217.3
Proceeds from issuance of debt, net of debt issuance costs 594.6 841.8
Payments on debt - (465.2 )
Repurchase and retirement of shares of common stock (180.4 ) (363.2 )
Cash dividends (206.3 ) (182.5 )
Excess tax benefits related to stock-based compensation 27.1 10.6
Other stock-based compensation activity, net (5.7 ) 60.2
Net cash provided by financing activities $ 172.3 $ 119.0

Currency rate effect on cash and cash equivalents $ (12.8 ) $ (28.1 )

Increase (decrease) in cash and cash equivalents $ 75.4 $ (26.9 )
Cash and cash equivalents at beginning of year 199.4 226.3
Cash and cash equivalents at end of year $ 274.8 $ 199.4

null
Newell Rubbermaid Inc.
Financial Worksheet- Segment Reporting
(In Millions)

2015 2014
Reconciliation (1,2,3,4) Reconciliation (1,2) Year-over-year changes
Reported
OI
Excluded
Items Normalized
OI Operating
Margin Reported
OI Excluded
Items Normalized
OI Operating
Margin Net Sales Normalized OI
Net Sales Net Sales $ % $ %
Q1:
Writing $ 341.8 $ 82.4 $ 0.6 $ 83.0 24.3 % $ 348.2 $ 76.1 $ - $ 76.1 21.9 % $ (6.4 ) (1.8 )% $ 6.9 9.1 %
Home Solutions 364.5 38.5 0.1 38.6 10.6 % 316.4 26.8 - 26.8 8.5 % 48.1 15.2 % 11.8 44.0 %
Tools 180.4 22.2 - 22.2 12.3 % 187.8 21.4 - 21.4 11.4 % (7.4 ) (3.9 )% 0.8 3.7 %
Commercial Products 185.2 17.0 0.6 17.6 9.5 % 182.6 13.8 - 13.8 7.6 % 2.6 1.4 % 3.8 27.5 %
Baby & Parenting 192.1 0.5 11.8 12.3 6.4 % 179.3 5.4 11.0 16.4 9.1 % 12.8 7.1 % (4.1 ) (25.0 )%
Restructuring Costs - (27.3 ) 27.3 - - (12.0 ) 12.0 - - -
Corporate - (35.1 ) 14.0 (21.1 ) - (26.8 ) 7.7 (19.1 ) - (2.0 ) (10.5 )%
Total $ 1,264.0 $ 98.2 $ 54.4 $ 152.6 12.1 % $ 1,214.3 $ 104.7 $ 30.7 $ 135.4 11.2 % $ 49.7 4.1 % $ 17.2 12.7 %


2015 2014
Reconciliation (1,3,4) Reconciliation (1,2,3) Year-over-year changes
Reported
OI Excluded
Items Normalized
OI Operating
Margin Reported
OI Excluded
Items Normalized
OI Operating
Margin Net Sales Normalized OI
Net Sales Net Sales $ % $ %
Q2:
Writing $ 495.9 $ 132.5 $ 0.5 $ 133.0 26.8 % $ 489.3 $ 129.1 $ 4.0 $ 133.1 27.2 % $ 6.6 1.3 % $ (0.1 ) (0.1 )%
Home Solutions 438.5 68.7 1.2 69.9 15.9 % 383.4 48.7 - 48.7 12.7 % 55.1 14.4 % 21.2 43.5 %
Tools 205.2 23.4 - 23.4 11.4 % 222.3 29.9 - 29.9 13.5 % (17.1 ) (7.7 )% (6.5 ) (21.7 )%
Commercial Products 210.6 28.9 0.1 29.0 13.8 % 223.5 36.2 - 36.2 16.2 % (12.9 ) (5.8 )% (7.2 ) (19.9 )%
Baby & Parenting 210.7 16.7 0.1 16.8 8.0 % 183.7 12.2 0.4 12.6 6.9 % 27.0 14.7 % 4.2 33.3 %
Restructuring Costs - (13.3 ) 13.3 - - (11.5 ) 11.5 - - -
Corporate - (42.2 ) 19.5 (22.7 ) - (31.3 ) 10.5 (20.8 ) - (1.9 ) (9.1 )%
Total $ 1,560.9 $ 214.7 $ 34.7 $ 249.4 16.0 % $ 1,502.2 $ 213.3 $ 26.4 $ 239.7 16.0 % $ 58.7 3.9 % $ 9.7 4.0 %


2015 2014
Reconciliation (1,3,4)
Reconciliation (1,2,3,4)
Year-over-year changes
Reported
OI Excluded
Items Normalized
OI Operating
Margin Reported
OI Excluded
Items Normalized
OI Operating
Margin Net Sales Normalized OI
Net Sales Net Sales $ % $ %
Q3:
Writing $ 459.5 $ 114.1 $ 2.3 $ 116.4 25.3 % $ 453.2 $ 108.3 $ 1.1 $ 109.4 24.1 % $ 6.3 1.4 % $ 7.0 6.4 %
Home Solutions 459.4 76.0 0.5 76.5 16.7 % 417.0 60.9 3.1 64.0 15.3 % 42.4 10.2 % 12.5 19.5 %
Tools 196.7 20.5 - 20.5 10.4 % 214.8 22.1 1.4 23.5 10.9 % (18.1 ) (8.4 )% (3.0 ) (12.8 )%
Commercial Products 206.8 29.5 1.9 31.4 15.2 % 218.0 27.5 - 27.5 12.6 % (11.2 ) (5.1 )% 3.9 14.2 %
Baby & Parenting 207.6 10.2 - 10.2 4.9 % 181.5 8.2 2.4 10.6 5.8 % 26.1 14.4 % (0.4 ) (3.8 )%
Restructuring Costs - (21.0 ) 21.0 - - (19.7 ) 19.7 - - -
Corporate - (42.7 ) 20.1 (22.6 ) - (34.1 ) 12.0 (22.1 ) - (0.5 ) (2.3 )%
Total $ 1,530.0 $ 186.6 $ 45.8 $ 232.4 15.2 % $ 1,484.5 $ 173.2 $ 39.7 $ 212.9 14.3 % $ 45.5 3.1 % $ 19.5 9.2 %


2015 2014
Reconciliation (1,3,4,5,6) Reconciliation (1,2,3,4,6) Year-over-year changes
Reported
OI Excluded
Items Normalized
OI Operating
Margin Reported
OI Excluded
Items Normalized
OI Operating
Margin Net Sales Normalized OI
Net Sales Net Sales $ % $ %
Q4:
Writing $ 466.3 $ 101.8 $ 3.9 $ 105.7 22.7 % $ 418.2 $ 103.1 $ 0.1 $ 103.2 24.7 % $ 48.1 11.5 % $ 2.5 2.4 %
Home Solutions 441.8 55.2 2.0 57.2 12.9 % 458.6 59.6 1.1 60.7 13.2 % (16.8 ) (3.7 )% (3.5 ) (5.8 )%
Tools 207.7 19.0 0.5 19.5 9.4 % 227.3 21.2 0.3 21.5 9.5 % (19.6 ) (8.6 )% (2.0 ) (9.3 )%
Commercial Products 207.1 25.4 2.1 27.5 13.3 % 213.0 23.8 0.4 24.2 11.4 % (5.9 ) (2.8 )% 3.3 13.6 %
Baby & Parenting 237.9 27.8 - 27.8 11.7 % 208.9 14.8 2.5 17.3 8.3 % 29.0 13.9 % 10.5 60.7 %
Restructuring Costs - (15.6 ) 15.6 - - (9.6 ) 9.6 - - -
Corporate - (111.7 ) 88.2 (23.5 ) - (99.4 ) 77.1 (22.3 ) - (1.2 ) (5.4 )%
Total $ 1,560.8 $ 101.9 $ 112.3 $ 214.2 13.7 % $ 1,526.0 $ 113.5 $ 91.1 $ 204.6 13.4 % $ 34.8 2.3 % $ 9.6 4.7 %


2015 2014
Reconciliation (1,2,3,4,5,6) Reconciliation (1,2,3,4,6) Year-over-year changes
Reported
OI Excluded
Items Normalized
OI Operating
Margin Reported
OI Excluded
Items Normalized
OI Operating
Margin Net Sales Normalized OI
Net Sales Net Sales $ % $ %
FY:
Writing $ 1,763.5 $ 430.8 $ 7.3 $ 438.1 24.8 % $ 1,708.9 $ 416.6 $ 5.2 $ 421.8 24.7 % $ 54.6 3.2 % $ 16.3 3.9 %
Home Solutions 1,704.2 238.4 3.8 242.2 14.2 % 1,575.4 196.0 4.2 200.2 12.7 % 128.8 8.2 % 42.0 21.0 %
Tools 790.0 85.1 0.5 85.6 10.8 % 852.2 94.6 1.7 96.3 11.3 % (62.2 ) (7.3 )% (10.7 ) (11.1 )%
Commercial Products 809.7 100.8 4.7 105.5 13.0 % 837.1 101.3 0.4 101.7 12.1 % (27.4 ) (3.3 )% 3.8 3.7 %
Baby & Parenting 848.3 55.2 11.9 67.1 7.9 % 753.4 40.6 16.3 56.9 7.6 % 94.9 12.6 % 10.2 17.9 %
Restructuring Costs - (77.2 ) 77.2 - - (52.8 ) 52.8 - - -
Corporate - (231.7 ) 141.8 (89.9 ) - (191.6 ) 107.3 (84.3 ) - (5.6 ) (6.6 )%
Total $ 5,915.7 $ 601.4 $ 247.2 $ 848.6 14.3 % $ 5,727.0 $ 604.7 $ 187.9 $ 792.6 13.8 % $ 188.7 3.3 % $ 56.0 7.1 %


(1) Excluded items include project-related costs and restructuring costs associated with Project Renewal. Project-related costs of $89.9 million and $74.0 million of restructuring costs incurred during 2015 relate to Project Renewal. For 2014, project-related costs of $33.8 million and restructuring costs of $52.8 million relate to Project Renewal. Excluded items for 2014 also include $10.2 million of advisory costs for process transformation and optimization.

(2) Baby & Parenting normalized operating income for 2015 and 2014 excludes charges of $10.2 million and $15.0 million, respectively, relating to the Graco product recall.

(3) Writing normalized operating income for 2015 and 2014 excludes charges of $2.6 million and $5.2 million, respectively, associated with Venezuelan inventory resulting from changes in the exchange rate for the Venezuelan Bolivar.

(4) Home Solutions normalized operating income for 2015 excludes $1.3 million of operating costs associated with the acquisition and integration of Ignite Holdings, LLC and bubba brands, and Baby & Parenting normalized operating income for 2015 excludes $1.7 million of operating costs associated with the acquisition and integration of Baby Jogger. Restructuring costs excluded from normalized earnings include $3.2 million of costs associated with the integration of Ignite, bubba and Baby Jogger. Writing normalized operating income for 2015 excludes $1.2 million of acquisition and integration costs related to Elmer's. In addition, normalized operating income for 2015 excludes $10.8 million of acquisition costs related to the pending Jarden transaction. For 2014, Home Solutions normalized operating income excludes $4.2 million of acquisition and integration costs associated with the acquisitions of Ignite Holdings, LLC and bubba brands, and Baby & Parenting normalized operating income excludes $1.3 million of costs associated with the acquisition of Baby Jogger.

(5) Home Solutions normalized operating income for 2015 excludes $0.2 million of costs associated with the planned divestiture of Décor.

(6) Normalized operating income for 2015 and 2014 excludes $52.1 million and $65.4 million, respectively, of settlement charges associated with the settlement of U.S. pension liabilities for certain participants with plan assets.

...
Newell Rubbermaid Inc.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION
CERTAIN LINE ITEMS
(in millions, except per share data)

Three Months Ended December 31, 2015
GAAP Measure Project Renewal Costs (1)
Inventory charge from
the devaluation of the
Venezuelan Bolivar (2)
Acquisition
and integration
costs (3)
Pension
settlement
charge (5)
Net asset
charge-
Venezuela (7)
Currency
translation charge-
Venezuela (7)
Non-GAAP Measure
Advisory
Costs Personnel
Costs Other
Costs Restructuring
Costs Planned
divestiture (4)
Non-recurring
tax items (6)
Discontinued
operations (8) Percentage
of Sales
Reported Normalized*

Cost of products sold $ 963.6 $ - $ (1.5 ) $ (2.2 ) $ - $ (0.6 ) $ - $ - $ - $ - $ - $ - $ - $ 959.3 61.5 %

Gross margin $ 597.2 $ - $ 1.5 $ 2.2 $ - $ 0.6 $ - $ - $ - $ - $ - $ - $ - $ 601.5 38.5 %

Selling, general & administrative expenses $ 427.6 $ (10.3 ) $ (7.9 ) $ (10.2 ) $ - $ - $ (11.7 ) $ (0.2 ) $ - $ - $ - $ - $ - $ 387.3 24.8 %

Operating income $ 101.9 $ 10.3 $ 9.4 $ 12.4 $ 15.4 $ 0.6 $ 11.9 $ 0.2 $ 52.1 $ - $ - $ - $ - $ 214.2 13.7 %

Nonoperating expenses $ 194.7 $ - $ - $ - $ - $ - $ (4.5 ) $ - $ - $ - $ (133.0 ) $ (39.7 ) $ - $ 17.5

(Loss) income before income taxes $ (92.8 ) $ 10.3 $ 9.4 $ 12.4 $ 15.4 $ 0.6 $ 16.4 $ 0.2 $ 52.1 $ - $ 133.0 $ 39.7 $ - $ 196.7

Income taxes (12) $ (13.1 ) $ 4.4 $ 4.0 $ 5.4 $ 4.8 $ 0.4 $ 6.2 $ 0.1 $ 19.8 $ 6.0 $ (2.7 ) $ 10.3 $ - $ 45.6

Net (loss) income from continuing operations $ (79.7 ) $ 5.9 $ 5.4 $ 7.0 $ 10.6 $ 0.2 $ 10.2 $ 0.1 $ 32.3 $ (6.0 ) $ 135.7 $ 29.4 $ - $ 151.1

Net income $ 13.2 $ 5.9 $ 5.4 $ 7.0 $ 10.6 $ 0.2 $ 10.2 $ 0.1 $ 32.3 $ (6.0 ) $ 135.7 $ 29.4 $ (92.9 ) $ 151.1

Diluted earnings per share** $ 0.05 $ 0.02 $ 0.02 $ 0.03 $ 0.04 $ 0.00 $ 0.04 $ 0.00 $ 0.12 $ (0.02 ) $ 0.51 $ 0.11 $ (0.35 ) $ 0.56


Three Months Ended December 31, 2014
GAAP Measure
Restructuring and
restructuring-related
costs (1)
Inventory charge
from the devaluation of the
Venezuelan Bolivar (2)
Advisory costs for
process transformation
and optimization (10)
Acquisition
and integration
costs (3)
Pension
settlement
charge (5)
Loss on
extinguishment
of debt (11)
Non-GAAP Measure
Product
recall costs (9)
Discontinued
operations (8)
Percentage
of Sales
Reported Normalized*

Cost of products sold $ 951.9 $ (0.7 ) $ (0.5 ) $ (0.1 ) $ - $ - $ - $ - $ - $ 950.6 62.3 %

Gross margin $ 574.1 $ 0.7 $ 0.5 $ 0.1 $ - $ - $ - $ - $ - $ 575.4 37.7 %

Selling, general & administrative expenses $ 385.6 $ (0.5 ) $ (7.6 ) $ - $ (4.3 ) $ (2.4 ) $ - $ - $ - $ 370.8 24.3 %

Operating income $ 113.5 $ 1.2 $ 17.7 $ 0.1 $ 4.3 $ 2.4 $ 65.4 $ - $ - $ 204.6 13.4 %

Nonoperating expenses $ 53.8 $ - $ - $ - $ - $ - $ - $ (33.2 ) $ - $ 20.6

Income before income taxes $ 59.7 $ 1.2 $ 17.7 $ 0.1 $ 4.3 $ 2.4 $ 65.4 $ 33.2 $ - $ 184.0

Income taxes (12) $ 10.4 $ 0.4 $ 0.9 $ (0.9 ) $ 1.6 $ 0.9 $ 23.5 $ 11.9 $ - $ 48.7
Contact:
Newell Rubbermaid Inc.
Nancy O’Donnell, 770-418-7723
Vice President, Investor Relations
or
Racquel White, 770-418-7643
Vice President, Global Communications & Culture

[Drmicrocap]

Newell Rubbermaid and Jarden Corporation Announce Consumer Goods Combination with $16 Billion Revenue


- Strong portfolio of leading brands to be called Newell Brands

- Transaction expected to be immediately accretive to normalized EPS

- Substantial revenue synergies and $500 million cost synergies over four years

Executive Summary
• Jarden shareholders will receive, for each Jarden share, $21 in cash and 0.862 of a share in Newell Rubbermaid stock at closing; Newell Rubbermaid shareholders will own approximately 55 percent of the company after the transaction is complete
• Combination creates $16 billion consumer goods company with portfolio of power brands in large, growing and unconsolidated global markets
• Transaction expected to substantially scale presence in key retailers, channels, and geographies resulting in increased speed and impact of extended distribution, cross-sell, and market deployment
• Complementary portfolios expected to accelerate existing business plans and growth in Food & Beverage, Baby Products, Commercial Products, Kitchenware & Appliances
• Newell Brands expects to be a leader in innovation, brand building and best-in-class execution with an increased exposure to fast growing eCommerce channels and scaled presence in priority international markets
• $500 million in incremental cost synergies expected over the next four years; combination expected to be immediately accretive with strong double digit normalized earnings per share accretion post synergy realization
• Newell Brands expects to maintain investment grade rating due to the combined business’ strong cash generative profile and commitment to a target leverage ratio of 3.0 to 3.5 times following a temporary increase in leverage metrics
• Annualized dividend per share will be maintained at or above the current Newell Rubbermaid annualized level of $0.76 per share
• Annual adjusted EBITDA of over $3 billion post synergies creates long-term opportunity to strengthen the company further through active portfolio management
• Michael B. Polk, currently Chief Executive Officer of Newell Rubbermaid, to become Chief Executive Officer of Newell Brands. Mark S. Tarchetti, currently Chief Development Officer of Newell Rubbermaid, to become President of Newell Brands upon completion of the transaction
• Three Jarden Corporation Directors to join the Newell Brands Board of Directors, including Martin E. Franklin, Founder and Executive Chairman of Jarden, and Ian G. H. Ashken, Co-Founder, Vice Chairman and President of Jarden
• Michael T. Cowhig, currently non-executive Chairman of Newell Rubbermaid, to remain non-executive Chairman of thirteen member Newell Brands Board of Directors
• Investment community conference call to be held today at 8:00 a.m. ET



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ATLANTA & MIAMI--(BUSINESS WIRE)--







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Newell Rubbermaid (NWL) and Jarden Corporation (JAH) today announced that they have entered into a definitive agreement to combine the two companies. The transaction creates a $16 billion consumer goods company to be named Newell Brands, with a portfolio of leading brands in large unconsolidated categories, including Paper Mate®, Sharpie®, EXPO®, Parker®, Elmer’s®, Calphalon®, Rubbermaid®, Graco®, Baby Jogger®, Aprica®, Goody®, Irwin®, Lenox®, Rubbermaid Commercial Products®, Coleman®, First Alert®, FoodSaver®, Jostens®, K2®, NUK®, Oster®, Rawlings®, Sunbeam® and Yankee Candle®. The scaled enterprise is expected to accelerate profitable growth with leading brands that compete in a global market that exceeds $100 billion, with business and capability development supported by the efficiencies of this transformational combination.

This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20151214005428/en/

“The combination of these two great companies creates a $16 billion consumer goods company with incredible potential to grow and create value,” said Michael B. Polk, Newell Rubbermaid President and Chief Executive Officer. “The scale of our combined businesses in key categories, channels and geographies creates a much broader canvas on which to leverage our advantaged set of brand development and commercial capabilities for accelerated growth and margin expansion. I have long respected the value creation track record and entrepreneurial vision of Jarden’s founder, Martin E. Franklin, co-founder Ian G.H. Ashken, and their team led by Chief Executive Officer James E. Lillie. I want to congratulate Jim on his strong leadership of Jarden over the last twelve years and his work positioning the business for the opportunity ahead, and I look forward to working with Martin and Ian as we drive the new Newell Brands towards its aspiration of becoming one of the preeminent consumer goods companies in the world.”

Martin E. Franklin, Executive Chairman and Founder of Jarden, said, “I am delighted that we are to play a part in bringing together these two winning companies. The combination offers significant value for our shareholders and the opportunity to participate in the combined company’s long-term value creation potential as shareholders in Newell Brands. I’m extremely proud of Jarden’s success over the past 14 years, which has been driven by an extraordinary culture designed to perform at a high level. We have spent significant time with Newell Rubbermaid’s senior management team and are convinced they have a similar ambition and drive. I’m excited by the opportunities for this new combined organization and I look forward to being part of this dynamic new chapter.”

James E. Lillie, Chief Executive Officer of Jarden, added, “This combination is focused on driving shareholder value and accelerating the growth and profitability of both businesses. Together, the business can move faster, globally leveraging the expertise and ability of the dedicated and talented employee base. The combined scale of both businesses will create opportunities for shareholders, customers and employees as the two businesses are very complementary in vision and in their ability to execute. I unequivocally support Mike and the combined teams in executing against the opportunity before us.”

Transaction Summary

Under the terms of the agreement, Jarden shareholders will receive, for each Jarden share, $21 in cash and 0.862 shares of Newell Rubbermaid stock at closing. Based on Newell Rubbermaid’s closing share price as of December 11, 2015, the implied total consideration would be $60 per share, which represents a 24 percent premium to Jarden’s 30-day volume weighted average share price as of December 11, 2015.

The transaction will be funded by cash on hand, debt and equity issued to Jarden shareholders; convertible bondholders will be entitled to convert in exchange for the merger consideration in conjunction with the transaction. Newell Rubbermaid has obtained a committed bridge facility, which it expects to replace with permanent financing prior to closing. Newell Brands intends to maintain its investment grade credit rating by using strong cash flow from the combined company to prioritize debt reduction in the short term towards a target leverage ratio of 3.0 to 3.5 times. Newell Brands expects to achieve the target ratio within two to three years, while simultaneously maintaining or increasing its dividend per share.

Newell Rubbermaid anticipates incremental annualized cost synergies of approximately $500 million over four years, driven by efficiencies of scale and new efficiencies in procurement, cost to serve and infrastructure that the combination unlocks. The company’s intent is to design a benchmarked, efficient set of structures that support long term business development. The transaction is projected to be immediately accretive with strong double-digit normalized earnings per share accretion post synergy realization.

The acquisition is subject to approval by shareholders of both Newell Rubbermaid and Jarden Corporation, receipt of regulatory approvals and other customary closing conditions. The transaction is expected to close in the second quarter of 2016.

Management and Governance

Upon the closing of the transaction, Newell Brands will be led by Michael B. Polk as Chief Executive Officer.

The Newell Brands Board of Directors will be expanded to include three representatives of the Jarden Board, including Martin E. Franklin, Founder and Executive Chairman of Jarden and Ian G. H. Ashken, Co-Founder, Vice Chairman and President of Jarden. The new thirteen member Newell Brands Board will be chaired by current Newell Rubbermaid non-executive Chairman Michael Cowhig.




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Mark Tarchetti, currently Chief Development Officer, Newell Rubbermaid, will become the President of Newell Brands upon completion of the transaction, with an initial focus leading the integration of the companies, including synergy delivery, portfolio strategy and long-term business development plans such as accelerated market deployment of the brands at home and internationally. He will also be responsible for the creation of a number of enterprise-wide capabilities, including Design, Innovation, Insights, eCommerce, and Direct-to-Consumer commerce.

Bill Burke, currently Chief Operating Officer, Newell Rubbermaid, will lead the legacy Jarden business upon completion of the transaction, working closely with Richard Sansone, Jarden’s Executive Vice President of Operations and the senior leadership teams across the Jarden businesses to deliver the current business plans while working with Mark Tarchetti to insure the seamless transition of Jarden into Newell Brands.

“Given the magnitude of the opportunity ahead, I’m delighted that Bill and Mark will continue their partnership working with Rich and the great talent that Jarden brings to the combination. This is an important time, and the process of learning more about the brands, the people and the opportunities represented by the combined business is critical to realization of the full potential of the transformation,” said Polk.

As previously announced, Joe Arcuri will assume the role of Chief Commercial Officer, Newell Rubbermaid and Richard Davies will become Chief Development Officer, Newell Rubbermaid, both effective January 1, 2016. These leaders will ensure the development and full delivery of the existing Newell Rubbermaid business plan.

Additional executive roles will be announced at the completion of the proposed transaction.

Advisors

Goldman, Sachs & Co. served as lead financial advisor to Newell Rubbermaid and is providing committed financing for the transaction; Centerview Partners LLC acted as financial advisor to the Newell Rubbermaid Board of Directors. Jones Day and Simpson Thacher & Bartlett acted as legal counsel to Newell Rubbermaid.

Barclays acted as lead financial advisor with UBS Investment Bank also serving as financial advisor for Jarden; Greenberg Traurig LLP and Kane Kessler P.C. acted as legal counsel.

Investor Call Details

Newell Rubbermaid and Jarden will host a conference call with investors to discuss the announcement today, December 14, 2015, at 8:00 a.m. ET. A link to the listen-only webcast and a supporting slide presentation is provided under Events & Presentations in the Investor Relations section of Newell Rubbermaid’s Web site at www.newellrubbermaid.com and is similarly posted on Jarden’s Web site at www.jarden.com. A webcast replay will be made available in the Investor Relations section on both companies’ Web sites.

About Newell Rubbermaid

Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of consumer and commercial products with 2014 sales of $5.7 billion and a strong portfolio of leading brands, including Sharpie®, Paper Mate®, Elmer’s®, Irwin®, Lenox®, Rubbermaid Commercial Products®, Contigo®, Rubbermaid®, Calphalon®, Goody®, Graco®, Aprica®, Baby Jogger®, Dymo®, Parker® and Waterman®. As part of the company’s Growth Game Plan, Newell Rubbermaid is making sharper portfolio choices and investing in new marketing and innovation to accelerate performance.

This press release and additional information about Newell Rubbermaid are available on the company’s Web site, www.newellrubbermaid.com.

About Jarden Corporation

Jarden Corporation is a diversified, global consumer products company with a portfolio of over 120 trusted, authentic brands. Jarden's record of strong financial performance and organic growth is supported by a focused operating culture coupled with value enhancing acquisitions and shareholder focused capital allocation. Jarden operates in three primary business segments through a number of well recognized brands, including: Branded Consumables: Ball®, Bee®, Bernardin®, Bicycle®, Billy Boy®, Crawford®, Diamond®, Envirocooler®, Fiona®, First Alert®, First Essentials®, Hoyle®, Kerr®, Lehigh®, Lifoam®, Lillo®, Loew-Cornell®, Mapa®, Millefiori®, NUK®, Pine Mountain®, Quickie®, Spontex®, Tigex®, Waddington, Yankee Candle® and YOU®; Outdoor Solutions: Abu Garcia®, AeroBed®, Berkley®, Campingaz® and Coleman®, Dalbello®, ExOfficio®, Fenwick®, Greys®, Gulp!®, Hardy®, Invicta®, Jostens®, K2®, Marker®, Marmot®, Mitchell®, Neff®, PENN®, Rawlings®, Shakespeare®, Squadra®, Stearns®, Stren®, Trilene®, Volkl® and Zoot®; and Consumer Solutions: Bionaire®, Breville®, Cadence®, Crock-Pot®, FoodSaver®, Health o meter®, Holmes®, Mr. Coffee®, Oster®, Patton®, Rainbow®, Rival®, Seal-a-Meal®, Sunbeam®, VillaWare® and White Mountain®. Headquartered in Florida, Jarden ranks #348 on the Fortune 500 and has over 35,000 employees worldwide. For further information about Jarden, please visit www.jarden.com.

Caution Concerning Forward-Looking Statements

Statements in this news release that are not historical in nature constitute forward looking statements. These forward-looking statements relate to information or assumptions about the timing of completion of the proposed acquisition, the expected benefits of the proposed acquisition, management's plans, projections and objectives for future operations, scale and performance, integration plans and expected synergies therefrom, and anticipated future financial and operating performance results, including operating margin or gross margin capital and other expenditures, cash flow, dividends, restructuring and other project costs, costs and cost savings, and debt ratings. These statements are accompanied by words such as "anticipate," "expect," "project," "will," "believe," "estimate" and similar expressions. Such expectations are based upon certain preliminary information, internal estimates, and management assumptions, expectations, and plans, and are subject to a number of risks and uncertainties inherent in projecting future conditions, events, and results. Actual results could differ materially from those expressed or implied in the forward-looking statements if one or more of the underlying assumptions or expectations prove to be inaccurate or are unrealized. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; the risk that the necessary shareholder approvals may not be obtained; the risk that the necessary regulatory approvals may not be obtained or may be obtained subject to conditions that are not anticipated; the risk that the proposed acquisition will not be consummated in a timely manner; risks that any of the closing conditions to the proposed acquisition may not be satisfied or may not be satisfied in a timely manner; risks related to disruption of management time from ongoing business operations due to the proposed acquisition; the risk that Newell Rubbermaid is unable to retain its investment grade rating; failure to realize the benefits expected from the proposed acquisition; failure to promptly and effectively integrate the acquisition; and the effect of the announcement of the proposed acquisition on the ability of Newell Rubbermaid and Jarden to retain customers and retain and hire key personnel, maintain relationships with suppliers, on their operating results and businesses generally and those factors listed in Newell Rubbermaid’s most recently filed Quarterly Report on Form 10-Q and exhibit 99.1 thereto and Jarden’s most recent Annual Report on Form 10-K for the year ended December 31, 2014, in each case, filed with the Securities and Exchange Commission (“SEC”). Changes in such assumptions or factors could produce significantly different results. The information contained in this news release is as of the date indicated. Neither Newell Rubbermaid nor Jarden assumes any obligation to update any forward-looking statements contained in this news release as a result of new information or future events or developments.

Additional Information and Where to Find it

In connection with the proposed acquisition, Newell Rubbermaid and Jarden will file a registration statement on Form S-4 that will include the Joint Proxy Statement of Newell Rubbermaid and Jarden that also constitutes a prospectus of Newell Rubbermaid. Newell Rubbermaid and Jarden plan to mail to their respective shareholders the Joint Proxy Statement/Prospectus in connection with the acquisition. WE URGE INVESTORS AND SHAREHOLDERS TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT NEWELL RUBBERMAID, JARDEN, AND THE PROPOSED ACQUISITION. Investors and shareholders will be able to obtain copies of the Joint Proxy Statement/Prospectus and other documents filed with the SEC by Newell Rubbermaid and Jarden free of charge at the SEC’s website, www.sec.gov. In addition, investors and shareholders will be able to obtain free copies of the Joint Proxy Statement/Prospectus and other documents filed with the SEC by Newell Rubbermaid by accessing Newell Rubbermaid’s website at www.newellrubbermaid.com by clicking on the “Investor Relations” link and then clicking on the “SEC Filings” link or by contacting Newell Rubbermaid Investor Relations at [e-mail] or by calling 1-800-424-1941, and will be able to obtain free copies of the Joint Proxy Statement/Prospectus and other documents filed with the SEC by Jarden by accessing Jarden’s website at www.jarden.com by clicking on the “For Investors” link and then clicking on the “SEC Filings” link or by contacting Jarden Investor Relations at [e-mail] or by calling 203-845-5300. Shareholders may also read and copy any reports, statements and other information filed by Newell Rubbermaid or Jarden with the SEC, at the SEC public reference room at 100 F Street, N.E., Washington D.C. 20549. Please call the SEC at 1-800-SEC-0330 or visit the SEC’s website for further information on its public reference room.

Participants in the Merger Solicitation

Newell Rubbermaid, Jarden and certain of their respective directors, executive officers and other persons may be considered participants in the solicitation of proxies from the respective shareholders of Newell Rubbermaid and Jarden in respect of the proposed acquisition contemplated by the Joint Proxy Statement/Prospectus. Information regarding Newell Rubbermaid’s directors and executive officers is available in Newell Rubbermaid’s Form 10-K filed with the SEC on March 2, 2015, its proxy statement filed with the SEC on April 1, 2015 in connection with its 2015 annual meeting of stockholders and its Forms 8-K filed with the SEC on February 12, 2015, May 19, 2015, October 9, 2015 and November 16, 2015. Information regarding Jarden’s directors and executive officers is available in Jarden’s Form 10-K filed with the SEC on March 2, 2015, its proxy statement filed with the SEC on April 20, 2015 in connection with its 2015 annual meeting of stockholders and its Forms 8-K filed with the SEC on January 5, 2015 and June 9, 2015. Other information regarding persons who may be considered participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Joint Proxy Statement/Prospectus and other relevant materials to be filed with the SEC when they become available.

Non-Solicitation

This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction pursuant to the acquisition or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.



View source version on businesswire.com: http://www.businesswire.com/news/home/20151214005428/en/


Contact:

Newell Rubbermaid
Nancy O’Donnell, 770-418-7723
Vice President, Investor Relations
or
Racquel White, 770-418-7643
Vice President, Global Communications & Culture
or
Jarden Corporation
Rachel Wilson, 203-845-5300
Vice President, Investor and Financial Relations
or
ICR, Inc.
Allison Malkin, 203-682-8225
or
Weber Shandwick
Liz Cohen, 212-445-8044

[Drmicrocap]

Just in time to make it into the 2015 record books, a couple of big household-products makers may be on the verge of a deal.

Combined Market Value

$24 billion

Newell Rubbermaid and Jarden -- companies with a combined market value of $24 billion -- are in talks to combine, according to a Wall Street Journal report late Monday. The union would put products from Mr. Coffee machines to Rawlings baseballs, PaperMate pens and, of course, Rubbermaid containers all under the same roof.

Shares of Newell Rubbermaid and Jarden closed roughly 7 percent and 4 percent higher, respectively, and although the deal's structure is unclear, it makes sense for Newell Rubbermaid -- the slightly larger of the two, with a market value of almost $13 billion -- to be seeking out its biggest bet yet.

Newell Rubbermaid's shares had climbed 18 percent this year before news of the deal on Monday. Last week, it surpassed the $45 mark, a feat it hadn't achieved since the middle of 1999.


Divergent



So perhaps it's no surprise that, buoyed by the company's best price in more than 15 years, Newell Rubbermaid CEO Michael Polk is thinking big despite what he's previously guided.

At a Morgan Stanley conference three weeks ago, Polk said the company's priority was to make bolt-on M&A acquisitions, similar to those it had done in the past. He outlined about $5.5 billion of capacity over the next few years for deals, buybacks and an increased dividend.

For his own part, Jarden CEO James Lillie said in April that company "would consider selling all of Jarden" if the right bidder came along.

Jarden certainly wouldn't be a bolt-on acquisition: it'd be at least double the company's $6 billion acquisition of Rubbermaid in 1999, its biggest deal so far. But buying Jarden would give it a more diverse stable of brands, including Coleman coolers, Bicycle playing cards and the recently added Waddington food containers and Jostens class rings and yearbooks.

And even though Newell Rubbermaid is the bigger of the two companies, Jarden actually brings in more revenue. Helped by its biggest year for acquisitions yet and a projected 16 percent pop in revenue next year, Jarden is on track for more than $10 billion in sales in 2016 versus a projected $6.1 billion for Newell Rubbermaid.

All of that potential comes at a price. Back in August, investors pushed Jarden's enterprise value to a record 22 times trailing Ebitda. While foreign exchange headwinds and pressures on its Brazilian business have since driven the stock down, Jarden is still pricier than most big U.S. household products companies.



Going Up

Jarden's valualtion has been rising.



Source: Bloomberg

Even so, as long as Newell Rubbermaid pays at least 30 percent in cash, a deal should be accretive to 2016 earnings per share at a 30 percent premium to Jarden's unaffected stock price -- before accounting for synergies, according to data compiled by Bloomberg. That may be as good a reason as any for another record to fall.


This column does not necessarily reflect the opinion of Bloomberg LP and its owners.

To contact the authors of this story:
Gillian Tan in New York at [e-mail]
Brooke Sutherland in New York at [e-mail]

To contact the editor responsible for this story:
Beth Williams at [e-mail]

[Drmicrocap]

Newell Rubbermaid Completes Sale of Endicia Online Shipping Business to Stamps.com



Newell Rubbermaid Inc. 4 hours ago


ATLANTA--(BUSINESS WIRE)


Newell Rubbermaid Inc. (NWL) today announced it has closed the sale of Endicia, a developer of global online shipping solutions, to Stamps.com, a leading provider of online postage solutions based in El Segundo, CA. The transaction was first announced on March 24.

Gross proceeds from the transaction were approximately $215 million. The company expects to receive after-tax cash proceeds of approximately $150 million.

“This transaction further simplifies our portfolio as we remain focused on strengthening our core business and investing behind our highest-potential global growth opportunities,” said Michael Polk, Newell Rubbermaid President and Chief Executive Officer. “We believe Endicia, while not core to our strategy, is a great strategic fit with an owner who shares its commitment to innovating and competing in the mailing and shipping industry.”

About Newell Rubbermaid

Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of consumer and commercial products with 2014 sales of $5.7 billion and a strong portfolio of leading brands, including Sharpie®, Paper Mate®, Elmer’s®, Irwin®, Lenox®, Rubbermaid Commercial Products®, Contigo®, Rubbermaid®, Calphalon®, Goody®, Graco®, Aprica®, Baby Jogger®, Dymo®, Parker® and Waterman®. As part of the company’s Growth Game Plan, Newell Rubbermaid is making sharper portfolio choices and investing in new marketing and innovation to accelerate performance.

This press release and additional information about Newell Rubbermaid are available on the company’s Web site, www.newellrubbermaid.com.



View source version on businesswire.com: http://www.businesswire.com/news/home/20151118006505/en/

Newell Rubbermaid
Contact:
Newell Rubbermaid Inc.
Nancy O’Donnell, 770-418-7723
Vice President, Investor Relations
or
Nicole Quinlan, 770-418-7251
Senior Manager, Global Communications

[Drmicrocap]

Newell Rubbermaid to Acquire Elmer’s for $600 Million


Announces Intention to Divest Window Coverings Business

Newell Rubbermaid
October 5, 2015 8:30 AM

Newell Rubbermaid (NWL) has entered into a definitive agreement to acquire Elmer’s Products, Inc. ("Elmer’s") from an affiliate of Berwind Corporation, a family-owned investment management company, for a purchase price of $600 million, subject to customary working capital adjustments. Elmer’s, whose brands include Elmer’s®, Krazy Glue®, and X-Acto®, is the leading provider of activity-based adhesive and cutting products that inspire creativity in the classroom, at home, in the office, in the workshop and at the craft table. Elmer’s distributes Krazy Glue, a leading instant adhesive brand in North America, through a joint venture with Toagosei Chemical Co. Ltd.1

“The acquisition of Elmer’s strengthens our market-leading Writing Segment with three outstanding arts and craft brands that will not only enhance our merchandising scale in the key Back to School drive period, but offer great cross-selling and distribution synergies given the strong overlap with Newell’s retailer and channel footprint,” said Michael Polk, President and Chief Executive Officer of Newell Rubbermaid. “We are delighted to welcome the Elmer’s team and their leading brands to our company. The addition of Elmer’s adds even more firepower and long term potential to our building growth acceleration and margin development story.”

Elmer’s net sales for calendar year 2015 are projected to be approximately $240 million. The acquisition is expected to be accretive to normalized earnings and operating margin in 2016. The acquired business will be reported as part of Newell Rubbermaid’s Writing segment with Elmer’s, X-Acto and Krazy Glue joining the company's Paper Mate®, Sharpie®, Expo® and Mr. Sketch® brands. The company will leverage its brand building, design and innovation capabilities to accelerate Elmer’s growth while simultaneously delivering synergies in distribution, cross-selling and merchandising. The acquisition is expected to be financed through a combination of available liquidity and debt financings. The company anticipates the transaction closing by year end, subject to customary conditions and regulatory approvals.

Coincident with the agreement to acquire Elmer’s, the company has initiated a process to divest its Levolor® and Kirsch® window coverings brands (“Décor”). The Décor business is expected to generate approximately $310 million in net sales in 2015. The business will continue to be reported as part of the Home Solutions Segment and will be managed as a stand-alone business through this process.

The company expects no material impact to 2015 full year results related to either the Elmer’s acquisition or the planned Décor divestiture given the timing of both transactions. Accordingly, 2015 full year guidance remains unchanged at 4 to 5 percent core sales growth and normalized EPS of $2.14 to $2.20 per share. As recently communicated in connection with second quarter earnings, the company continues to track towards the mid-point of both full year ranges. In 2016, Newell Rubbermaid expects the normalized EPS accretion from the acquisition of Elmer’s to be effectively offset by the dilution associated with the disposal of Décor, resulting in minimal impact to 2016 normalized EPS. The company plans to provide 2016 full year guidance along with its third quarter financial results later this month.

1 “Krazy Glue” is a registered trademark of Toagosei Co. Ltd., used with permission.

Reconciliation of Core Sales Guidance for Year Ending December 31, 2015

Core sales 4.0% to 5.0%
Currency (5.0)% to (6.0)%
Acquisitions, net of planned divestitures 4.0% to 5.0%
Net sales growth 3.0% to 4.0%


Reconciliation of Normalized EPS Guidance for Year Ending December 31, 2015

Diluted earnings per share $1.69 to $1.75
Graco product recall $0.03
Restructuring and other Project Renewal costs $0.35 to $0.45
Acquisition and integration costs $0.01
Devaluation of the Venezuelan Bolivar $0.01
Discontinued operations $(0.01) to $0.01
Normalized earnings per share $2.14 to $2.20


Non-GAAP Financial Measures

This release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission and includes a reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP.

The company uses certain non-GAAP financial measures that are included in this press release and the additional financial information both in explaining its results to stockholders and the investment community and in its internal evaluation and management of its businesses. The company’s management believes that these non-GAAP financial measures and the information they provide are useful to investors since these measures (a) permit investors to view the company’s performance using the same tools that management uses to evaluate the company’s past performance, reportable business segments and prospects for future performance and (b) determine certain elements of management’s incentive compensation.

The company’s management believes that core sales provides a more complete understanding of underlying sales trends by providing sales on a consistent basis as it excludes the impacts of acquisitions, planned or completed divestitures and changes in foreign currency from year-over-year comparisons. The effect of foreign currency on reported sales is determined by applying a fixed exchange rate, calculated as the 12-month average in the prior year, to the current and prior year local currency sales amounts (excluding acquisitions and planned and completed divestitures), with the difference in these two amounts being the increase or decrease in core sales, and the difference between the change in as reported sales and the change in core sales reported as the currency impact. The company’s management believes that “normalized” earnings per share, which exclude restructuring and other expenses and one-time and other events such as costs related to product recalls, the extinguishment of debt, certain tax benefits and charges, impairment charges, pension settlement charges, discontinued operations, costs related to the acquisition and integration of acquired businesses, advisory costs for process transformation and optimization initiatives, dedicated personnel costs related to transformation initiatives under Project Renewal, asset devaluations resulting from the adoption and continued use of the SICAD Venezuelan Bolivar exchange rate and certain other items, is useful because it provides investors with a meaningful perspective on the current underlying performance of the company’s core ongoing operations. The company also uses core sales and normalized earnings per share as two of the three criteria in its management cash bonus plan and performance-based equity compensation arrangements.

The company determines the tax effect of the items excluded from normalized diluted earnings per share by applying the estimated effective rate for the applicable jurisdiction in which the pre-tax items were incurred, and for which realization of the resulting tax benefit, if any, is expected. In certain situations in which an item excluded from normalized results impacts income tax expense, the company uses a “with” and “without” approach to determine normalized income tax expense.

While the company believes that these non-GAAP financial measures are useful in evaluating the company’s performance, this information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies.

About Newell Rubbermaid

Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of consumer and commercial products with 2014 sales of $5.7 billion and a strong portfolio of leading brands, including Sharpie®, Paper Mate®, Rubbermaid Commercial Products®, Irwin®, Lenox®, Parker®, Waterman®, Rubbermaid®, Contigo®, Levolor®, Calphalon®, Goody®, Graco®, Aprica®, Baby Jogger®, and Dymo®. As part of the company’s Growth Game Plan, Newell Rubbermaid is making sharper portfolio choices and investing in new marketing and innovation to accelerate performance.

This press release and additional information about Newell Rubbermaid are available on the company’s Web site, www.newellrubbermaid.com.

Caution Concerning Forward-Looking Statements

Statements in this press release that are not historical in nature constitute forward-looking statements. These forward-looking statements relate to information or assumptions about the effects of sales, income/(loss), earnings per share, operating income, operating margin or gross margin improvements or declines, Project Renewal, capital and other expenditures, cash flow, dividends, restructuring and other project costs, costs and cost savings, inflation or deflation, particularly with respect to commodities such as oil and resin, debt ratings, changes in exchange rates, product recalls, expected benefits and financial results from recently completed acquisitions and planned acquisitions and divestitures (including the Elmer’s transaction and the proposed disposition of the Décor business) and management's plans, projections and objectives for future operations and performance. These statements are accompanied by words such as "anticipate," "expect," "project," "will," "believe," "estimate" and similar expressions. Actual results could differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, our dependence on the strength of retail, commercial and industrial sectors of the economy in light of the continuation or escalation of the global economic slowdown or regional sovereign debt issues; currency fluctuations; competition with other manufacturers and distributors of consumer products; major retailers' strong bargaining power and consolidation of our retail customers; changes in the prices of raw materials and sourced products and our ability to obtain raw materials and sourced products in a timely manner from suppliers; our ability to develop innovative new products and to develop, maintain and strengthen our end-user brands, including the ability to realize anticipated benefits of increased advertising and promotion spend; product liability, product recalls or regulatory actions; our ability to expeditiously close facilities and move operations while managing foreign regulations and other impediments; a failure of one of our key information technology systems or related controls; the potential inability to attract, retain and motivate key employees; future events that could adversely affect the value of our assets and require impairment charges; our ability to improve productivity and streamline operations; changes to our credit ratings; significant increases in the funding obligations related to our pension plans due to declining asset values, declining interest rates or otherwise; the imposition of tax liabilities greater than our provisions for such matters; the risks inherent in our foreign operations, including exchange controls and pricing restrictions; our ability to complete planned acquisitions and divestitures (including our ability to obtain contemplated debt financing, whether and when the required regulatory approvals will be obtained and the closing conditions will be satisfied); our ability to realize the expected benefits and financial results from our recently acquired businesses and planned acquisitions and divestitures; how customers, competitors, suppliers and employees will react to our recently acquired businesses and planned acquisitions and divestitures; and those factors listed in our most recently filed Quarterly Report on Form 10-Q and exhibit 99.1 thereto filed with the Securities and Exchange Commission. Changes in such assumptions or factors could produce significantly different results. The information contained in this news release is as of the date indicated. The company assumes no obligation to update any forward-looking statements contained in this news release as a result of new information or future events or developments.



View source version on businesswire.com: http://www.businesswire.com/news/home/20151005005477/en/


Contact:

Newell Rubbermaid
Nancy O’Donnell, 770-418-7723
Vice President, Investor Relations
or
Racquel White, 770-418-7643
Vice President, Global Communications

[Drmicrocap]

Newell Rubbermaid Announces Sale of Rubbermaid Medical Cart Business to Capsa Solutions

.

Business Wire
Newell Rubbermaid Inc.
15 hours ago


ATLANTA--(BUSINESS WIRE)--





Newell Rubbermaid Inc. (NWL) announced today that it has sold its Rubbermaid medical carts business to Capsa Solutions, a leader in the development and manufacturing of mobile computer workstations, medical carts, health IT mounting solutions and medication management systems, based in Portland, OR.

“Our Growth Game Plan strategy is designed to accelerate performance by setting clear priorities for our business,” said Michael Polk, Newell Rubbermaid President and Chief Executive Officer. “This transaction will further simplify our portfolio as we continue to invest behind our highest-potential global growth opportunities. We believe the medical cart business, while not core to our strategy, will be a strong performer in the hands of an owner who is focused and committed to growing and innovating in this healthcare category.”

About Newell Rubbermaid

Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of consumer and commercial products with 2014 sales of $5.7 billion and a strong portfolio of leading brands, including Sharpie®, Paper Mate®, Rubbermaid Commercial Products®, Irwin®, Lenox®, Parker®, Waterman®, Contigo®, Rubbermaid®, Levolor®, Calphalon®, Goody®, Graco®, Aprica®, Baby Jogger® and Dymo®. As part of the company’s Growth Game Plan, Newell Rubbermaid is making sharper portfolio choices and investing in new marketing and innovation to accelerate performance.

This press release and additional information about Newell Rubbermaid are available on the company’s Web site, www.newellrubbermaid.com.

Caution Concerning Forward-Looking Statements

This news release contains forward-looking information based on management's current views and assumptions. Actual events may differ materially. Factors that may affect actual results include, but are not limited to, whether and when the required regulatory approvals will be obtained, whether and when the closing conditions will be satisfied and whether and when the transaction will close. Please refer to the cautionary statements set forth in the "Forward-Looking Statements" section of the Company's most recently filed Annual Report on Form 10-K as well as the risk factors set forth in Item 1A thereto, for other factors that could affect our business.



View source version on businesswire.com: http://www.businesswire.com/news/home/20150806005679/en/


Contact:

Newell Rubbermaid Inc.
Nancy O’Donnell, 770-418-7723
Vice President, Investor Relations
or
Nicole Quinlan, 770-418-7251
Senior Manager, Global Communications

[Trueheart]

NWL is running another container coupon in today's Sunday papers. They do that often.

Trueheart

[Trueheart]

Arrrgh, she be a pretty stock, she is.

Thanks for the report.

Trueheart

[Drmicrocap]

6:36 am Newell Rubbermaid beats by $0.02, beats on revs; guides FY15 EPS in-line (NWL) : Reports Q2 (Jun) earnings of $0.64 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.62; revenues rose 4.0% year/year to $1.56 bln vs the $1.54 bln consensus.

•Co raises guidance for FY15, sees EPS of $2.14-2.20 vs. $2.16 Capital IQ Consensus Estimate, up from prior guidance of $2.10-2.18. Raises core sales growth guidance to 4.0-5.0% from 3.5-4.5%.

•"Core sales grew in all five of our segments and in all four geographic regions. Our Win Bigger businesses grew 6.5 percent, led by our global Writing business which grew core sales over ten percent. Momentum continued to build in our Baby & Parenting business, which also had a strong quarter with core growth of 6.0 percent. We are driving accelerated growth and earnings performance as a result of strengthened innovation, increased investment in brands, aggressive cost programs and excellent commercial execution."

[Drmicrocap]

Newell Rubbermaid Raises Full Year Guidance on Strong Second Quarter Results5.1% Core Sales Growth and Normalized EPS of $0.64

3.9% Net Sales Growth and Reported EPS of $0.55

Raises Full Year 2015 Core Sales and Normalized EPS Guidance

Second Quarter Executive Summary

5.1 percent core sales growth, excluding a 480 basis point net contribution from acquisitions and planned divestitures and a 600 basis point negative impact from foreign currency; 3.9 percent net sales growth 40.0 percent normalized gross margin, a 10 basis point improvement compared to the prior year; 39.8 percent reported gross margin, a 20 basis point improvement compared to the prior year 150 basis point increase in advertising and promotion while holding normalized operating margin flat at 16.0 percent; 13.8 percent reported operating margin, a 40 basis point decline compared to prior year primarily attributable to increased restructuring and other Project Renewal transformation costs $0.64 normalized EPS compared to $0.59 in the prior year, an 8.5 percent increase despite an $0.11 negative impact from foreign exchange; $0.55 reported EPS compared to $0.54 in the prior year Repurchased 1.3 million shares at a cost of $50.4 million Full year 2015 core sales guidance revised upward to 4 to 5 percent from 3.5 to 4.5 percent; normalized EPS guidance revised upward to $2.14 to $2.20 from $2.10 to $2.18





Newell Rubbermaid 5 hours ago







ATLANTA--(BUSINESS WIRE)--

Newell Rubbermaid ( NWL) announced its second quarter 2015 financial results today.

“We have posted a strong set of second quarter results with core sales growth of 5.1 percent and normalized earnings per share growth of 8.5 percent, despite unprecedented foreign exchange pressure on earnings,” said Michael Polk, President and Chief Executive Officer. “Core sales grew in all five of our segments and in all four geographic regions. Our Win Bigger businesses grew 6.5 percent, led by our global Writing business which grew core sales over ten percent. Momentum continued to build in our Baby & Parenting business, which also had a strong quarter with core growth of 6.0 percent. We are driving accelerated growth and earnings performance as a result of strengthened innovation, increased investment in brands, aggressive cost programs and excellent commercial execution.

“Our strong second quarter results represent another milestone in our journey to establish Newell’s story of both category leading growth and margin development. Our current growth momentum, our plans for strong innovation and increased brand support in the second half and continued cost benefits from Project Renewal give us the confidence to raise our guidance for full year 2015 core sales growth to 4 to 5 percent and normalized EPS to $2.14 to $2.20, or 7 to 10 percent above prior year.”

Second Quarter 2015 Operating Results

Net sales in the second quarter were $1.56 billion compared with $1.50 billion in the prior year. Core sales grew 5.1 percent, excluding a 480 basis point net contribution from acquisitions and planned divestitures and a 600 basis point negative impact from foreign currency.

Reported gross margin was 39.8 percent, a 20 basis point improvement versus prior year.

Normalized gross margin improved 10 basis points to 40.0 percent, as benefits from productivity and pricing more than offset the negative impacts of foreign currency and mix from acquisitions.

Second quarter reported operating margin was 13.8 percent and operating income was $214.7 million, compared with 14.2 percent and $213.3 million, respectively, in the prior year.

Normalized operating margin was 16.0 percent, flat compared with the prior year despite a 150 basis point increase in advertising and promotion expense. Normalized operating income was $249.4 million compared with $239.7 million in the prior year as the benefits of Project Renewal and other cost savings initiatives more than offset increased investment in advertising and promotion and pressure from foreign exchange.

The reported tax rate for the quarter was 22.7 percent compared with 25.8 percent in the prior year. The normalized tax rate was 24.5 percent compared with 27.2 percent in the prior year.

Normalized net income was $174.5 million compared with $165.5 million in the prior year. Normalized diluted earnings per share were $0.64, an increase of 8.5 percent versus $0.59 in the prior year. The improvement in normalized diluted earnings per share was attributable to increased core sales, contribution from prior year acquisitions, gross margin expansion, a lower tax rate and the positive impact of fewer outstanding shares, which more than offset a significant increase in advertising and promotion support, negative foreign currency impacts and increased interest expense related to borrowing in support of prior year acquisitions.

Reported diluted earnings per share were $0.55, compared with $0.54 per diluted share in the prior year. Reported net income was $148.5 million, compared with $150.6 million in the prior year. In addition to the factors cited in the explanation of normalized diluted earnings per share, reported diluted earnings per share were negatively impacted by higher incremental restructuring and other Project Renewal transformation costs in 2015.

Operating cash flow was $102.5 million compared with $96.2 million in the prior year period.

A reconciliation of the “as reported” results to “normalized” results is included in the appendix.

Second Quarter 2015 Operating Segment Results

Writing net sales for the second quarter were $495.9 million, a 1.3 percent increase compared to prior year, reflecting a 950 basis point impact from negative foreign currency. Writing core sales increased 10.8 percent, reflecting strong growth in Latin America and EMEA attributable to excellent Back-to-School sell-in, pricing, increased distribution, and increased marketing support. In North America, solid Back-To-School sell-in drove good growth despite a comparison to the prior year quarter which included a timing-related benefit of approximately $15.0 million. Normalized operating income was $133.0 million compared with $133.1 million in the prior year. Normalized operating margin was 26.8 percent compared with 27.2 percent in the prior year as a result of negative foreign currency impacts and increased advertising and promotion spending.

Home Solutions net sales were $438.5 million, a 14.4 percent increase compared to the prior year, largely attributable to the contribution from the Contigo and bubba brand acquisitions. Core sales increased 1.2 percent, attributable to growth in Rubbermaid Food Storage, partially offset by continued planned contraction of the lower margin Rubbermaid Consumer Storage business and the absence of prior year new customer pipeline fill on Calphalon. Normalized operating income was $69.9 million versus $48.7 million in the prior year. Normalized operating margin expanded by 320 basis points to 15.9 percent of sales as a result of the positive mix effect from Rubbermaid Food storage, input cost deflation, and strong productivity, partially offset by increased advertising and promotion spending and the impact of negative foreign currency.

Tools net sales were $205.2 million, a 7.7 percent decline compared to the prior year reflecting a 900 basis point impact from negative foreign currency. Core sales grew 1.3 percent in comparison with nearly thirteen percent growth in the prior year. Growth in North America, EMEA and APAC was attributable to innovation, distribution gains on the core portfolio and pricing, while Latin America core sales declined modestly versus the 2014 pipeline fill related to a significant product offering expansion. Normalized operating income was $23.4 million versus $29.9 million in the prior year. Normalized operating margin was 11.4 percent of sales compared with 13.5 percent of sales in the prior year, primarily driven by the impact of negative foreign currency and an increase in advertising and promotion spending, partially offset by pricing and strong productivity.

Commercial Products net sales were $210.6 million, a 5.8 percent decline compared to the prior year. Core sales increased 1.6 percent in comparison with about 10 percent growth in the prior year, driven by innovation and pricing in North America and Asia. Core sales exclude the Rubbermaid medical cart business which the company is currently marketing for divestiture. Normalized operating income was $29.0 million compared with $36.2 million in the prior year. Normalized operating margin was 13.8 percent of sales, compared with 16.2 percent of sales in the prior year, primarily driven by an increase in advertising and promotion spending and the impact of negative foreign currency.

Baby & Parenting net sales were $210.7 million, a 14.7 percent increase compared to the prior year, largely attributable to net sales from the 2014 Baby Jogger acquisition which more than offset a 590 basis point impact from negative foreign currency. Core sales grew 6.0 percent driven by robust growth in North America and double digit innovation-led growth in APAC. Normalized operating income was $16.8 million compared to $12.6 million in the prior year. Normalized operating margin was 8.0 percent of sales compared with 6.9 percent in the prior year.

2015 Full Year Outlook

Newell Rubbermaid announced a positive revision to full year 2015 core sales growth and normalized EPS guidance metrics as follows:


Current Guidance

Previous Guidance


Core sales growth 4.0% to 5.0% 3.5% to 4.5%
Currency impact (5.0%) to (6.0%) (4.5% to 5.5%)
Impact of acquisitions, net of planned divestitures

4.0% to 5.0% 4.0% to 5.0%
Net sales growth 3.0% to 4.0% 3.0% to 4.0%
Normalized EPS $2.14 to $2.20 $2.10 to $2.18
The company expects foreign exchange to have a negative impact of about $0.36 to $0.39 per diluted share on normalized EPS in 2015 driven by the stronger U.S. dollar to most currencies.

The 2015 normalized EPS guidance range excludes between $140 and $160 million of Project Renewal restructuring and other Project Renewal transformation costs, discontinued operations, foreign exchange losses and other costs associated with the devaluation of the Venezuelan Bolivar, acquisition and integration costs and costs associated with the Graco recall. A reconciliation of “expected reported” results to “normalized” results is included in the appendix.

Cumulative costs of Project Renewal are expected to be $690 to $725 million pretax, with cash costs of $645 to $675 million. Project Renewal is expected to generate annualized cost savings of approximately $620 to $675 million by the end of 2017. The majority of these savings will be reinvested in new capabilities and incremental brand building investment for accelerated growth in the company’s home markets and the geographic deployment of its Win Bigger portfolio into the faster growing emerging markets.

Conference Call

The company’s second quarter 2015 earnings conference call will be held today, July 31, 2015, at 8:30 a.m. ET. A link to the webcast is provided under Events & Presentations in the Investor Relations section of Newell Rubbermaid’s Web site at www.newellrubbermaid.com. A webcast replay and a supporting slide presentation will be made available in the Investor Relations section on the company’s Web site under Quarterly Earnings.

Non-GAAP Financial Measures

This release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission and includes a reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP.

The company uses certain non-GAAP financial measures that are included in this press release and the additional financial information both in explaining its results to stockholders and the investment community and in its internal evaluation and management of its businesses. The company’s management believes that these non-GAAP financial measures and the information they provide are useful to investors since these measures (a) permit investors to view the company’s performance using the same tools that management uses to evaluate the company’s past performance, reportable business segments and prospects for future performance and (b) determine certain elements of management’s incentive compensation.

The company’s management believes that core sales provides a more complete understanding of underlying sales trends by providing sales on a consistent basis as it excludes the impacts of acquisitions, planned or completed divestitures and changes in foreign currency from year-over-year comparisons. As reflected in the Currency Analysis, the effect of foreign currency on reported sales is determined by applying a fixed exchange rate, calculated as the 12-month average in the prior year, to the current and prior year local currency sales amounts (excluding acquisitions and planned divestitures), with the difference in these two amounts being the increase or decrease in core sales, and the difference between the change in as reported sales and the change in core sales reported as the currency impact. The company’s management believes that “normalized” gross margin, “normalized” SG&A expense, “normalized” operating income, “normalized” earnings per share and “normalized” tax rates, which exclude restructuring and other expenses and one-time and other events such as costs related to product recalls, the extinguishment of debt, certain tax benefits and charges, impairment charges, pension settlement charges, discontinued operations, costs related to the acquisition and integration of acquired businesses, advisory costs for process transformation and optimization initiatives, dedicated personnel costs related to transformation initiatives under Project Renewal, asset devaluations resulting from the adoption and continued use of the SICAD Venezuelan Bolivar exchange rate and certain other items, are useful because they provide investors with a meaningful perspective on the current underlying performance of the company’s core ongoing operations. The company also uses core sales, normalized gross margin and normalized earnings per share as the three performance criteria in its management cash bonus plan, and the company uses core sales and normalized earnings per share as two of the three performance criteria in its performance-based equity compensation arrangements.

The company determines the tax effect of the items excluded from normalized diluted earnings per share by applying the estimated effective rate for the applicable jurisdiction in which the pre-tax items were incurred, and for which realization of the resulting tax benefit, if any, is expected. In certain situations in which an item excluded from normalized results impacts income tax expense, the company uses a “with” and “without” approach to determine normalized income tax expense.

While the company believes that these non-GAAP financial measures are useful in evaluating the company’s performance, this information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies.

About Newell Rubbermaid

Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of consumer and commercial products with 2014 sales of $5.7 billion and a strong portfolio of leading brands, including Sharpie®, Paper Mate®, Rubbermaid Commercial Products®, Irwin®, Lenox®, Parker®, Waterman®, Contigo®, Rubbermaid®, Levolor®, Calphalon®, Goody®, Graco®, Aprica®, Baby Jogger® and Dymo®. As part of the company’s Growth Game Plan, Newell Rubbermaid is making sharper portfolio choices and investing in new marketing and innovation to accelerate performance.

This press release and additional information about Newell Rubbermaid are available on the company’s Web site, www.newellrubbermaid.com.

Caution Concerning Forward-Looking Statements

Statements in this press release that are not historical in nature constitute forward-looking statements. These forward-looking statements relate to information or assumptions about the effects of sales, income/(loss), earnings per share, operating income, operating margin or gross margin improvements or declines, Project Renewal, capital and other expenditures, cash flow, dividends, restructuring and other project costs, costs and cost savings, inflation or deflation, particularly with respect to commodities such as oil and resin, debt ratings, changes in exchange rates, product recalls, expected benefits and financial results from recently completed acquisitions and planned divestitures and management's plans, projections and objectives for future operations and performance. These statements are accompanied by words such as "anticipate," "expect," "project," "will," "believe," "estimate" and similar expressions. Actual results could differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, our dependence on the strength of retail, commercial and industrial sectors of the economy in light of the continuation or escalation of the global economic slowdown or regional sovereign debt issues; currency fluctuations; competition with other manufacturers and distributors of consumer products; major retailers' strong bargaining power and consolidation of our retail customers; changes in the prices of raw materials and sourced products and our ability to obtain raw materials and sourced products in a timely manner from suppliers; our ability to develop innovative new products and to develop, maintain and strengthen our end-user brands, including the ability to realize anticipated benefits of increased advertising and promotion spend; product liability, product recalls or regulatory actions; our ability to expeditiously close facilities and move operations while managing foreign regulations and other impediments; a failure of one of our key information technology systems or related controls; the potential inability to attract, retain and motivate key employees; future events that could adversely affect the value of our assets and require impairment charges; our ability to improve productivity and streamline operations; changes to our credit ratings; significant increases in the funding obligations related to our pension plans due to declining asset values, declining interest rates or otherwise; the imposition of tax liabilities greater than our provisions for such matters; the risks inherent in our foreign operations, including exchange controls and pricing restrictions; our ability to complete planned acquisitions and divestitures; our ability to realize the expected benefits and financial results from our recently acquired businesses and planned divestitures; and those factors listed in our most recently filed Quarterly Report on Form 10-Q and exhibit 99.1 thereto filed with the Securities and Exchange Commission. Changes in such assumptions or factors could produce significantly different results. The information contained in this news release is as of the date indicated. The company assumes no obligation to update any forward-looking statements contained in this news release as a result of new information or future events or developments.



Newell Rubbermaid Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in millions, except per share data)



Three Months Ended June 30,
YOY
2015 2014 % Change

Net sales $ 1,560.9 $ 1,502.2 3.9 %
Cost of products sold 939.9 906.6

GROSS MARGIN 621.0 595.6 4.3 %
% of sales 39.8 % 39.6 %




Selling, general & administrative expenses

393.0 370.8 6.0 %
% of sales 25.2 % 24.7 %

Restructuring costs 13.3 11.5

OPERATING INCOME 214.7 213.3 0.7 %
% of sales 13.8 % 14.2 %

Nonoperating expenses:
Interest expense, net 18.1 15.0
Other expense (income), net 5.0 (2.6 )
23.1 12.4 86.3 %

INCOME BEFORE INCOME TAXES 191.6 200.9 (4.6 )%
% of sales 12.3 % 13.4 %

Income taxes 43.5 51.9 (16.2 )%
Effective rate 22.7 % 25.8 %

NET INCOME FROM CONTINUING OPERATIONS 148.1 149.0 (0.6 )%
% of sales 9.5 % 9.9 %

Income from discontinued operations, net of tax 0.4 1.6

NET INCOME $ 148.5 $ 150.6 (1.4 )%
9.5 % 10.0 %

EARNINGS PER SHARE:
Basic
Income from continuing operations $ 0.55 $ 0.54
Income from discontinued operations $ - $ 0.01
Net income $ 0.55 $ 0.54

Diluted
Income from continuing operations $ 0.55 $ 0.53
Income from discontinued operations $ - $ 0.01
Net income $ 0.55 $ 0.54

AVERAGE SHARES OUTSTANDING:
Basic 269.7 277.4
Diluted 271.7 279.7


Newell Rubbermaid Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in millions, except per share data)



Six Months Ended June 30,
YOY
2015 2014 % Change

Net sales $ 2,824.9 $ 2,716.5 4.0 %
Cost of products sold 1,716.4 1,663.9

GROSS MARGIN 1,108.5 1,052.6 5.3 %
% of sales 39.2 % 38.7 %




Selling, general & administrative expenses

755.0 711.1 6.2 %
% of sales 26.7 % 26.2 %

Restructuring costs 40.6 23.5

OPERATING INCOME 312.9 318.0 (1.6 )%
% of sales 11.1 % 11.7 %

Nonoperating expenses:
Interest expense, net 37.3 29.4
Other expense, net 5.1 37.4
42.4 66.8 (36.5 )%

INCOME BEFORE INCOME TAXES 270.5 251.2 7.7 %
% of sales 9.6 % 9.2 %

Income taxes 65.5 50.4 30.0 %
Effective rate 24.2 % 20.1 %

NET INCOME FROM CONTINUING OPERATIONS 205.0 200.8 2.1 %
% of sales 7.3 % 7.4 %

(Loss) income from discontinued operations, net of tax (2.4 ) 2.7

NET INCOME $ 202.6 $ 203.5 (0.4 )%
7.2 % 7.5 %

EARNINGS PER SHARE:
Basic
Income from continuing operations $ 0.76 $ 0.72
(Loss) income from discontinued operations $ (0.01 ) $ 0.01
Net income $ 0.75 $ 0.73

Diluted
Income from continuing operations $ 0.75 $ 0.71
(Loss) income from discontinued operations $ (0.01 ) $ 0.01
Net income $ 0.74 $ 0.72

AVERAGE SHARES OUTSTANDING:
Basic 270.1 279.1
Diluted 272.2 281.7


Newell Rubbermaid Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions)

June 30, June 30,
Assets: 2015 2014

Cash and cash equivalents $ 238.7 $ 142.7
Accounts receivable, net 1,304.4 1,230.4
Inventories, net 935.6 811.8
Deferred income taxes 129.4 135.5
Prepaid expenses and other 144.9 138.2

Total Current Assets 2,753.0 2,458.6

Property, plant and equipment, net 572.0 543.0
Goodwill 2,491.9 2,358.3
Other intangible assets, net 870.6 596.7
Other assets 271.3 261.5

Total Assets $ 6,958.8 $ 6,218.1

Liabilities and Stockholders' Equity:

Accounts payable $ 756.7 $ 592.9
Accrued compensation 132.3 121.8
Other accrued liabilities 634.9 631.0
Short-term debt 776.6 389.4
Current portion of long-term debt 6.0 251.3

Total Current Liabilities 2,306.5 1,986.4

Long-term debt 2,080.9 1,424.2
Deferred income taxes 235.3 159.4
Other noncurrent liabilities 553.0 544.5

Stockholders' Equity - Parent 1,779.6 2,100.1
Stockholders' Equity - Noncontrolling Interests 3.5 3.5

Total Stockholders' Equity 1,783.1 2,103.6

Total Liabilities and Stockholders' Equity $ 6,958.8 $ 6,218.1


Newell Rubbermaid Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in millions)

Six Months Ended June 30,
2015 2014
Operating Activities:
Net income $ 202.6 $ 203.5
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization 85.5 75.7
Net gain from sale of discontinued operations, including impairments - (4.8 )
Non-cash restructuring costs (0.5 ) 3.7
Deferred income taxes 11.5 6.0
Stock-based compensation expense 14.1 14.5
Other, net 15.4 50.8
Changes in operating assets and liabilities, excluding the effects of acquisitions and divestitures:
Accounts receivable (77.4 ) (122.4 )
Inventories (245.9 ) (123.2 )
Accounts payable 91.6 33.2
Accrued liabilities and other (148.7 ) (132.9 )
Net cash (used in) provided by operating activities $ (51.8 ) $ 4.1

Investing Activities:
Proceeds from sale of discontinued operations and noncurrent assets $ 5.1 $ 3.4
Capital expenditures (85.8 ) (67.0 )
Acquisitions and acquisition-related activity (2.0 ) -
Other 5.7 (0.3 )
Net cash used in investing activities $ (77.0 ) $ (63.9 )

Financing Activities:
Net short-term borrowings $ 386.0 $ 215.4
Repurchase and retirement of shares of common stock (124.0 ) (158.7 )
Cash dividends (104.4 ) (89.8 )
Excess tax benefits related to stock-based compensation 17.5 6.8
Other stock-based compensation activity, net (12.5 ) 29.6
Net cash provided by financing activities $ 162.6 $ 3.3

Currency rate effect on cash and cash equivalents $ 5.5 $ (27.1 )

Increase (decrease) in cash and cash equivalents $ 39.3 $ (83.6 )
Cash and cash equivalents at beginning of period 199.4 226.3
Cash and cash equivalents at end of period $ 238.7 $ 142.7


Newell Rubbermaid Inc.
Financial Worksheet- Segment Reporting
(In Millions)

2015 2014
Reconciliation (1,2,3,4) Reconciliation (1,2) Year-over-year changes
Reported Excluded Normalized Operating Reported Excluded Normalized Operating Net Sales Normalized OI
Net Sales OI Items OI Margin Net Sales OI Items OI Margin $ % $ %
Q1:
Writing $ 341.8 $ 82.4 $ 0.6 $ 83.0 24.3 % $ 348.2 $ 76.1 $ - $ 76.1 21.9 % $ (6.4 ) (1.8 )% $ 6.9 9.1 %
Home Solutions 364.5 38.5 0.1 38.6 10.6 % 316.4 26.8 - 26.8 8.5 % 48.1 15.2 % 11.8 44.0 %
Tools 180.4 22.2 - 22.2 12.3 % 187.8 21.4 - 21.4 11.4 % (7.4 ) (3.9 )% 0.8 3.7 %
Commercial Products 185.2 17.0 0.6 17.6 9.5 % 182.6 13.8 - 13.8 7.6 % 2.6 1.4 % 3.8 27.5 %
Baby & Parenting 192.1 0.5 11.8 12.3 6.4 % 179.3 5.4 11.0 16.4 9.1 % 12.8 7.1 % (4.1 ) (25.0 )%
Restructuring Costs - (27.3 ) 27.3 - - (12.0 ) 12.0 - - -
Corporate - (35.1 ) 14.0 (21.1 ) - (26.8 ) 7.7 (19.1 ) - (2.0 ) (10.5 )%
Total $ 1,264.0 $ 98.2 $ 54.4 $ 152.6 12.1 % $ 1,214.3 $ 104.7 $ 30.7 $ 135.4 11.2 % $ 49.7 4.1 % $ 17.2 12.7 %


2015 2014
Reconciliation (1,2,3,4) Reconciliation (1,2,3) Year-over-year changes
Reported Excluded Normalized Operating Reported Excluded Normalized Operating Net Sales Normalized OI
Net Sales OI Items OI Margin Net Sales OI Items OI Margin $ % $ %
Q2:
Writing $ 495.9 $ 132.5 $ 0.5 $ 133.0 26.8 % $ 489.3 $ 129.1 $ 4.0 $ 133.1 27.2 % $ 6.6 1.3 % $ (0.1 ) (0.1 )%
Home Solutions 438.5 68.7 1.2 69.9 15.9 % 383.4 48.7 - 48.7 12.7 % 55.1 14.4 % 21.2 43.5 %
Tools 205.2 23.4 - 23.4 11.4 % 222.3 29.9 - 29.9 13.5 % (17.1 ) (7.7 )% (6.5 ) (21.7 )%
Commercial Products 210.6 28.9 0.1 29.0 13.8 % 223.5 36.2 - 36.2 16.2 % (12.9 ) (5.8 )% (7.2 ) (19.9 )%
Baby & Parenting 210.7 16.7 0.1 16.8 8.0 % 183.7 12.2 0.4 12.6 6.9 % 27.0 14.7 % 4.2 33.3 %
Restructuring Costs - (13.3 ) 13.3 - - (11.5 ) 11.5 - - -
Corporate - (42.2 ) 19.5 (22.7 ) - (31.3 ) 10.5 (20.8 ) - (1.9 ) (9.1 )%
Total $ 1,560.9 $ 214.7 $ 34.7 $ 249.4 16.0 % $ 1,502.2 $ 213.3 $ 26.4 $ 239.7 16.0 % $ 58.7 3.9 % $ 9.7 4.0 %


2015 2014
Reconciliation (1,2,3,4) Reconciliation (1,2,3) Year-over-year changes
Reported Excluded Normalized Operating Reported Excluded Normalized Operating Net Sales Normalized OI
Net Sales OI Items OI Margin Net Sales OI Items OI Margin $ % $ %
YTD:
Writing $ 837.7 $ 214.9 $ 1.1 $ 216.0 25.8 % $ 837.5 $ 205.2 $ 4.0 $ 209.2 25.0 % $ 0.2 0.0 % $ 6.8 3.3 %
Home Solutions 803.0 107.2 1.3 108.5 13.5 % 699.8 75.5 - 75.5 10.8 % 103.2 14.7 % 33.0 43.7 %
Tools 385.6 45.6 0.0 45.6 11.8 % 410.1 51.3 - 51.3 12.5 % (24.5 ) (6.0 )% (5.7 ) (11.1 )%
Commercial Products 395.8 45.9 0.7 46.6 11.8 % 406.1 50.0 - 50.0 12.3 % (10.3 ) (2.5 )% (3.4 ) (6.8 )%
Baby & Parenting 402.8 17.2 11.9 29.1 7.2 % 363.0 17.6 11.4 29.0 8.0 % 39.8 11.0 % 0.1 0.3 %
Restructuring Costs - (40.6 ) 40.6 - - (23.5 ) 23.5 - - -
Corporate - (77.3 ) 33.5 (43.8 ) - (58.1 ) 18.2 (39.9 ) - (3.9 ) (9.8 )%
Total $ 2,824.9 $ 312.9 $ 89.1 $ 402.0 14.2 % $ 2,716.5 $ 318.0 $ 57.1 $ 375.1 13.8 % $ 108.4 4.0 % $ 26.9 7.2 %


(1) Excluded items include project-related costs and restructuring costs associated with Project Renewal. Project-related costs of $34.9 million and $38.8 million of restructuring costs incurred during 2015 relate to Project Renewal. For 2014, project-related costs of $18.2 million and restructuring costs of $23.5 million relate to Project Renewal.

(2) Baby & Parenting normalized operating income for 2015 and 2014 excludes charges of $10.2 and $11.4 million, respectively, relating to the Graco product recall.

(3) Writing normalized operating income for 2015 and 2014 excludes charges of $0.6 and $4.0 million, respectively associated with Venezuelan inventory resulting from changes in the exchange rate for the Venezuelan Bolivar.

(4) Home Solutions normalized operating income for 2015 excludes $1.1 million of operating costs associated with the acquisition and integration of Ignite Holdings and bubba brands, and Baby & Parenting normalized operating income for 2015 excludes $1.7 million of operating costs associated with the acquisition and integration of Baby Jogger. Restructuring costs include $1.8 million of costs associated with the integration of Ignite Holdings, bubba brands and Baby Jogger.


Newell Rubbermaid Inc.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION
CERTAIN LINE ITEMS
(in millions, except per share data)

Three Months Ended June 30, 2015
GAAP Measure Project Renewal Costs (1) Inventory charge from Acquisition Charge resulting from Non-GAAP Measure
Advisory Personnel Other Restructuring the devaluation of the and integration the devaluation of the Discontinued Percentage
Reported Costs Costs Costs Costs Venezuelan Bolivar (2) costs (3) Venezuelan Bolivar (4) operations (5) Normalized* of Sales

Cost of products sold $ 939.9 $ - $ (1.6 ) $ (1.3 ) $ - $ (0.3 ) $ (0.1 ) $ - $ - $ 936.6 60.0 %

Gross margin $ 621.0 $ - $ 1.6 $ 1.3 $ - $ 0.3 $ 0.1 $ - $ - $ 624.3 40.0 %

Selling, general & administrative expenses $ 393.0 $ (11.4 ) $ (4.4 ) $ (1.3 ) $ - $ - $ (1.0 ) $ - $ - $ 374.9 24.0 %

Operating income $ 214.7 $ 11.4 $ 6.0 $ 2.6 $ 11.5 $ 0.3 $ 2.9 $ - $ - $ 249.4 16.0 %

Nonoperating expenses $ 23.1 $ - $ - $ - $ - $ - $ - $ (4.7 ) $ - $ 18.4

Income before income taxes $ 191.6 $ 11.4 $ 6.0 $ 2.6 $ 11.5 $ 0.3 $ 2.9 $ 4.7 $ - $ 231.0

Income taxes (6) $ 43.5 $ 4.3 $ 2.3 $ 0.9 $ 2.8 $ 0.1 $ 1.1 $ 1.5 $ - $ 56.5

Net income from continuing operations $ 148.1 $ 7.1 $ 3.7 $ 1.7 $ 8.7 $ 0.2 $ 1.8 $ 3.2 $ - $ 174.5

Net income $ 148.5 $ 7.1 $ 3.7 $ 1.7 $ 8.7 $ 0.2 $ 1.8 $ 3.2 $ (0.4 ) $ 174.5

Diluted earnings per share** $ 0.55 $ 0.03 $ 0.01 $ 0.01 $ 0.03 $ 0.00 $ 0.01 $ 0.01 $ (0.00 ) $ 0.64


Three Months Ended June 30, 2014
GAAP Measure Restructuring and Inventory charge Non-GAAP Measure
Product restructuring-related from the devaluation of the Discontinued Non-recurring Percentage
Reported recall costs (7) costs (1) Venezuelan Bolivar (2) operations (5) tax items (8) Normalized* of Sales

Cost of products sold $ 906.6 $ - $ (0.2 ) $ (4.0 ) $ - $ - $ 902.4 60.1 %

Gross margin $ 595.6 $ - $ 0.2 $ 4.0 $ - $ - $ 599.8 39.9 %

Selling, general & administrative expenses $ 370.8 $ (0.4 ) $ (10.3 ) $ - $ - $ - $ 360.1 24.0 %

Operating income $ 213.3 $ 0.4 $ 22.0 $ 4.0 $ - $ - $ 239.7 16.0 %

Income before income taxes $ 200.9 $ 0.4 $ 22.0 $ 4.0 $ - $ - $ 227.3

Income taxes (6) $ 51.9 $ 0.2 $ 5.0 $ 1.4 $ - $ 3.3 $ 61.8

Net income from continuing operations $ 149.0 $ 0.2 $ 17.0 $ 2.6 $ - $ (3.3 ) $ 165.5

Net income $ 150.6 $ 0.2 $ 17.0 $ 2.6 $ (1.6 ) $ (3.3 ) $ 165.5

Diluted earnings per share** $ 0.54 $ 0.00 $ 0.06 $ 0.01 $ (0.01 ) $ (0.01 ) $ 0.59

* Normalized results are financial measures that are not in accordance with GAAP and exclude the above normalized adjustments. See below for a discussion of each of these adjustments.
**Totals may not add due to rounding.

(1) Costs associated with Project Renewal during the three months ended June 30, 2015 include $20.0 million of project-related costs and $11.5 million of restructuring costs. Project-related costs include advisory and consultancy costs, compensation and related costs of personnel dedicated to transformation projects, and other project-related costs. Restructuring and restructuring-related costs during the three months ended June 30, 2014 include $10.5 million of organizational change implementation and restructuring-related costs and $11.5 million of restructuring costs incurred in connection with Project Renewal.

(2) During the three months ended June 30, 2015 and 2014, the Company recognized an increase of $0.3 million and $4.0 million, respectively, in cost of products sold resulting from increased costs of inventory due to changes in the exchange rate for the Venezuelan Bolivar.

(3) During the three months ended June 30, 2015, the Company incurred $2.9 million (including $1.8 million of restructuring costs) of acquisition and integration costs associated with the acquisitions of Ignite Holdings, bubba brands and Baby Jogger.

(4) During the three months ended June 30, 2015, the Company recognized $4.7 million related to foreign exchange losses resulting from the devaluation of the Venezuelan Bolivar.

(5) During the three months ended June 30, 2015, the Company recognized income of $0.4 million in discontinued operations, primarily associated with Endicia. During the three months ended June 30, 2014, the Company recognized income of $1.6 million, primarily related to the operations of Endicia and certain Culinary businesses and certain gains associated with the sale of the Hardware business.

(6) The Company determined the tax effect of the items excluded from normalized results by applying the estimated effective rate for the applicable jurisdiction in which the pre-tax items were incurred, and for which realization of the resulting tax benefit, if any, is expected. In certain situations in which an item excluded from normalized results impacts income tax expense, the Company uses a “with” and “without” approach to determine normalized income tax expense.

(7) During the three months ended June 30, 2014, the Company recognized a $0.4 million charge associated with the Graco product recall.

(8) During the three months ended June 30, 2014, the Company recognized a non-recurring income tax benefit of $3.3 million resulting from the resolution of various income tax contingencies.


Newell Rubbermaid Inc.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION
CERTAIN LINE ITEMS
(in millions, except per share data)

Six Months Ended June 30, 2015
GAAP Measure Project Renewal Costs (2) Inventory charge from Acquisition Charge resulting from Non-GAAP Measure
Product Advisory Personnel Other Restructuring the devaluation of the and integration the devaluation of the Discontinued Percentage
Reported recall costs (1) Costs Costs Costs Costs Venezuelan Bolivar (3) cost (4) Venezuelan Bolivar (5) operations (6) Normalized* of Sales

Cost of products sold $ 1,716.4 $ - $ - $ (1.8 ) $ (2.3 ) $ - $ (0.6 ) $ (1.6 ) $ - $ - $ 1,710.1 60.5 %

Gross margin $ 1,108.5 $ - $ - $ 1.8 $ 2.3 $ - $ 0.6 $ 1.6 $ - $ - $ 1,114.8 39.5 %

Selling, general & administrative expenses $ 755.0 $ (10.2 ) $ (22.0 ) $ (6.7 ) $ (2.1 ) $ - $ - $ (1.2 ) $ - $ - $ 712.8 25.2 %

Operating income $ 312.9 $ 10.2 $ 22.0 $ 8.5 $ 4.4 $ 38.8 $ 0.6 $ 4.6 $ - $ - $ 402.0 14.2 %

Nonoperating expenses $ 42.4 $ - $ - $ - $ - $ - $ - $ - $ (4.7 ) $ - $ 37.7

Income before income taxes $ 270.5 $ 10.2 $ 22.0 $ 8.5 $ 4.4 $ 38.8 $ 0.6 $ 4.6 $ 4.7 $ - $ 364.3

Income taxes (7) $ 65.5 $ 3.3 $ 7.7 $ 3.1 $ 1.5 $ 8.3 $ 0.2 $ 1.7 $ 1.5 $ - $ 92.8

Net income from continuing operations $ 205.0 $ 6.9 $ 14.3 $ 5.4 $ 2.9 $ 30.5 $ 0.4 $ 2.9 $ 3.2 $ - $ 271.5

Net income $ 202.6 $ 6.9 $ 14.30 $ 5.40 $ 2.90 $ 30.50 $ 0.40 $ 2.90 $ 3.2 $ 2.4 $ 271.5

Diluted earnings per share** $ 0.74 $ 0.03 $ 0.05 $ 0.02 $ 0.01 $ 0.11 $ 0.00 $ 0.01 $ 0.01 $ 0.01 $ 1.00


Six Months Ended June 30, 2014
GAAP Measure Restructuring and Inventory charge Charge resulting from Non-GAAP Measure
Product restructuring-related from the devaluation of the the devaluation of the Discontinued Non-recurring Percentage
Reported recall costs (1) costs (2) Venezuelan Bolivar (3) Venezuelan Bolivar (5) operations (6) tax items (8) Normalized* of Sales

Cost of products sold $ 1,663.9 $ (8.6 ) $ (0.2 ) $ (4.0 ) $ - $ - $ - $ 1,651.1 60.8 %

Gross margin $ 1,052.6 $ 8.6 $ 0.2 $ 4.0 $ - $ - $ - $ 1,065.4 39.2 %

Selling, general & administrative expenses $ 711.1 $ (2.8 ) $ (18.0 ) $ - $ - $ - $ - $ 690.3 25.4 %

Operating income $ 318.0 $ 11.4 $ 41.7 $ 4.0 $ - $ - $ - $ 375.1 13.8 %

Nonoperating expenses $ 66.8 $ - $ - $ - $ (38.7 ) $ - $ - $ 28.1

Income before income taxes $ 251.2 $ 11.4 $ 41.7 $ 4.0 $ 38.7 $ - $ - $ 347.0

Income taxes (7) $ 50.4 $ 4.2 $ 10.5 $ 1.4 $ 13.9 $ - $ 3.3 $ 83.7

Net income from continuing operations $ 200.8 $ 7.2 $ 31.2 $ 2.6 $ 24.8 $ - $ (3.3 ) $ 263.3

Net income $ 203.5 $ 7.2 $ 31.2 $ 2.6 $ 24.8 $ (2.7 ) $ (3.3 ) $ 263.3

Diluted earnings per share** $ 0.72 $ 0.03 $ 0.11 $ 0.01 $ 0.09 $ (0.01 ) $ (0.01 ) $ 0.93

* Normalized results are financial measures that are not in accordance with GAAP and exclude the above normalized adjustments. See below for a discussion of each of these adjustments.
**Totals may not add due to rounding.

(1) During the six months ended June 30, 2015 and 2014, the Company recognized $10.2 million and $11.4 million, respectively, of charges associated with the Graco product recall.

(2) Costs associated with Project Renewal during the six months ended June 30, 2015 include $34.9 million of project-related costs and $38.8 million of restructuring costs. Project-related costs include advisory and consultancy costs, compensation and related costs of personnel dedicated to transformation projects, and other project-related costs. Restructuring and restructuring-related costs during the six months ended June 30, 2014 include $18.2 million of organizational change implementation and restructuring-related costs and $23.5 million of restructuring costs incurred in connection with Project Renewal.

(3) During the six months ended June 30, 2015 and 2014, the Company recognized an increase of $0.6 million and $4.0 million, respectively, in cost of products sold resulting from increased costs of inventory due to changes in the exchange rate for the Venezuelan Bolivar.

(4) During the six months ended June 30, 2015, the Company incurred $4.6 million (including $1.8 million of restructuring costs) of acquisition and integration costs associated with the acquisition and integration of Ignite Holdings, bubba and Baby Jogger.

(5) During the six months ended June 30, 2015 and 2014, the Company recognized $4.7 million and $38.7 million, respectively, related to foreign exchange losses resulting from the devaluation of the Venezuelan Bolivar.

(6) During the six months ended June 30, 2015, the Company recognized a loss of $2.4 million in discontinued operations, primarily associated with Endicia and certain Culinary businesses. During the six months ended June 30, 2014, the Company recognized net income of $2.7 million, primarily related to the operations of Endicia and certain Culinary businesses and certain gains associated with the sale of the Hardware business.

(7) The Company determined the tax effect of the items excluded from normalized results by applying the estimated effective rate for the applicable jurisdiction in which the pre-tax items were incurred, and for which realization of the resulting tax benefit, if any, is expected. In certain situations in which an item excluded from normalized results impacts income tax expense, the Company uses a “with” and “without” approach to determine normalized income tax expense.

(8) During the six months ended June 30, 2014, the Company recognized a non-recurring income tax benefit of $3.3 million resulting from the resolution of various income tax contingencies.


Newell Rubbermaid Inc.
Three Months Ended June 30, 2015
In Millions

Currency Analysis


By Segment

Net Sales, Core


As Reported Sales (1) Year-Over-Year


Less Less Constant Inc. (Dec.) Excl. Increase (Decrease)


Increase Planned Less 2015 Planned 2014 Currency Planned Divest. & Currency Excluding Including Currency Planned Core Sales
2015 2014 (Decrease) 2015 Divestitures (2) Acquisitions Core Sales 2014 Divestitures (2) Core Sales Inc. (Dec.) Acquisitions Impact Currency Currency Impact Acquisitions Divestitures (2) Growth (1)

Writing $ 495.9 $ 489.3 $ 6.6 $ 540.4 $ - $ - $ 540.4 $ 487.6 $ - $ 487.6 $ 52.8 $ 52.8 $ (46.2 ) 10.8 % 1.3 % (9.5 )% 0.0 % (0.0 )% 10.8 %
Home Solutions 438.5 383.4 55.1 443.3 - 55.4 387.9 383.2 - 383.2 60.1 4.7 (5.0 ) 15.7 % 14.4 % (1.3 )% 14.5 % 0.0 % 1.2 %
Tools 205.2 222.3 (17.1 ) 222.4 - - 222.4 219.5 - 219.5 2.9 2.9 (20.0 ) 1.3 % (7.7 )% (9.0 )% 0.0 % (0.0 )% 1.3 %
Commercial Products 210.6 223.5 (12.9 ) 216.5 12.9 - 203.6 222.6 22.3 200.3 (6.1 ) 3.3 (6.8 ) (2.7 )% (5.8 )% (3.1 )% 0.0 % (4.3 )% 1.6 %
Baby & Parenting 210.7 183.7 27.0 220.0 - 26.7 193.3 182.4 - 182.4 37.6 10.9 (10.6 ) 20.6 % 14.7 % (5.9 )% 14.6 % (0.0 )% 6.0 %

Total Company $ 1,560.9 $ 1,502.2 $ 58.7 $ 1,642.6 $ 12.9 $ 82.1 $ 1,547.6 $ 1,495.3 $ 22.3 $ 1,473.0 $ 147.3 $ 74.6 $ (88.6 ) 9.9 % 3.9 % (6.0 )% 5.6 % (0.8 )% 5.1 %

Win Bigger Businesses Core Sales Growth (3) $ 911.7 $ 935.1 $ (23.4 ) $ 979.3 $ 12.9 $ - $ 966.4 $ 929.7 $ 22.3 $ 907.4 $ 49.6 $ 59.0 $ (73.0 ) 5.3 % (2.5 )% (7.8 )% 0.0 % (1.2 )% 6.5 %

By Geography

United States $ 1,117.5 $ 1,036.1 $ 81.4 $ 1,117.5 $ 12.1 $ 74.2 $ 1,031.2 $ 1,036.1 $ 21.8 $ 1,014.3 $ 81.4 $ 16.9 $ - 7.9 % 7.9 % 0.0 % 7.3 % (1.1 )% 1.7 %
Canada 68.4 76.9 (8.5 ) 76.8 0.8 1.1 74.9 76.6 0.5 76.1 0.2 (1.2 ) (8.7 ) 0.3 % (11.1 )% (11.4 )% 1.5 % 0.4 % (1.6 )%
Total North America 1,185.9 1,113.0 72.9 1,194.3 12.9 75.3 1,106.1 1,112.7 22.3 1,090.4 81.6 15.7 (8.7 ) 7.3 % 6.5 % (0.8 )% 6.9 % (1.0 )% 1.4 %

Europe, Middle East and Africa 167.0 188.4 (21.4 ) 202.0 - 6.8 195.2 183.3 - 183.3 18.7 11.9 (40.1 ) 10.2 % (11.4 )% (21.6 )% 3.7 % (0.0 )% 6.5 %
Latin America 114.6 102.8 11.8 144.0 - - 144.0 102.7 - 102.7 41.3 41.3 (29.5 ) 40.2 % 11.5 % (28.7 )% 0.0 % (0.0 )% 40.2 %
Asia Pacific 93.4 98.0 (4.6 ) 102.3 - - 102.3 96.6 - 96.6 5.7 5.7 (10.3 ) 5.9 % (4.7 )% (10.6 )% 0.0 % (0.0 )% 5.9 %
Total International 375.0 389.2 (14.2 ) 448.3 - 6.8 441.5 382.6 - 382.6 65.7 58.9 (79.9 ) 17.2 % (3.6 )% (20.8 )% 1.8 % 0.0 % 15.4 %

Total Company $ 1,560.9 $ 1,502.2 $ 58.7 $ 1,642.6 $ 12.9 $ 82.1 $ 1,547.6 $ 1,495.3 $ 22.3 $ 1,473.0 $ 147.3 $ 74.6 $ (88.6 ) 9.9 % 3.9 % (6.0 )% 5.6 % (0.8 )% 5.1 %

(1) "Core Sales" is determined by applying a fixed exchange rate, calculated as the 12-month average in 2014, to the current and prior year local currency sales amounts, with the difference between the change in "As Reported" sales and the change in "Core Sales" reported in the table as "Currency Impact". Core Sales Growth excludes the impact of currency, acquisitions and planned divestitures.

(2) Planned divestitures represent the Rubbermaid medical cart business, which the Company plans to divest.

(3) Win Bigger businesses include Writing, Tools, and Commercial Products segments.


Newell Rubbermaid Inc.
Six Months Ended June 30, 2015
In Millions

Currency Analysis


By Segment

Net Sales, Core
As Reported Sales (1) Year-Over-Year
Less Less Constant Inc. (Dec.) Excl. Increase (Decrease)


Increase Planned Less 2015 Planned 2014 Currency Planned Divest. & Currency Excluding Including Currency Planned Core Sales
2015 2014 (Decrease) 2015 Divestitures (2) Acquisitions Core Sales 2014 Divestitures (2) Core Sales Inc. (Dec.) Acquisitions Impact Currency Currency Impact Acquisitions Divestitures (2) Growth (1)

Writing $ 837.7 $ 837.5 $ 0.2 $ 909.8 $ - $ - $ 909.8 $ 826.6 $ - $ 826.6 $ 83.2 $ 83.2 $ (83.0 ) 10.1 % 0.0 % (10.1 )% 0.0 % 0.0 % 10.1 %
Home Solutions 803.0 699.8 103.2 810.9 - 103.8 707.1 699.5 - 699.5 111.4 7.6 (8.2 ) 15.9 % 14.7 % (1.2 )% 14.8 % (0.0 )% 1.1 %
Tools 385.6 410.1 (24.5 ) 415.2 - - 415.2 406.3 - 406.3 8.9 8.9 (33.4 ) 2.2 % (6.0 )% (8.2 )% 0.0 % 0.0 % 2.2 %
Commercial Products 395.8 406.1 (10.3 ) 406.0 22.7 - 383.3 404.1 38.9 365.2 1.9 18.1 (12.2 ) 0.5 % (2.5 )% (3.0 )% 0.0 % (4.5 )% 5.0 %
Baby & Parenting 402.8 363.0 39.8 417.5 - 44.9 372.6 360.3 - 360.3 57.2 12.3 (17.4 ) 15.9 % 11.0 % (4.9 )% 12.5 % 0.0 % 3.4 %

Total Company $ 2,824.9 $ 2,716.5 $ 108.4 $ 2,959.4 $ 22.7 $ 148.7 $ 2,788.0 $ 2,696.8 $ 38.9 $ 2,657.9 $ 262.6 $ 130.1 $ (154.2 ) 9.7 % 4.0 % (5.7 )% 5.6 % (0.8 )% 4.9 %

Win Bigger Businesses Core Sales Growth (3) $ 1,619.1 $ 1,653.7 $ (34.6 ) $ 1,731.0 $ 22.7 $ - $ 1,708.3 $ 1,637.0 $ 38.9 $ 1,598.1 $ 94.0 $ 110.2 $ (128.6 ) 5.7 % (2.1 )% (7.8 )% 0.0 % (1.2 )% 6.9 %

By Geography

United States $ 2,034.7 $ 1,849.8 $ 184.9 $ 2,034.7 $ 21.5 $ 140.8 $ 1,872.4 $ 1,849.8 $ 37.5 $ 1,812.3 $ 184.9 $ 60.1 $ - 10.0 % 10.0 % 0.0 % 7.8 % (1.1 )% 3.3 %
Canada 114.6 129.9 (15.3 ) 128.4 1.2 1.1 126.1 129.4 1.4 128.0 (1.0 ) (1.9 ) (14.3 ) (0.8 )% (11.8 )% (11.0 )% 0.9 % (0.2 )% (1.5 )%
Total North America 2,149.3 1,979.7 169.6 2,163.1 22.7 141.9 1,998.5 1,979.2 38.9 1,940.3 183.9 58.2 (14.3 ) 9.3 % 8.6 % (0.7 )% 7.3 % (1.0 )% 3.0 %

Europe, Middle East and Africa 294.6 352.2 (57.6 ) 352.5 - 6.8 345.7 342.1 - 342.1 10.4 3.6 (68.0 ) 3.0 % (16.4 )% (19.4 )% 1.9 % (0.0 )% 1.1 %
Latin America 204.0 194.8 9.2 250.8 - - 250.8 187.8 - 187.8 63.0 63.0 (53.8 ) 33.5 % 4.7 % (28.8 )% 0.0 % (0.0 )% 33.5 %
Asia Pacific 177.0 189.8 (12.8 ) 193.0 - - 193.0 187.7 - 187.7 5.3 5.3 (18.1 ) 2.8 % (6.7 )% (9.5 )% 0.0 % (0.0 )% 2.8 %
Total International 675.6 736.8 (61.2 ) 796.3 - 6.8 789.5 717.6 - 717.6 78.7 71.9 (139.9 ) 11.0 % (8.3 )% (19.3 )% 1.0 % 0.0 % 10.0 %

Total Company $ 2,824.9 $ 2,716.5 $ 108.4 $ 2,959.4 $ 22.7 $ 148.7 $ 2,788.0 $ 2,696.8 $ 38.9 $ 2,657.9 $ 262.6 $ 130.1 $ (154.2 ) 9.7 % 4.0 % (5.7 )% 5.6 % (0.8 )% 4.9 %

(1) "Core Sales" is determined by applying a fixed exchange rate, calculated as the 12-month average in 2014, to the current and prior year local currency sales amounts, with the difference between the change in "As Reported" sales and the change in "Core Sales" reported in the table as "Currency Impact". Core Sales Growth excludes the impact of currency, acquisitions and planned divestitures.

(2) Planned divestitures represent the Rubbermaid medical cart business, which the Company plans to divest.

(3) Win Bigger businesses include Writing, Tools, and Commercial Products segments.


Newell Rubbermaid Inc.
Reconciliation of Normalized EPS Guidance
Year Ending December 31, 2015

Year Ending
December 31, 2015
Diluted earnings per share $ 1.69 to $ 1.75
Graco product recall $ 0.03
Restructuring and other Project Renewal costs $ 0.35 to $ 0.45
Acquisition and integration costs $ 0.01
Devaluation of the Venezuelan Bolivar $ 0.01
Discontinued operations $ (0.01 ) to $ 0.01
Normalized earnings per share $ 2.14 to $ 2.20


View source version on businesswire.com: http://www.businesswire.com/news/home/20150731005065/en/

Newell Rubbermaidoperating income
Contact:
Newell Rubbermaid
Nancy O’Donnell, 770-418-7723
Vice President, Investor Relations
or
Nicole Quinlan, 770-418-7251
Senior Manager, Global Communication

[Drmicrocap]

Newell Rubbermaid Announces Corporate Headquarters Change in Atlanta


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Can Newell (NWL) Maintain its Upbeat Earnings Trend in Q2? - Analyst Blog
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Newell Rubbermaid Plans to Relocate Headquarters - Analyst Blog
Zacks 5 days ago

ATLANTA, July 22, 2015 /PRNewswire/ -- Newell Rubbermaid (NWL) today announced it has purchased a building and plans to relocate its corporate headquarters from 3 Glenlake Parkway in Atlanta, Georgia, to 6655 Peachtree Dunwoody Road in Atlanta, Georgia, in early 2016. The new space will reflect the brand–led, innovative company that Newell is and will be purpose-fit for how employees work today and into the future.

"We are transforming Newell into a faster growing, more profitable, more global company," said Newell Rubbermaid President and Chief Executive Officer Michael Polk. "We have made great progress strengthening our brands and accelerating performance, and our new headquarters work space will be collaborative, mobile, technology-enabled and more productive than our current headquarters."

The building will be designed by global architecture and design firm Perkins + Will. The property will be dedicated to Newell and is right-sized for the more mobile, more technically-enabled company that Newell is becoming.

About Newell Rubbermaid

Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of consumer and commercial products with 2014 sales of $5.7 billion and a strong portfolio of leading brands, including Sharpie®, Paper Mate®, Rubbermaid Commercial Products®, Irwin®, Lenox®, Parker®, Waterman®, Contigo®, Rubbermaid®, Levolor®, Calphalon®, Goody®, Graco®, Aprica®, Baby Jogger® and Dymo®. As part of the company's Growth Game Plan, Newell Rubbermaid is making sharper portfolio choices and investing in new marketing and innovation to accelerate performance.

This press release and additional information about Newell Rubbermaid are available on the company's Web site,

[Drmicrocap]

Newell Rubbermaid to Webcast Second Quarter 2015 Earnings Results
Business Wire Newell Rubbermaid
16 hours ago
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ATLANTA--(BUSINESS WIRE)--

Newell Rubbermaid (NWL) today announced its second quarter 2015 earnings results will be released Friday, July 31, prior to market open and will be followed by a live webcast at 8:30 a.m. ET. To listen to the webcast, please visit Events & Presentations in the Investor Relations section of Newell Rubbermaid’s Web site at www.newellrubbermaid.com. The live webcast will be recorded and made available for replay.

About Newell Rubbermaid

Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of consumer and commercial products with 2014 sales of $5.7 billion and a strong portfolio of leading brands, including Sharpie®, Paper Mate®, Rubbermaid Commercial Products®, Irwin®, Lenox®, Parker®, Waterman®, Contigo®, Rubbermaid®, Levolor®, Calphalon®, Goody®, Graco®, Aprica®, Baby Jogger® and Dymo®. As part of the company’s Growth Game Plan, Newell Rubbermaid is making sharper portfolio choices and investing in new marketing and innovation to accelerate performance.

This press release and additional information about Newell Rubbermaid are available on the company’s Web site, www.newellrubbermaid.com.


View source version on businesswire.com: http://www.businesswire.com/news/home/20150709005097/en/

Contact:
Newell Rubbermaid
Nancy O’Donnell, 770-418-7723
Vice President, Investor Relations
or
Nicole Quinlan, 770-418-7251
Senior Manager, Global Communications

[Drmicrocap]

Newell Rubbermaid Announces Strong First Quarter Results

.


Newell Rubbermaid
39 minutes ago

GlobeNewswire






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..
.
. • 4.7% Core Sales Growth and Normalized EPS of $0.36
• 4.1% Net Sales Growth and Reported EPS of $0.20
• Affirms 2015 Full Year Guidance
• Expands Project Renewal to Capture Incremental $150 Million Savings by 2017

First Quarter Executive Summary
• 4.7 percent core sales growth, excluding foreign currency and the net impact of acquisitions and planned divestitures; 4.1 percent net sales growth including a 490 basis point net contribution from acquisitions and planned divestitures

• 38.8 percent normalized gross margin, a 50 basis point improvement compared to the prior year; 38.6 percent reported gross margin, a 100 basis point improvement compared to the prior year

• 12.1 percent normalized operating margin, a 90 basis point improvement compared to the prior year; 7.8 percent reported operating margin, an 80 basis point decline compared to prior year attributable to increased restructuring costs

• $0.36 normalized EPS compared to $0.34 in the prior year, a 5.9 percent increase despite an $0.08 negative impact from foreign exchange and a comparison with the prior year which included $0.04 in discrete tax rate benefits; $0.20 reported EPS compared to $0.19 in the prior year, a 5.3 percent increase

• Repurchased 1.9 million shares at a cost of $73.6 million

• Expanded Project Renewal by an incremental $150 million to capture an incremental $150 million in annualized overhead savings by the end of 2017; cumulative annualized savings over total Project Renewal now anticipated at $620 to $675 million

• Announced intention to divest Rubbermaid medical cart business (solutions for optimization of nurse work flow in hospitals)

ATLANTA, May 1, 2015 (GLOBE NEWSWIRE) -- Newell Rubbermaid (NWL) announced its first quarter 2015 financial results today.

"We've had a strong start to the year with first quarter core sales growth of 4.7 percent and normalized earnings per share growth of 5.9 percent," said Michael Polk, President and Chief Executive Officer. "Our Win Bigger businesses of Writing, Commercial Products and Tools grew over seven percent as a result of strong innovation, increased advertising investment and great sales execution. All five global business segments grew core sales, including North American core sales growth of five percent and net sales growth of over eleven percent, our best result in many years.

"The Growth Game Plan is accelerating," continued Polk. "We are creating advantaged brand development and innovation capabilities backed with category leading marketing investment that is transforming Newell Rubbermaid into a growth leader in our industry. These investments have been enabled by our drive to make Newell leaner and more efficient and when coupled with actions to strengthen our portfolio are yielding both growth acceleration and margin expansion. There is more opportunity ahead. Today we announced a new commitment to deliver incremental annualized overhead savings of $150 million by the end of 2017. A significant portion of these incremental savings will be invested back into the business for further growth acceleration with the balance flowing through to earnings. That is the Growth Game Plan into action."

First Quarter 2015 Operating Results

Net sales in the first quarter were $1.26 billion compared with $1.21 billion in the prior year. Core sales grew 4.7 percent, excluding a 490 basis point net contribution from acquisitions and planned divestitures and a 550 basis point negative impact from foreign currency.

Reported gross margin was 38.6 percent, a 100 basis point improvement versus prior year.

Normalized gross margin was 38.8 percent, a 50 basis point improvement versus prior year, as benefits from productivity, commodity deflation and pricing more than offset the negative impacts of foreign currency and mix from acquisitions.

First quarter reported operating margin was 7.8 percent and operating income was $98.2 million, compared with 8.6 percent and $104.7 million, respectively, in the prior year.

Normalized operating margin of 12.1 percent was a 90 basis point improvement compared with the prior year, despite a 50 basis point increase in advertising and promotion. Normalized operating income was $152.6 million compared with $135.4 million in the prior year.

The reported tax rate for the quarter was 27.9 percent compared with a 3.0 percent benefit in the prior year. The normalized tax rate was 27.2 percent compared with 18.3 percent in the prior year.

Normalized net income was $97.0 million, compared with $97.8 million in the prior year. Normalized diluted earnings per share were $0.36, an increase of 5.9 percent versus $0.34 in the prior year. The improvement in normalized diluted earnings per share was attributable to increased core sales, gross margin expansion, contribution from acquisitions and the positive impact of fewer outstanding shares, which more than offset a significant increase in advertising and promotion support, negative foreign currency impacts, a higher tax rate and increased interest expense related to borrowing in support of last year's acquisitions.

Reported diluted earnings per share were $0.20, compared with $0.19 per diluted share in the prior year. Reported net income was $54.1 million, compared with $52.9 million in the prior year. In addition to the factors cited in the explanation of normalized diluted earnings per share, reported diluted earnings per share were negatively impacted by higher incremental restructuring and other project costs of $22.5 million in 2015, and favorably impacted by the absence of a 2014 $38.7 million charge associated with the devaluation of the Venezuelan bolivar.

Operating cash flow was a use of $154.3 million compared with a use of $92.1 million in the prior year period, as the company made a voluntary $70.0 million contribution to its U.S. pension plan during the first quarter of 2015.

A reconciliation of the "as reported" results to "normalized" results is included in the appendix.

First Quarter 2015 Operating Segment Results

Writing net sales for the first quarter were $341.8 million, a 1.8 percent decline compared to prior year, driven by a negative foreign currency impact of 10.8 percent. Writing core sales increased 9.0 percent, reflecting very strong growth in North America and Latin America attributable to increased advertising and promotion support, excellent innovation and pricing. Normalized operating income was $83.0 million compared with $76.1 million in the prior year. Normalized operating margin was 24.3 percent compared with 21.9 percent in the prior year as a result of pricing, strong productivity and disciplined cost management which more than offset significant negative foreign currency impacts and increased advertising and promotion spending.

Home Solutions net sales were $364.5 million, a 15.2 percent increase compared to the prior year. Core sales increased 0.9 percent, attributable to strong growth in Rubbermaid Food Storage and Decor, partially offset by continued contraction of the lower margin Rubbermaid Consumer Storage business and the absence of prior year new customer pipeline fill on Calphalon. Normalized operating income was $38.6 million versus $26.8 million in the prior year. Normalized operating margin expanded by 210 basis points to 10.6 percent of sales as a result of the positive mix effect of Rubbermaid Food Storage and input cost deflation on resin, partially offset by the impact of negative foreign currency.

Tools net sales were $180.4 million, a 3.9 percent decline compared to the prior year driven by a negative foreign currency impact of 7.1 percent. Core sales grew 3.2 percent reflecting robust growth in North America, EMEA and Latin America attributable to strong innovation, distribution gains on the core portfolio and pricing. Normalized operating income was $22.2 million versus $21.4 million in the prior year. Normalized operating margin was 12.3 percent of sales compared with 11.4 percent of sales in the prior year. The improvement in operating margin was primarily driven by pricing and disciplined overhead management, partially offset by the impact of negative foreign currency.

Commercial Products net sales were $185.2 million, a 1.4 percent increase compared to the prior year. Core sales, which exclude the Rubbermaid medical cart business, increased 9.0 percent attributable to strong innovation, increased marketing support and pricing in North America and Asia. Normalized operating income was $17.6 million compared to $13.8 million in the prior year. Normalized operating margin was 9.5 percent of sales, compared with 7.6 percent of sales in the prior year. The increase in operating margin reflects the benefits of productivity, pricing and input cost deflation on resin, partially offset by an increase in marketing spending and the impact of negative foreign currency.

Baby & Parenting net sales were $192.1 million, a 7.1 percent increase compared to the prior year. Core sales grew 0.8 percent driven by high single digit growth in North America compared with the prior year period, which was impacted by the Graco recall, and the stabilization of the Japanese business, partially offset by softness in Europe. Normalized operating income was $12.3 million compared to $16.4 million in the prior year. Normalized operating margin was 6.4 percent of sales compared with 9.1 percent of sales in the prior year. The decrease in normalized operating margin was due to increased advertising and promotion spending in support of innovation and the impact of negative foreign currency.

Strategic Changes

The company announced its decision to pursue the sale of its Rubbermaid medical cart business. The planned divestiture of this business will further the company's progress toward creating a faster growing, higher margin and more focused portfolio, enabling accelerated performance.

2015 Full Year Outlook

Newell Rubbermaid reiterated its 2015 full year core sales growth and normalized EPS guidance metrics as follows:

Core sales growth 3.5% to 4.5%



Currency impact (4.5%) to (5.5%)



Impact of acquisitions, net of planned divestitures 4.0% to 5.0%



Net sales growth 3.0% to 4.0%



Normalized EPS $2.10 to $2.18

The company now expects foreign exchange to have a negative impact of about $0.35 to $0.37 per diluted share on normalized EPS in 2015, $0.04 worse than the previous outlook provided, driven by the stronger U.S. dollar to most currencies.

The 2015 normalized EPS guidance range excludes between $100 and $140 million of Project Renewal restructuring and other project costs, discontinued operations and costs associated with the Graco recall. (A reconciliation of "expected reported" results to "normalized" results is included in the appendix.)

Cumulative costs of Project Renewal are expected to be $690 to $725 million pretax, with cash costs of $645 to $675 million. Project Renewal is expected to generate annualized cost savings of approximately $620 to $675 million by the end of 2017. The majority of these savings will be reinvested in new capabilities and incremental brand building investment for accelerated growth in the company's home markets and the geographic deployment of its Win Bigger portfolio into the faster growing emerging markets. The company is currently on track to realize annualized cost savings from the first two phases of Project Renewal of approximately $270 to $325 million by the middle of 2015.

Conference Call

The company's first quarter 2015 earnings conference call will be held today, May 1, 2015, at 8:30 a.m. ET. A link to the webcast is provided under Events & Presentations in the Investor Relations section of Newell Rubbermaid's Web site at www.newellrubbermaid.com. A webcast replay and a supporting slide presentation will be made available in the Investor Relations section on the company's Web site under Quarterly Earnings.

Non-GAAP Financial Measures

This release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission and includes a reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP.

The company uses certain non-GAAP financial measures that are included in this press release and the additional financial information both in explaining its results to stockholders and the investment community and in its internal evaluation and management of its businesses. The company's management believes that these non-GAAP financial measures and the information they provide are useful to investors since these measures (a) permit investors to view the company's performance using the same tools that management uses to evaluate the company's past performance, reportable business segments and prospects for future performance and (b) determine certain elements of management's incentive compensation.

The company's management believes that core sales provides a more complete understanding of underlying sales trends by providing sales on a consistent basis as it excludes the impacts of acquisitions, planned or completed divestitures and changes in foreign currency from year-over-year comparisons. As reflected in the Currency Analysis, the effect of foreign currency on reported sales is determined by applying a fixed exchange rate, calculated as the 12-month average in the prior year, to the current and prior year local currency sales amounts, with the difference in these two amounts being the impact on core sales related to foreign currency, and the difference between the change in as reported sales and the change in core sales related to foreign currency reported as the currency impact. The company's management believes that "normalized" gross margin, "normalized" SG&A expense, "normalized" operating income, "normalized" earnings per share and "normalized" tax rates, which exclude restructuring and other expenses and one-time and other events such as costs related to product recalls, the extinguishment of debt, certain tax benefits and charges, impairment charges, pension settlement charges, discontinued operations, costs related to the acquisition and integration of acquired businesses, advisory costs for process transformation and optimization initiatives, dedicated personnel costs related to transformation initiatives under Project Renewal, asset devaluations resulting from the adoption and continued use of the SICAD I Venezuelan Bolivar exchange rate and certain other items, are useful because they provide investors with a meaningful perspective on the current underlying performance of the company's core ongoing operations. The company also uses core sales, normalized gross margin and normalized earnings per share as the three performance criteria in its management cash bonus plan.

The company determines the tax effect of the items excluded from normalized diluted earnings per share by applying the estimated effective rate for the applicable jurisdiction in which the pre-tax items were incurred, and for which realization of the resulting tax benefit, if any, is expected. In certain situations in which an item excluded from normalized results impacts income tax expense, the company uses a "with" and "without" approach to determine normalized income tax expense.

While the company believes that these non-GAAP financial measures are useful in evaluating the company's performance, this information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies.

About Newell Rubbermaid

Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of consumer and commercial products with 2014 sales of $5.7 billion and a strong portfolio of leading brands, including Sharpie(R), Paper Mate(R), Rubbermaid Commercial Products(R), Irwin(R), Lenox(R), Parker(R), Waterman(R), Contigo(R), Rubbermaid(R), Levolor(R), Calphalon(R), Goody(R), Graco(R), Aprica(R), Baby Jogger(R) and Dymo(R). As part of the company's Growth Game Plan, Newell Rubbermaid is making sharper portfolio choices and investing in new marketing and innovation to accelerate performance.

This press release and additional information about Newell Rubbermaid are available on the company's Web site, www.newellrubbermaid.com.

Caution Concerning Forward-Looking Statements

Statements in this press release that are not historical in nature constitute forward-looking statements. These forward-looking statements relate to information or assumptions about the effects of sales, income/(loss), earnings per share, operating income, operating margin or gross margin improvements or declines, Project Renewal, capital and other expenditures, cash flow, dividends, restructuring and other project costs, costs and cost savings, inflation or deflation, particularly with respect to commodities such as oil and resin, debt ratings, changes in exchange rates, product recalls, expected benefits and financial results from recently completed acquisitions and planned divestitures and management's plans, projections and objectives for future operations and performance. These statements are accompanied by words such as "anticipate," "expect," "project," "will," "believe," "estimate" and similar expressions. Actual results could differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, our dependence on the strength of retail, commercial and industrial sectors of the economy in light of the continuation or escalation of the global economic slowdown or regional sovereign debt issues; currency fluctuations; competition with other manufacturers and distributors of consumer products; major retailers' strong bargaining power and consolidation of our retail customers; changes in the prices of raw materials and sourced products and our ability to obtain raw materials and sourced products in a timely manner from suppliers; our ability to develop innovative new products and to develop, maintain and strengthen our end-user brands, including the ability to realize anticipated benefits of increased advertising and promotion spend; product liability, product recalls or regulatory actions; our ability to expeditiously close facilities and move operations while managing foreign regulations and other impediments; a failure of one of our key information technology systems or related controls; the potential inability to attract, retain and motivate key employees; future events that could adversely affect the value of our assets and require impairment charges; our ability to improve productivity and streamline operations; changes to our credit ratings; significant increases in the funding obligations related to our pension plans due to declining asset values, declining interest rates or otherwise; the imposition of tax liabilities greater than our provisions for such matters; the risks inherent in our foreign operations, including exchange controls and pricing restrictions; our ability to complete planned acquisitions and divestitures; our ability to realize the expected benefits and financial results from our recently acquired businesses and planned divestitures; and those factors listed in our most recently filed Annual Report on Form 10-K filed with the Securities and Exchange Commission. Changes in such assumptions or factors could produce significantly different results. The information contained in this news release is as of the date indicated. The company assumes no obligation to update any forward-looking statements contained in this news release as a result of new information or future events or developments.

Newell Rubbermaid Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in millions, except per share data)




Three Months Ended March 31,



YOY

2015 2014 % Change





Net sales $ 1,264.0 $ 1,214.3 4.1%
Cost of products sold 776.5 757.3






GROSS MARGIN 487.5 457.0 6.7%
% of sales 38.6% 37.6%






Selling, general & administrative expenses 362.0 340.3 6.4%
% of sales 28.6% 28.0%






Restructuring costs 27.3 12.0






OPERATING INCOME 98.2 104.7 (6.2)%
% of sales 7.8% 8.6%






Nonoperating expenses:



Interest expense, net 19.2 14.4

Other expense, net 0.1 40.0


19.3 54.4 (64.5)%





INCOME BEFORE INCOME TAXES 78.9 50.3 56.9%
% of sales 6.2% 4.1%






Income taxes 22.0 (1.5) NMF
Effective rate 27.9% NMF






NET INCOME FROM CONTINUING OPERATIONS 56.9 51.8 9.8%
% of sales 4.5% 4.3%






(Loss) income from discontinued operations, net of tax (2.8) 1.1






NET INCOME $ 54.1 $ 52.9 2.3%

4.3% 4.4%






EARNINGS PER SHARE:



Basic



Income from continuing operations $ 0.21 $ 0.18

(Loss) income from discontinued operations $ (0.01) $ --

Net income $ 0.20 $ 0.19






Diluted



Income from continuing operations $ 0.21 $ 0.18

(Loss) income from discontinued operations $ (0.01) $ --

Net income $ 0.20 $ 0.19






AVERAGE SHARES OUTSTANDING:



Basic 270.5 280.9

Diluted 272.7 283.8






NMF - Not meaningful









Newell Rubbermaid Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions)



March 31, March 31,
Assets: 2015 2014




Cash and cash equivalents $ 215.4 $ 136.8
Accounts receivable, net 1,053.2 973.1
Inventories, net 852.3 801.3
Deferred income taxes 134.4 121.3
Prepaid expenses and other 179.2 198.8




Total Current Assets 2,434.5 2,231.3




Property, plant and equipment, net 563.3 541.3
Goodwill 2,474.6 2,362.0
Other intangible assets, net 877.2 606.5
Other assets 259.2 252.8




Total Assets $ 6,608.8 $ 5,993.9




Liabilities and Stockholders' Equity:






Accounts payable $ 615.6 $ 542.8
Accrued compensation 99.8 99.6
Other accrued liabilities 599.9 590.9
Short-term debt 733.9 318.7
Current portion of long-term debt 6.5 0.8




Total Current Liabilities 2,055.7 1,552.8




Long-term debt 2,094.1 1,666.7
Deferred income taxes 223.8 154.0
Other noncurrent liabilities 536.2 546.9




Stockholders' Equity - Parent 1,695.5 2,070.0
Stockholders' Equity - Noncontrolling Interests 3.5 3.5




Total Stockholders' Equity 1,699.0 2,073.5




Total Liabilities and Stockholders' Equity $ 6,608.8 $ 5,993.9



Newell Rubbermaid Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in millions)



Three Months Ended March 31,

2015 2014
Operating Activities:


Net income $ 54.1 $ 52.9
Adjustments to reconcile net income to net cash used in operating activities:


Depreciation and amortization 42.2 38.1
Net (gain) loss from sale of discontinued operations, including impairments -- (2.2)
Non-cash restructuring costs -- 1.0
Deferred income taxes 17.9 14.6
Stock-based compensation expense 6.8 7.0
Other, net 5.5 45.0
Changes in operating assets and liabilities, excluding the effects of acquisitions and divestitures:


Accounts receivable 170.0 130.5
Inventories (164.8) (115.8)
Accounts payable (38.7) (16.1)
Accrued liabilities and other (247.3) (247.1)
Net cash used in operating activities $ (154.3) $ (92.1)




Investing Activities:


Proceeds from sale of discontinued operations and noncurrent assets $ 4.0 $ --
Acquisitions and acquisition-related activity (2.0) --
Capital expenditures (50.9) (31.9)
Other (0.2) (0.3)
Net cash used in investing activities $ (49.1) $ (32.2)




Financing Activities:


Net short-term borrowings $ 343.4 $ 144.9
Repurchase and retirement of shares of common stock (73.6) (44.4)
Cash dividends (53.2) (42.9)
Excess tax benefits related to stock-based compensation 15.2 5.6
Other stock-based compensation activity, net (13.6) 10.7
Net cash provided by financing activities $ 218.2 $ 73.9




Currency rate effect on cash and cash equivalents $ 1.2 $ (39.1)




Increase (decrease) in cash and cash equivalents $ 16.0 $ (89.5)
Cash and cash equivalents at beginning of period 199.4 226.3
Cash and cash equivalents at end of period $ 215.4 $ 136.8



Newell Rubbermaid Inc.
Financial Worksheet - Segment Reporting
(In Millions)



2015 2014






Reconciliation (1,2,3,4)

Reconciliation (1,2)
Year-over-year changes


Reported Excluded Normalized Operating
Reported Excluded Normalized Operating Net Sales Normalized OI

Net Sales OI Items OI Margin Net Sales OI Items OI Margin $ % $ %
Q1:














Writing $ 341.8 $ 82.4 $ 0.6 $ 83.0 24.3% $ 348.2 $ 76.1 $ -- $ 76.1 21.9% $ (6.4) (1.8)% $ 6.9 9.1%
Home Solutions 364.5 38.5 0.1 38.6 10.6% 316.4 26.8 -- 26.8 8.5% 48.1 15.2% 11.8 44.0%
Tools 180.4 22.2 -- 22.2 12.3% 187.8 21.4 -- 21.4 11.4% (7.4) (3.9)% 0.8 3.7%
Commercial Products 185.2 17.0 0.6 17.6 9.5% 182.6 13.8 -- 13.8 7.6% 2.6 1.4% 3.8 27.5%
Baby & Parenting 192.1 0.5 11.8 12.3 6.4% 179.3 5.4 11.0 16.4 9.1% 12.8 7.1% (4.1) (25.0)%
Restructuring Costs -- (27.3) 27.3 --
-- (12.0) 12.0 --
--
--

Corporate -- (35.1) 14.0 (21.1)
-- (26.8) 7.7 (19.1)
--
(2.0) (10.5)%
Total $ 1,264.0 $ 98.2 $ 54.4 $ 152.6 12.1% $ 1,214.3 $ 104.7 $ 30.7 $ 135.4 11.2% $ 49.7 4.1% $ 17.2 12.7%
















(1) Excluded items include project-related costs and restructuring costs associated with Project Renewal. Project-related costs of $14.9 million and restructuring costs of $27.3 million incurred during 2015 relate to Project Renewal. For 2014, project-related costs of $7.7 million and restructuring costs of $12.0 million relate to Project Renewal.


(2) Baby & Parenting normalized operating income for 2015 and 2014 excludes charges of $10.2 and $11.0 million, respectively, relating to the Graco product recall.


(3) Writing normalized operating income for 2015 excludes $0.3 million of cost of products sold resulting from increased costs of inventory due to changes in the exchange rate for the Venezuelan Bolivar.


(4) Home Solutions normalized operating income for 2015 excludes $0.1 million of acquisition and integration costs associated with the acquisitions of Ignite Holdings, LLC and bubba brands, and Baby & Parenting normalized operating income for 2015 excludes $1.6 million of costs associated with the acquisition of Baby Jogger.



Newell Rubbermaid Inc.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION
CERTAIN LINE ITEMS
(in millions, except per share data)



Three Months Ended March 31, 2015

GAAP Measure
Project Renewal Costs (2)


Non-GAAP Measure







Reported



Product
recall costs (1)




Advisory
Costs




Personnel
Costs




Other
Costs




Restructuring
Costs
Inventory charge from
the devaluation of the
Venezuelan Bolivar (3)



Acquisition
and integration
cost (4)




Discontinued
operations (5)





Normalized*




Percentage
of Sales













Cost of products sold $ 776.5 $ -- $ -- $ (0.2) $ (1.0) $ -- $ (0.3) $ (1.5) $ -- $ 773.5 61.2%













Gross margin $ 487.5 $ -- $ -- $ 0.2 $ 1.0 $ -- $ 0.3 $ 1.5 $ -- $ 490.5 38.8%













Selling, general & administrative expenses $ 362.0 $ (10.2) $ (10.6) $ (2.3) $ (0.8) $ -- $ -- $ (0.2) $ -- $ 337.9 26.7%













Operating income $ 98.2 $ 10.2 $ 10.6 $ 2.5 $ 1.8 $ 27.3 $ 0.3 $ 1.7 $ -- $ 152.6 12.1%













Income before income taxes $ 78.9 $ 10.2 $ 10.6 $ 2.5 $ 1.8 $ 27.3 $ 0.3 $ 1.7 $ -- $ 133.3














Income taxes (6) $ 22.0 $ 3.3 $ 3.4 $ 0.8 $ 0.6 $ 5.5 $ 0.1 $ 0.6 $ -- $ 36.3














Net income from continuing operations $ 56.9 $ 6.9 $ 7.2 $ 1.7 $ 1.2 $ 21.8 $ 0.2 $ 1.1 $ -- $ 97.0














Net income $ 54.1 $ 6.9 $ 7.2 $ 1.7 $ 1.2 $ 21.8 $ 0.2 $ 1.1 $ 2.8 $ 97.0














Diluted earnings per share** $ 0.20 $ 0.03 $ 0.03 $ 0.01 $ 0.00 $ 0.08 $ 0.00 $ 0.00 $ 0.01 $ 0.36




























Three Months Ended March 31, 2014





GAAP Measure



Non-GAAP Measure











Reported



Product
recall costs (1)



Restructuring and
restructuring-related
costs (2)
Charge resulting from
the devaluation of the
Venezuelan Bolivar (7)




Discontinued
operations (5)





Normalized*




Percentage
of Sales

















Cost of products sold $ 757.3 $ (8.6) $ -- $ -- $ -- $ 748.7 61.7%

















Gross margin $ 457.0 $ 8.6 $ -- $ -- $ -- $ 465.6 38.3%

















Selling, general & administrative expenses $ 340.3 $ (2.4) $ (7.7) $ -- $ -- $ 330.2 27.2%

















Operating income $ 104.7 $ 11.0 $ 19.7 $ -- $ -- $ 135.4 11.2%

















Nonoperating expenses $ 54.4 $ -- $ -- $ (38.7) $ -- $ 15.7


















Income before income taxes $ 50.3 $ 11.0 $ 19.7 $ 38.7 $ -- $ 119.7


















Income taxes (6) $ (1.5) $ 4.0 $ 5.5 $ 13.9 $ -- $ 21.9


















Net income from continuing operations $ 51.8 $ 7.0 $ 14.2 $ 24.8 $ -- $ 97.8


















Net income $ 52.9 $ 7.0 $ 14.2 $ 24.8 $ (1.1) $ 97.8


















Diluted earnings per share** $ 0.19 $ 0.02 $ 0.05 $ 0.09 $ (0.00) $ 0.34







.






















* Normalized results are financial measures that are not in accordance with GAAP and exclude the above normalized adjustments. See below for a discussion of each of these adjustments.
**Totals may not add due to rounding.


(1) During the three months ended March 31, 2015 and 2014, the Company recognized costs of $10.2 million and $11.0 million, respectively, associated with the Graco product recall.


(2) Costs associated with Project Renewal during the three months ended March 31, 2015 include $14.9 million of project-related costs and $27.3 million of restructuring costs. Project-related costs include advisory and consultancy costs, compensation and related costs of personnel dedicated to transformation projects, and other project-related costs. Restructuring and restructuring-related costs during the three months ended March 31, 2014 include $7.7 million of organizational change implementation and restructuring-related costs and $12.0 million of restructuring costs incurred in connection with Project Renewal.


(3) During the three months ended March 31, 2015, the Company recognized an increase of $0.3 million in cost of products sold resulting from increased costs of inventory due to changes in the exchange rate for the Venezuelan Bolivar.


(4) During the three months ended March 31, 2015, the Company incurred $1.7 million of acquisition and integration costs associated with the acquisitions of Ignite Holdings, bubba brands and Baby Jogger.


(5) During the three months ended March 31, 2015 and 2014, the Company recognized net losses of $2.8 million and net income of $1.1 million, respectively, in discontinued operations, which primarily relates to the results of operations of Endicia and certain Culinary businesses.


(6) The Company determined the tax effect of the items excluded from normalized results by applying the estimated effective rate for the applicable jurisdiction in which the pre-tax items were incurred, and for which realization of the resulting tax benefit, if any, is expected.


(7) During the three months ended March 31, 2014, the Company recognized foreign exchange losses of $38.7 million resulting from the devaluation of the Venezuelan Bolivar, which under hyperinflationary accounting is recorded in the Statement of Operations.



Newell Rubbermaid Inc.



















Three Months Ended March 31, 2015



















In Millions








































Currency Analysis





























































By Segment









































Net Sales, As Reported Core Sales (1)
Year-Over-Year

















Increase (Decrease)









2015



2014


Increase(Decrease)



2015

Less
Planned
Divestitures


Less
Acquisitions

2015
Core Sales



2014

Less
Planned
Divestitures

2014
Core Sales
Constant
Currency
Inc. (Dec.) Inc. (Dec.)
Excl.
Planned
Divest. &
Acquisitions


Currency
Impact


Excluding
Currency


Including
Currency


Currency
Impact



Acquisitions


Planned
Divestitures
Core
Sales
Growth (1)





















Writing $ 341.8 $ 348.2 $ (6.4) $ 369.4 $ -- $ -- $ 369.4 $ 339.0 $ -- $ 339.0 $ 30.4 $ 30.4 $ (36.8) 9.0% (1.8)% (10.8)% 0.0% 0.0% 9.0%
Home Solutions 364.5 316.4 48.1 367.6 -- 48.4 319.2 316.3 -- 316.3 51.3 2.9 (3.2) 16.2% 15.2% (1.0)% 15.3% (0.0)% 0.9%
Tools 180.4 187.8 (7.4) 192.8 -- -- 192.8 186.8 -- 186.8 6.0 6.0 (13.4) 3.2% (3.9)% (7.1)% 0.0% (0.0)% 3.2%
Commercial Products 185.2 182.6 2.6 189.5 9.8 -- 179.7 181.5 16.6 164.9 8.0 14.8 (5.4) 4.4% 1.4% (3.0)% 0.0% (4.6)% 9.0%
Baby & Parenting 192.1 179.3 12.8 197.5 -- 18.2 179.3 177.9 -- 177.9 19.6 1.4 (6.8) 11.0% 7.1% (3.9)% 10.2% (0.0)% 0.8%





















Total Company $1,264.0 $1,214.3 $ 49.7 $ 1,316.8 $ 9.8 $ 66.6 $ 1,240.4 $ 1,201.5 $ 16.6 $ 1,184.9 $ 115.3 $ 55.5 $ (65.6) 9.6% 4.1% (5.5)% 5.5% (0.6)% 4.7%





















Win Bigger Businesses Core Sales Growth (2) $ 707.4 $ 718.6 $ (11.2) $ 751.7 $ 9.8 $ -- $ 741.9 $ 707.3 $ 16.6 $ 690.7 $ 44.4 $ 51.2 $ (55.6) 6.3% (1.6)% (7.9)% 0.0% (1.1)% 7.4%





















By Geography








































United States $ 917.2 $ 813.5 $ 103.7 $ 917.2 $ 9.4 $ 66.6 $ 841.2 $ 813.5 $ 15.7 $ 797.8 $ 103.7 $ 43.4 $ -- 12.7% 12.7% 0.0% 8.2% (0.9)% 5.4%
Canada 46.2 53.1 (6.9) 51.6 0.4 -- 51.2 53.0 0.9 52.1 (1.4) (0.9) (5.5) (2.6)% (13.0)% (10.4)% 0.0% (0.9)% (1.7)%
Total North America 963.4 866.6 96.8 968.8 9.8 66.6 892.4 866.5 16.6 849.9 102.3 42.5 (5.5) 11.8% 11.2% (0.6)% 7.7% (0.9)% 5.0%





















Europe, Middle East and Africa 127.6 163.9 (36.3) 150.5 -- -- 150.5 158.8 -- 158.8 (8.3) (8.3) (28.0) (5.2)% (22.1)% (16.9)% 0.0% 0.0% (5.2)%
Latin America 89.4 92.0 (2.6) 106.8 -- -- 106.8 85.1 -- 85.1 21.7 21.7 (24.3) 25.5% (2.8)% (28.3)% 0.0% 0.0% 25.5%
Asia Pacific 83.6 91.8 (8.2) 90.7 -- -- 90.7 91.1 -- 91.1 (0.4) (0.4) (7.8) (0.4)% (8.9)% (8.5)% 0.0% 0.0% (0.4)%
Total International 300.6 347.7 (47.1) 348.0 -- -- 348.0 335.0 -- 335.0 13.0 13.0 (60.1) 3.9% (13.5)% (17.4)% 0.0% 0.0% 3.9%





















Total Company $1,264.0 $1,214.3 $ 49.7 $ 1,316.8 $ 9.8 $ 66.6 $ 1,240.4 $ 1,201.5 $ 16.6 $ 1,184.9 $ 115.3 $ 55.5 $ (65.6) 9.6% 4.1% (5.5)% 5.5% (0.6)% 4.7%





















(1) "Core Sales" is determined by applying a fixed exchange rate, calculated as the 12-month average in 2014, to the current and prior year local currency sales amounts, with the difference between the change in "As Reported" sales and the change in "Core Sales" reported in the table as "Currency Impact". Core Sales Growth excludes the impact of currency, acquisitions and planned divestitures.


(2) Win Bigger businesses include Writing, Tools, and Commercial Products segments.



Newell Rubbermaid Inc.
Reconciliation of Normalized EPS Guidance
Year Ending December 31, 2015



Year Ending

December 31, 2015
Diluted earnings per share $ 1.63 to $ 1.81
Graco product recall
$ 0.03

Restructuring and other Project Renewal costs $ 0.26 to $ 0.40
Acquisition and integration costs
$ 0.01

Discontinued operations $ -- to $ (0.01)
Normalized earnings per share $ 2.00 to $ 2.18






Contact:

Nancy O'Donnell
Vice President, Investor Relations
[phone]
Nicole Quinlan
Senior Manager, Global Communications
[phone]

[Drmicrocap]

6:50 am Newell Rubbermaid beats by $0.02, reports revs in-line; reaffirms FY15 EPS guidance, revs guidance (NWL) : Reports Q1 (Mar) earnings of $0.36 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.34; revenues rose 4.1% year/year to $1.26 bln vs the $1.27 bln consensus.





•Co reaffirms guidance for FY15, sees EPS of $2.10-2.18 vs. $2.15 Capital IQ Consensus Estimate; sees FY15 revs of +3.5-4.5% to ~$5.93-5.98 bln vs. $5.93 bln Capital IQ Consensus Estimate.
•Normalized gross margin was 38.8 percent, a 50 basis point improvement versus prior year, as benefits from productivity, commodity deflation and pricing more than offset the negative impacts of foreign currency and mix from acquisitions.

[Drmicrocap]

Newell Rubbermaid Announces Strong Fourth Quarter and Full Year Results

3.3% Core Sales Growth and Normalized EPS of $0.49
4.1% Net Sales Growth and Reported EPS of $0.19


2015 Guidance Revised to Reflect Improved Core Sales Outlook and Negative Impact of Foreign Currency
Fourth Quarter Executive Summary

3.3 percent core sales growth, excluding foreign currency and the impact of acquisitions; 4.1 percent net sales growth including a 400 basis point contribution from acquisitions
Full year core sales growth of 3.0 percent; 2.1 percent full year net sales growth
37.7 percent normalized gross margin, a 70 basis point improvement compared to the prior year; 37.6 percent reported gross margin, a 60 basis point improvement compared to the prior year
13.4 percent normalized operating margin, a 120 basis point improvement compared to the prior year; 7.4 percent reported operating margin, a 330 basis point decline compared to prior year due to a $65.4 million non-cash pension settlement charge in 2014
$0.49 normalized EPS compared to $0.46 in the prior year, a 6.5 percent increase despite significantly increased advertising investment; $0.19 reported EPS compared to $0.41 in the prior year driven by the $65.4 million non-cash pension settlement charge
Full year normalized EPS of $2.00 compared to $1.82 in the prior year; $1.35 reported EPS compared to $1.63 in the prior year
• Repurchased 2.8 million shares at a cost of $100.6 million

Completed acquisitions of bubba brands, inc. and Baby Jogger Holdings, Inc.
Announced $200 million expansion and extension of Project Renewal through the end of 2017; cumulative annualized savings over total project expected to be $470 to $525 million
Announced expansion of on-going share repurchase program to repurchase up to an additional $500 million in outstanding shares through the end of 2017

[Drmicrocap]

Newell Rubbermaid Prices $850 Million Notes Offering
Newell Rubbermaid
November 14, 2014 5:05 PM
GlobeNewswire
????
ATLANTA, Nov. 14, 2014 (GLOBE NEWSWIRE) -- Newell Rubbermaid (NWL) today announced that it has priced a registered underwritten public offering of $850 million of notes, consisting of $350 million of notes due 2019 and $500 million of notes due 2024.

The notes due 2019 will pay interest semi-annually on June 1 and December 1, commencing June 1, 2015, at a rate of 2.875% per year and will mature on December 1, 2019.

The notes due 2024 will pay interest semi-annually on June 1 and December 1, commencing June 1, 2015, at a rate of 4.000% per year and will mature on December 1, 2024.

The offering is expected to close on November 19, 2014. The company plans to use the net proceeds (1) to redeem its $250,000,000 2.00% Notes due 2015 and the remaining $20,700,000 of its 10.60% Notes due 2019, (2) to purchase up to $100,000,000 of its 4.70% Notes due 2020 in a tender offer, (3) to reduce borrowings under its commercial paper program, (4) to reduce amounts outstanding under its receivables financing facility and (5) for general corporate purposes, which may include additions to working capital and possible acquisitions.

Barclays Capital Inc., J.P. Morgan Securities LLC and RBC Capital Markets, LLC are acting as joint book-running managers for the offering. The offering was made pursuant to Newell Rubbermaid's effective shelf registration statement. Copies of the prospectus supplement and accompanying prospectus may be obtained by visiting the SEC's website at www.sec.gov or by contacting Barclays Capital Inc. c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (or by calling 1-888-603-5847 or emailing [e-mail]), J.P. Morgan Securities LLC at 383 Madison Ave., New York, NY 10179, Attn: Investment Grade Syndicate Desk (or by calling 212-834-4533) or RBC Capital Markets, LLC, Three World Financial Center, 200 Vesey Street, New York, New York 10281, Attn: Debt Capital Markets (or by calling 866-375-6829 or by emailing [e-mail]).

About Newell Rubbermaid

Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of consumer and commercial products with 2013 sales of $5.7 billion and a strong portfolio of leading brands, including Sharpie(R), Paper Mate(R), Rubbermaid Commercial Products(R), Irwin(R), Lenox(R), Parker(R), Waterman(R), Rubbermaid(R), Contigo(R), Levolor(R), Calphalon(R), Goody(R), Graco(R), Aprica(R) and Dymo(R). As part of the company's Growth Game Plan, Newell Rubbermaid is making sharper portfolio choices and investing in new marketing and innovation to accelerate performance.

This press release and additional information about Newell Rubbermaid are available on the company's Web site, www.newellrubbermaid.com.


Contact:
Nancy O'Donnell
Vice President, Investor Relations
[phone]
Nicole Quinlan
Senior Manager, Corporate Communications
[phone]
Rates

[Drmicrocap]

Newell Rubbermaid Announces Expansion and Extension of Stock Repurchase Program



Newell Rubbermaid5 hours ago GlobeNewswire



ATLANTA, Nov. 12, 2014 (GLOBE NEWSWIRE) -- Newell Rubbermaid ( NWL) announced today that its Board of Directors has approved an extension and expansion to the Company's on-going share repurchase program. Under the updated plan, effective immediately, Newell Rubbermaid is authorized to repurchase up to $500 million of its outstanding shares through the end of 2017. This $500 million is in addition to the approximately $37 million remaining to be repurchased under its previous $300 million share repurchase program as authorized in February 2014.

Michael Polk, president and chief executive officer of Newell Rubbermaid, stated, "We're very pleased with the Board's decision to approve the expansion of our existing stock repurchase program, as a demonstration of its ongoing confidence in the company's Growth Game Plan and long term growth outlook. Our strong balance sheet and robust free cash flow enable our commitment to return capital to shareholders while simultaneously making value-enhancing investments in the business for growth acceleration and margin development."

Under the program, the company's common shares may be purchased through a combination of a 10b5-1 automatic trading plan and discretionary purchases on the open market or in privately negotiated transactions. The amount and timing of any purchases will depend on a number of factors, including trading price, trading volume and general market conditions.

About Newell Rubbermaid

Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of consumer and commercial products with 2013 sales of $5.7 billion and a strong portfolio of leading brands, including Sharpie(R), Paper Mate(R), Rubbermaid Commercial Products(R), Irwin(R), Lenox(R), Parker(R), Waterman(R), Rubbermaid(R), Contigo(R), Levolor(R), Calphalon(R), Goody(R), Graco(R), Aprica(R) and Dymo(R). As part of the company's Growth Game Plan, Newell Rubbermaid is making sharper portfolio choices and investing in new marketing and innovation to accelerate performance.

This press release and additional information about Newell Rubbermaid are available on the company's Web site, www.newellrubbermaid.com.

Caution Concerning Forward-Looking Statements

Statements in this press release that are not historical in nature constitute forward-looking statements. These forward-looking statements relate to information or assumptions about the effects of sales, income/(loss), earnings per share, operating income, operating margin or gross margin improvements or declines, Project Renewal, capital and other expenditures, cash flow, dividends, restructuring and restructuring-related costs, costs and cost savings, inflation or deflation, particularly with respect to commodities such as oil and resin, debt ratings, changes in exchange rates, product recalls, expected benefits and financial results from recently completed acquisitions and planned divestitures and management's plans, projections and objectives for future operations and performance. These statements are accompanied by words such as "anticipate," "expect," "project," "will," "believe," "estimate" and similar expressions. Actual results could differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, our dependence on the strength of retail, commercial and industrial sectors of the economy in light of the continuation or escalation of the global economic slowdown or regional sovereign debt issues; currency fluctuations; competition with other manufacturers and distributors of consumer products; major retailers' strong bargaining power; changes in the prices of raw materials and sourced products and our ability to obtain raw materials and sourced products in a timely manner from suppliers; our ability to develop innovative new products and to develop, maintain and strengthen our end-user brands; product liability, product recalls or regulatory actions (including any fines or penalties resulting from governmental investigations into the circumstances related thereto); our ability to expeditiously close facilities and move operations while managing foreign regulations and other impediments; a failure of one of our key information technology systems or related controls; the potential inability to attract, retain and motivate key employees; future events that could adversely affect the value of our assets and require impairment charges; our ability to improve productivity and streamline operations; changes to our credit ratings; significant increases in the funding obligations related to our pension plans due to declining asset values, declining interest rates or otherwise; the imposition of tax liabilities greater than our provisions for such matters; the risks inherent in our foreign operations, including exchange controls and pricing restrictions; our ability to realize the expected benefits and financial results from our recently acquired businesses and planned divestitures; and those factors listed in our most recently filed Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission, and Exhibit 99.1 thereto. Changes in such assumptions or factors could produce significantly different results. The information contained in this news release is as of the date indicated. The company assumes no obligation to update any forward-looking statements contained in this news release as a result of new information or future events or developments.





Contact:
Nancy O'Donnell
Vice President, Investor Relations
[phone]
Nicole Quinlan
Senior Manager, Corporate Communications
[phone]

[Drmicrocap]

Newell Rubbermaid Inc.? Watchlist
34.61-0.27(0.77%)
NYSEWed, Nov 12, 2014 4:03 PM EST

[Drmicrocap]

Newell Rubbermaid Appoints General Mills Executive Christopher O'Leary to Board of Directors



Newell Rubbermaid5 hours ago GlobeNewswire



ATLANTA, Nov. 12, 2014 (GLOBE NEWSWIRE) -- Newell Rubbermaid ( NWL) today announced the appointment of Christopher O'Leary, executive vice president and chief operating officer, International, of General Mills to the company's board of directors, effective November 11, 2014. O'Leary, age 55, will serve on Newell Rubbermaid's Nominating/Governance and Organizational Development & Compensation committees, raising the total number of directors to thirteen.

With more than twenty years of consumer products industry experience, O'Leary is a well-respected and accomplished marketing and operational executive. As chief operating officer, International, O'Leary oversees General Mills' businesses in over 100 countries around the world, comprised of iconic brands such as Pillsbury, Cheerios, Betty Crocker and Haagen-Dazs. Under his leadership, General Mills International has expanded to become a significant source of growth for General Mills over the last five years, with sales outside the U.S. almost doubling in size over that timeframe. Today fully one-third of General Mills' sales are now outside the U.S. As a result of recent acquisitions, such as Yoplait and Yoki, General Mills' sales outside the U.S. total more than $6 billion dollars, including the company's proportionate share of joint ventures.

Prior to his appointment to chief operating officer, International, O'Leary served as president of the Meals Division, president of the Betty Crocker Division and vice president of Corporate Development at General Mills. Previous to joining General Mills, O'Leary spent 17 years at PepsiCo, Inc., last serving as president and chief executive officer of the Hostess Frito-Lay business in Canada.

"Chris's consumer products and strategic experience will add a unique perspective to the Board to help drive our Growth Game Plan into action," said Michael Cowhig, Chairman of the Newell Rubbermaid Board of Directors. "I believe he will be an extremely valuable resource to the company and we look forward to his contributions."

"We are delighted Chris has joined the Board," said Michael Polk, President and Chief Executive Officer of Newell Rubbermaid. "Chris's perspective on markets around the world coupled with his deep marketing and brand building knowledge will be invaluable to me and my management team as we drive to make Newell Rubbermaid a faster growing, more profitable, and more global company."

About Newell Rubbermaid

Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of consumer and commercial products with 2013 sales of $5.7 billion and a strong portfolio of leading brands, including Sharpie(R), Paper Mate(R), Rubbermaid Commercial Products(R), Irwin(R), Lenox(R), Parker(R), Waterman(R), Rubbermaid(R), Contigo(R), Levolor(R), Calphalon(R), Goody(R), Graco(R), Aprica(R) and Dymo(R). As part of the company's Growth Game Plan, Newell Rubbermaid is making sharper portfolio choices and investing in new marketing and innovation to accelerate performance.

This press release and additional information about Newell Rubbermaid are available on the company's Web site, www.newellrubbermaid.com.





Contact:
Nancy O'Donnell
Vice President, Investor Relations
[phone]
Nicole Quinlan
Senior Manager, Corporate Communications
[phone]

[Trueheart]

Thanks for the post. Investors didn't seem to like the news.

Trueheart

[Drmicrocap]

Newell Rubbermaid Announces Solid Third Quarter Results



Newell Rubbermaid 9 hours ago GlobeNewswire




2014 and 2015 Full Year Guidance reaffirmedNext phase of Project Renewal restructuring approvedIntention to sell Endicia(R) online postage business announcedThird Quarter Executive Summary

2.7 percent core sales growth, excluding foreign currency and the impact of acquisitions; 1.3 percent net sales growth including 60 basis points from Ignite acquisition 39.2 percent normalized gross margin compared to 37.8 percent in the prior year; 38.8 percent reported gross margin compared to 37.7 percent in the prior year• $0.58 normalized EPS compared to $0.52 in the prior year, an 11.5 percent increase despite significantly increased advertising investment and $0.05 of adverse foreign currency impact
$0.44 reported EPS compared to $0.66 in the prior year which included a $0.26 one-time gain on disposal of Hardware business• Repurchased 3.3 million shares at a cost of $103.9 million
• Announced next phase of Project Renewal to capture an incremental annualized $200 million in savings over three years at a cost of approximately $200 million
• Completed acquisition of Ignite Holdings, LLC and announced acquisition of bubba brands, inc., which closed in October
• Announced intention to divest Endicia online postage business and Calphalon(R) retail outlet stores and kitchen electrics businesses; statements of operations data presented for both current and prior year periods reflect these businesses as discontinued operations
ATLANTA, Oct. 31, 2014 (GLOBE NEWSWIRE) -- Newell Rubbermaid ( NWL) today announced its third quarter 2014 financial results.

"We delivered another solid quarter with good sales growth and strong earnings," said Michael Polk, Newell Rubbermaid's President and Chief Executive Officer. "Our strategy of accelerating advertising and promotion in support of our brands is working, delivering third quarter core sales growth of over 7 percent on our key Writing, Commercial Products and Tools segments and normalized earnings per share growth for the total company of over 11 percent. Since we began to significantly increase brand support in the second quarter of 2014, our global core growth has been 3.7 percent, despite exiting certain markets and product lines in Europe and pulling back on less profitable volume in North America."

"We have also made good progress on our cost structure, with Project Renewal on track to achieve over $270 million of cumulative annualized savings by the middle of 2015. Today, we announced the expansion of Project Renewal, which is designed to capture an incremental $200 million in savings by the end of 2017 in the areas of procurement, manufacturing, distribution, and further overhead reduction. We plan to deliver these savings by significantly reducing the complexity in our business and simplifying the way we bring our products to market. We plan to invest these new savings in strengthened capabilities and behind our brands in the fast growing emerging markets of Latin America and Asia."

Mr. Polk further commented, "Beyond delivering solid results and making Newell Rubbermaid a leaner, more nimble company, we have also taken steps to strengthen our portfolio. We completed the acquisitions of both Ignite Holdings and bubba brands which combined will generate full year 2014 net sales of more than $175 million in one of the fastest growing consumer durables categories in North America. The combination of the acquired Contigo(R), Avex(R) and bubba(R) brands with Rubbermaid(R) establishes our company as the leader across the key channels in the U.S. on-the-go hydration and thermal bottle market. We continue to actively manage our existing portfolio by focusing our investment on our most strategically important segments, reducing activities with marginal profitability and exiting certain businesses and markets. In this context, today we announced our intention to sell our Endicia online postage business. These actions strengthen our portfolio and sharpen our focus, making Newell Rubbermaid a faster growing, higher margin, and more profitable company."

Third Quarter 2014 Operating Results

Net sales in the third quarter were $1.48 billion compared with $1.47 billion in the prior year. Core sales grew 2.7 percent, excluding 200 basis points of negative foreign currency impacts and 60 basis points from the Ignite acquisition.

Reported gross margin was 38.8 percent, a 110 basis point improvement versus prior year.

Normalized gross margin was 39.2 percent, a 140 basis point improvement versus prior year, as the benefits of pricing, productivity and favorable segment mix more than offset input cost inflation and the impact of negative foreign currency.

Third quarter reported operating margin was 11.7 percent compared with 12.2 percent in the prior year. Reported operating income was $173.2 million versus $178.5 million.

Normalized operating margin declined 50 basis points to 14.3 percent compared with 14.8 percent in the prior year, despite a 190 basis point increase in SG&A largely related to increased advertising and promotion support at Back-to-School. Normalized operating income was $212.9 million compared with the prior year's $216.6 million.

The reported tax rate was 18.7 percent versus 24.6 percent in the prior year period. The normalized tax rate was 19.5 percent compared with 24.3 percent in the prior year due to the recognition of certain discrete tax benefits.

Normalized net income was $159.2 million, compared with $151.5 million in the prior year. Normalized diluted earnings per share were $0.58, an 11.5 percent increase versus $0.52 in the prior year. The improvement was primarily attributable to increased sales, gross margin expansion, a lower normalized tax rate, and the positive impact of fewer outstanding shares, partially offset by negative foreign currency impacts and a significant increase in Back-to-School advertising and promotion support.

Reported diluted earnings per share were $0.44, compared with the prior year's $0.66 per diluted share. Reported net income was $122.3 million, compared with $193.3 million in the prior year. The year over year decline in reported diluted earnings per share was primarily attributable to the absence of a 2013 gain on sale of the company's Hardware business, negative impact from foreign currency, and a significant increase in Back-to-School advertising and promotion support, partially offset by increased sales, gross margin expansion, lower restructuring costs, a lower tax rate, and the positive impact of fewer outstanding shares.

Operating cash flow was $339.2 million compared with $360.8 million in the prior year period.

A reconciliation of the "as reported" results to "normalized" results is included in the appendix.

Third Quarter 2014 Operating Segment Results

Writing net sales for the third quarter were $453.2 million, a 2.5 percent increase compared to prior year. Core sales increased 8.3 percent primarily driven by increased advertising and promotion support of Back-to-School, strong innovation and positive pricing in Latin America. About $15 million in net sales was pulled forward from the fourth quarter in anticipation of the company's planned October SAP implementation in Mexico and Venezuela, offsetting the adverse third quarter impact of about $15 million in net sales pulled forward to the second quarter in anticipation of significant marketing and merchandising support at Back-to-School. Normalized operating income was $109.4 million compared with $108.2 million in the prior year. Despite a 300 basis point increase in advertising and promotion, normalized operating margin decreased only 40 basis points to 24.1 percent as a result of gross margin improvement and tight overhead management.

Home Solutions net sales were $417.0 million, a 1.4 percent decline compared to prior year. The Ignite Holdings, LLC acquisition was completed on September 4 and contributed net sales of $9.0 million in the third quarter. Core sales declined 3.2 percent, as strong Rubbermaid Food Storage growth was more than offset by the absence of the 2013 inventory pipeline fill related to Black Friday merchandising and declines on certain lower margin Rubbermaid product lines. Normalized operating income was $64.0 million compared to $67.1 million in the prior year. Normalized operating margin decreased 60 basis points to 15.3 percent of sales as a result of increased advertising on Goody(R), Calphalon, and Rubbermaid Food Storage.

Tools net sales were $214.8 million, a 2.0 percent increase compared to prior year. Core sales increased 2.3 percent driven by good growth in Europe and double-digit growth in Latin America related to strong innovation and new distribution. Growth in Europe and Latin America was partially offset by a decline in North America related to the slower than expected consolidation of an Irwin(R) distribution center in the U.S. Normalized operating income was $23.5 million compared to $12.3 million in the prior year. Normalized operating margin was 10.9 percent of sales compared with 5.8 percent of sales in the prior year. The improvement in operating margin was primarily driven by favorable mix, positive pricing in Latin America and a reduction in advertising and promotion in North America during the Tools distribution center transition.

Commercial Products net sales were $218.0 million, an 11.1 percent increase compared to prior year. Core sales increased 11.3 percent driven by new innovations, pricing, and strong growth in Brazil and China. Operating income was $27.5 million compared to $23.5 million in the prior year. Operating margin was 12.6 percent of sales, compared with 12.0 percent of sales in the prior year. The increase in operating margin reflects the benefits of strong productivity, pricing and favorable channel mix.

Baby & Parenting net sales were $181.5 million, a 6.5 percent decline compared to prior year. Core sales declined 5.8 percent driven by planned product line exits in Western Europe, difficult market conditions in Eastern Europe and continued competition in Japan. Sales stabilized in North America. Normalized operating income was $10.6 million compared to $24.7 million in the prior year. Normalized operating income was 5.8 percent of sales compared with 12.7 percent of sales in the prior year. The decrease in normalized operating margin was largely due to a significant increase in advertising and promotion in North America, unfavorable mix due to continued weakness in Japan, and the adverse impact of foreign currency.

Expansion of Project Renewal

The company announced an expansion of Project Renewal designed to release costs in the areas of procurement, manufacturing and distribution, and through further overhead reduction. The company expects to deliver these incremental savings by significantly reducing the complexity in the business and simplifying the company's approach to bringing products and programs to market.

The expansion of Project Renewal is expected to generate incremental annualized cost savings of approximately $200 million when fully implemented by the end of 2017. The company expects to incur costs of approximately $200 million over the same period.

By the end of 2017, the company expects Project Renewal to deliver from $470 to $525 million of cumulative annualized savings. Cumulative costs of the expanded Project Renewal are now expected to be $540 to $575 million pretax, with cash costs of $510 to $540 million. The company is on track to realize annualized cost savings from the first two phases of Project Renewal of approximately $270 to $325 million by the middle of 2015.

Nine Month Results

Net sales for the nine months ended September 30, 2014 were $4.20 billion, an increase of 1.4 percent compared with $4.14 billion in the prior year.

Core sales increased 2.9 percent for the nine months excluding the 170 basis point adverse impact from foreign currency and the 20 basis point contribution from the Ignite acquisition.

Gross margin was 38.8 percent. Normalized gross margin was 39.2 percent, an increase of 90 basis points versus prior year.

Normalized operating margin of 14.0 percent represented an increase of 20 basis points compared with 13.8 percent in the prior year, primarily driven by pricing, productivity and favorable mix, partially offset by adverse foreign currency and a significant increase in advertising. Reported operating margin improved by 60 basis points to 11.7 percent due to lower restructuring and restructuring-related costs.

Reported net income was $325.8 million as compared with $357.3 million in the prior year. Reported EPS was $1.16 per diluted share as compared with $1.22 per diluted share in the prior year.

Normalized earnings were $1.51 per diluted share compared with $1.36 per diluted share in the prior year, an increase of 11.0 percent.

Operating cash flow was $343.3 million during the first nine months of 2014 compared with $301.0 million in the prior year.

A reconciliation of the "as reported" results to "normalized" results is included in the appendix.

Strategic Changes

The company announced its decision to pursue the sale of its Endicia online postage and Calphalon retail outlet stores and kitchen electrics businesses. The divestiture of these businesses will create a faster growing, higher margin and more focused portfolio, enabling accelerated performance. The related results of operations of these businesses are reported as discontinued operations in the company's statements of operations.

2014 Full Year Outlook

Newell Rubbermaid reaffirmed its full year 2014 guidance metrics:

• Core sales growth range of 3 to 4 percent;
• Normalized operating margin improvement of up to 40 basis points;
• Normalized EPS of $1.94 to $2.00; and
• Operating cash flow between $600 and $650 million.
The company now expects foreign exchange to have an adverse impact of about 180 basis points on 2014 net sales and approximately $0.17 per diluted share on normalized EPS. The foreign exchange adverse impact on reported EPS is expected to be approximately $0.29 per diluted share including the $0.12 charge included in reported EPS related to the adoption and continued use of the SICAD I rate for the company's Venezuelan operations. Subsequent to the first quarter, the company began using the exchange rate determined by periodic auctions for U.S. dollars conducted under Venezuela's SICAD I exchange mechanism (most recent auction 12.0 Bolivars per U.S. dollar).

The company also expects the newly announced businesses classified in discontinued operations to be one cent dilutive to normalized and reported EPS on the continuing business for the full year of 2014. Given the timing of the completion of the bubba brands acquisition, the company does not expect bubba to have a measurable impact on 2014 reported or normalized EPS.

The 2014 normalized EPS guidance range excludes between $100 and $120 million of Project Renewal restructuring and restructuring-related charges and other project costs. (A reconciliation of "expected reported" results to "normalized" results is included below.)

The company is on track to realize cumulative annualized cost savings of $270 to $325 million by the second quarter of 2015 related to the first two phases of Project Renewal. The majority of these savings is expected to be reinvested in the business to strengthen brand building and selling capabilities to accelerate growth.

Operating cash flow guidance assumes $100 to $120 million in restructuring and restructuring-related cash payments. Capital expenditures are projected at $150 to $175 million.


A reconciliation of the 2014 earnings outlook is as follows:




FY 2014



Diluted earnings per share $1.33 to $1.39
Restructuring and restructuring-related and other product costs 0.29 to 0.37
Costs associated with harness buckle recall 0.03
Venezuela exchange rate impacts 0.13
Pension settlement charge 0.10 to 0.14
Acquisition and integration costs 0.01
Advisory costs 0.01
Resolution of income tax contingencies (0.01)
Income from discontinued operations (0.01)
Normalized EPS $1.94 to $2.00






2015 Full Year Outlook




Newell Rubbermaid reiterated its 2015 full year core sales growth and normalized EPS guidance metrics as well:



Core sales growth 3.5% to 4.0%
Currency impact (2.0%) to (2.5%)
Impact of acquisitions 2.0% to 2.5%
Net sales growth 3.5% to 4.0%
Normalized EPS $2.16 to $2.22
The company expects foreign exchange to have a negative impact of about $0.14 to $0.16 per diluted share on normalized EPS for 2015. The company also expects businesses reported as discontinued operations to be about $0.02 to $0.03 dilutive to normalized and reported EPS for the full year of 2015. The company expects the bubba brands acquisition to be about $0.01 to $0.02 cents accretive to normalized and reported EPS in 2015.


A reconciliation of the 2015 earnings outlook is as follows:




FY 2015
Diluted earnings per share $1.86 to $1.92
Restructuring, restructuring-related and other project costs 0.25 to 0.35
Normalized EPS $2.16 to $2.22
Conference Call

The company's third quarter 2014 earnings conference call will be held today, October 31, 2014, at 9:00 a.m. ET. A link to the webcast is provided under Events & Presentations in the Investor Relations section of Newell Rubbermaid's Web site at www.newellrubbermaid.com. A replay of the webcast and a supporting slide presentation will be made available in the Investor Relations section on the company's Web site under Quarterly Earnings.

Non-GAAP Financial Measures

This release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission and includes a reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP.

The company uses certain non-GAAP financial measures that are included in this press release and the additional financial information both in explaining its results to stockholders and the investment community and in its internal evaluation and management of its businesses. The company's management believes that these non-GAAP financial measures and the information they provide are useful to investors since these measures (a) permit investors to view the company's performance using the same tools that management uses to evaluate the company's past performance, reportable business segments and prospects for future performance and (b) determine certain elements of management's incentive compensation.

The company's management believes that core sales provides a more complete understanding of underlying sales trends by providing sales on a consistent basis as it excludes the impacts of acquisitions and changes in foreign currency from year-over-year comparisons. As reflected in the Currency Analysis, the effect of foreign currency on reported sales is determined by applying a fixed exchange rate, calculated as the 12-month average in 2013, to the current and prior year local currency sales amounts, with the difference in these two amounts being the impact on core sales related to foreign currency, and the difference between the change in as reported sales and the change in core sales related to foreign currency reported as the currency impact. The company's management believes that "normalized" gross margin, "normalized" SG&A expense, "normalized" operating income, "normalized" earnings per share and "normalized" tax rates, which exclude restructuring and restructuring-related expenses and one-time and other events such as costs related to product recalls, the extinguishment of debt, certain tax benefits and charges, impairment charges, pension settlement charges, discontinued operations, costs related to the acquisition and integration of acquired businesses, advisory costs for process transformation and optimization initiatives, asset devaluations resulting from the adoption and continued use of the SICAD I Venezuelan Bolivar exchange rate and certain other items, are useful because they provide investors with a meaningful perspective on the current underlying performance of the company's core ongoing operations. The company also uses core sales, normalized gross margin and normalized earnings per share as the three performance criteria in its management cash bonus plan.

The company determines the tax effect of the items excluded from normalized diluted earnings per share by applying the estimated effective rate for the applicable jurisdiction in which the pre-tax items were incurred, and for which realization of the resulting tax benefit, if any, is expected.

While the company believes that these non-GAAP financial measures are useful in evaluating the company's performance, this information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies.

About Newell Rubbermaid

Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of consumer and commercial products with 2013 sales of $5.7 billion and a strong portfolio of leading brands, including Sharpie(R), Paper Mate(R), Rubbermaid Commercial Products(R), Irwin(R), Lenox(R), Parker(R), Waterman(R), Contigo(R), Rubbermaid(R), Levolor(R), Calphalon(R), Goody(R), Graco(R), Aprica(R) and Dymo(R). As part of the company's Growth Game Plan, Newell Rubbermaid is making sharper portfolio choices and investing in new marketing and innovation to accelerate performance.

This press release and additional information about Newell Rubbermaid are available on the company's Web site, www.newellrubbermaid.com.

Caution Concerning Forward-Looking Statements

Statements in this press release that are not historical in nature constitute forward-looking statements. These forward-looking statements relate to information or assumptions about the effects of sales, income/(loss), earnings per share, operating income, operating margin or gross margin improvements or declines, Project Renewal, capital and other expenditures, cash flow, dividends, restructuring and restructuring-related costs, costs and cost savings, inflation or deflation, particularly with respect to commodities such as oil and resin, debt ratings, changes in exchange rates, product recalls, expected benefits and financial results from recently completed acquisitions and planned divestitures and management's plans, projections and objectives for future operations and performance. These statements are accompanied by words such as "anticipate," "expect," "project," "will," "believe," "estimate" and similar expressions. Actual results could differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, our dependence on the strength of retail, commercial and industrial sectors of the economy in light of the continuation or escalation of the global economic slowdown or regional sovereign debt issues; currency fluctuations; competition with other manufacturers and distributors of consumer products; major retailers' strong bargaining power; changes in the prices of raw materials and sourced products and our ability to obtain raw materials and sourced products in a timely manner from suppliers; our ability to develop innovative new products and to develop, maintain and strengthen our end-user brands; product liability, product recalls or regulatory actions (including any fines or penalties resulting from governmental investigations into the circumstances related thereto); our ability to expeditiously close facilities and move operations while managing foreign regulations and other impediments; a failure of one of our key information technology systems or related controls; the potential inability to attract, retain and motivate key employees; future events that could adversely affect the value of our assets and require impairment charges; our ability to improve productivity and streamline operations; changes to our credit ratings; significant increases in the funding obligations related to our pension plans due to declining asset values, declining interest rates or otherwise; the imposition of tax liabilities greater than our provisions for such matters; the risks inherent in our foreign operations, including exchange controls and pricing restrictions; our ability to realize the expected benefits and financial results from our recently acquired businesses and planned divestitures; and those factors listed in our most recently filed Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission, and Exhibit 99.1 thereto. Changes in such assumptions or factors could produce significantly different results. The information contained in this news release is as of the date indicated. The company assumes no obligation to update any forward-looking statements contained in this news release as a result of new information or future events or developments.






Newell Rubbermaid Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in millions, except per share data)














Three Months Ended September 30,



YOY

2014 2013 % Change





Net sales $ 1,484.5 $ 1,466.1 1.3%
Cost of products sold 907.8 913.6






GROSS MARGIN 576.7 552.5 4.4%
% of sales 38.8% 37.7%











Selling, general & administrative expenses 383.8 342.7 12.0%
% of sales 25.9% 23.4%






Restructuring costs 19.7 31.3






OPERATING INCOME 173.2 178.5 (3.0)%
% of sales 11.7% 12.2%






Nonoperating expenses:



Interest expense, net 14.3 15.7

Other expense, net 7.7 0.7


22.0 16.4 34.1%





INCOME BEFORE INCOME TAXES 151.2 162.1 (6.7)%
% of sales 10.2% 11.1%






Income taxes 28.3 39.9 (29.1)%
Effective rate 18.7% 24.6%






NET INCOME FROM CONTINUING OPERATIONS 122.9 122.2 0.6%
% of sales 8.3% 8.3%






(Loss) income from discontinued operations, net of tax (0.6) 71.1






NET INCOME $ 122.3 $ 193.3 (36.7)%

8.2% 13.2%






EARNINGS PER SHARE:



Basic



Income from continuing operations $ 0.45 $ 0.42

(Loss) income from discontinued operations $ -- $ 0.25

Net income $ 0.45 $ 0.67






Diluted



Income from continuing operations $ 0.44 $ 0.42

(Loss) income from discontinued operations $ -- $ 0.24

Net income $ 0.44 $ 0.66






AVERAGE SHARES OUTSTANDING:



Basic 273.5 290.1

Diluted 276.4 292.9




Newell Rubbermaid Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in millions, except per share data)














Nine Months Ended September 30,



YOY

2014 2013 % Change





Net sales $ 4,201.0 $ 4,141.7 1.4%
Cost of products sold 2,571.7 2,558.5






GROSS MARGIN 1,629.3 1,583.2 2.9%
% of sales 38.8% 38.2%






Selling, general & administrative expenses 1,094.9 1,027.8 6.5%
% of sales 26.1% 24.8%






Restructuring costs 43.2 97.7






OPERATING INCOME 491.2 457.7 7.3%
% of sales 11.7% 11.1%






Nonoperating expenses:



Interest expense, net 43.7 45.3

Other expense, net 45.1 17.9


88.8 63.2 40.5%





INCOME BEFORE INCOME TAXES 402.4 394.5 2.0%
% of sales 9.6% 9.5%






Income taxes 78.7 94.5 (16.7)%
Effective rate 19.6% 24.0%






NET INCOME FROM CONTINUING OPERATIONS 323.7 300.0 7.9%
% of sales 7.7% 7.2%






Income from discontinued operations, net of tax 2.1 57.3






NET INCOME $ 325.8 $ 357.3 (8.8)%

7.8% 8.6%






EARNINGS PER SHARE:



Basic



Income from continuing operations $ 1.17 $ 1.03

Income from discontinued operations $ 0.01 $ 0.20

Net income $ 1.18 $ 1.23






Diluted



Income from continuing operations $ 1.16 $ 1.02

Income from discontinued operations $ 0.01 $ 0.20

Net income $ 1.16 $ 1.22






AVERAGE SHARES OUTSTANDING:



Basic 277.2 290.3

Diluted 279.9 293.4




Newell Rubbermaid Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions)





September 30, September 30,
Assets: 2014 2013




Cash and cash equivalents $ 132.6 $ 197.4
Accounts receivable, net 1,158.3 1,056.9
Inventories, net 789.4 822.6
Deferred income taxes 144.8 152.9
Prepaid expenses and other 152.3 154.4




Total Current Assets 2,377.4 2,384.2




Property, plant and equipment, net 525.3 523.1
Goodwill 2,439.5 2,351.4
Other intangible assets, net 733.6 619.2
Other assets 273.4 275.0




Total Assets $ 6,349.2 $ 6,152.9




Liabilities and Stockholders' Equity:






Accounts payable $ 579.1 $ 575.1
Accrued compensation 136.9 145.3
Other accrued liabilities 704.6 692.3
Short-term debt 517.0 29.2
Current portion of long-term debt 251.1 0.9




Total Current Liabilities 2,188.7 1,442.8




Long-term debt 1,418.7 1,671.1
Other noncurrent liabilities 712.8 845.9




Stockholders' Equity - Parent 2,025.5 2,189.6
Stockholders' Equity - Noncontrolling Interests 3.5 3.5




Total Stockholders' Equity 2,029.0 2,193.1




Total Liabilities and Stockholders' Equity $ 6,349.2 $ 6,152.9



Newell Rubbermaid Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in millions)





Nine Months Ended September 30,


2014 2013
Operating Activities:


Net income $ 325.8 $ 357.3
Adjustments to reconcile net income to net cash provided by operating activities:


Depreciation and amortization 114.4 119.4
Net gain from sale of discontinued operations, including impairments (0.4) (86.1)
Non-cash restructuring costs 5.6 3.9
Deferred income taxes (0.7) 76.3
Stock-based compensation expense 21.3 27.7
Other, net 63.1 27.3
Changes in operating assets and liabilities, excluding the effects of acquisitions and divestitures:


Accounts receivable (40.9) 35.6
Inventories (111.8) (195.7)
Accounts payable 11.6 74.7
Accrued liabilities and other (44.7) (139.4)
Net cash provided by operating activities $ 343.3 $ 301.0




Investing Activities:


Proceeds from sale of discontinued operations and noncurrent assets $ 8.0 $ 180.9
Acquisitions and acquisition-related activity (312.9) --
Capital expenditures (101.0) (85.7)
Other (2.5) 1.8
Net cash (used in) provided by investing activities $ (408.4) $ 97.0




Financing Activities:


Net short-term borrowings $ 343.1 $ (180.9)
Repurchase and retirement of shares of common stock (262.6) (119.2)
Cash dividends (136.1) (132.1)
Excess tax benefits related to stock-based compensation 7.6 14.1
Other stock-based compensation activity, net 45.0 35.9
Net cash used in financing activities $ (3.0) $ (382.2)




Currency rate effect on cash and cash equivalents $ (25.6) $ (2.2)




(Decrease) increase in cash and cash equivalents $ (93.7) $ 13.6
Cash and cash equivalents at beginning of period 226.3 183.8
Cash and cash equivalents at end of period $ 132.6 $ 197.4



Newell Rubbermaid Inc.
Financial Worksheet- Segment Reporting
(In Millions)

















2014 2013






Reconciliation (1,2)

Reconciliation (1)
Year-over-year changes


Reported Excluded Normalized Operating
Reported Excluded Normalized Operating Net Sales Normalized OI

Net Sales OI Items OI Margin Net Sales OI Items OI Margin $ % $ %
Q1:














Writing $ 348.2 $ 76.1 $ -- $ 76.1 21.9% $ 328.5 $ 60.6 $ -- $ 60.6 18.4% $ 19.7 6.0% $ 15.5 25.6%
Home Solutions 316.4 26.8 -- 26.8 8.5% 332.0 34.7 -- 34.7 10.5% (15.6) (4.7)% (7.9) (22.8)%
Tools 187.8 21.4 -- 21.4 11.4% 188.6 18.7 -- 18.7 9.9% (0.8) (0.4)% 2.7 14.4%
Commercial Products 182.6 13.8 -- 13.8 7.6% 183.1 21.6 -- 21.6 11.8% (0.5) (0.3)% (7.8) (36.1)%
Baby & Parenting 179.3 5.4 11.0 16.4 9.1% 189.6 23.9 -- 23.9 12.6% (10.3) (5.4)% (7.5) (31.4)%
Restructuring Costs -- (12.0) 12.0 --
-- (34.4) 34.4 --
--
--

Corporate -- (26.8) 7.7 (19.1)
-- (29.3) 6.6 (22.7)
--
3.6 15.9%
Total $ 1,214.3 $ 104.7 $ 30.7 $ 135.4 11.2% $ 1,221.8 $ 95.8 $ 41.0 $ 136.8 11.2% $ (7.5) (0.6)% $ (1.4) (1.0)%

































2014 2013






Reconciliation (1,2,3)

Reconciliation (1)
Year-over-year changes


Reported Excluded Normalized Operating
Reported Excluded Normalized Operating Net Sales Normalized OI

Net Sales OI Items OI Margin Net Sales OI Items OI Margin $ % $ %
Q2:














Writing $ 489.3 $ 129.1 $ 4.0 $ 133.1 27.2% $ 464.5 $ 121.4 $ -- $ 121.4 26.1% $ 24.8 5.3% $ 11.7 9.6%
Home Solutions 383.4 48.7 -- 48.7 12.7% 391.5 53.9 -- 53.9 13.8% (8.1) (2.1)% (5.2) (9.6)%
Tools 222.3 29.9 -- 29.9 13.5% 198.0 18.3 -- 18.3 9.2% 24.3 12.3% 11.6 63.4%
Commercial Products 223.5 36.2 -- 36.2 16.2% 203.6 21.9 -- 21.9 10.8% 19.9 9.8% 14.3 65.3%
Baby & Parenting 183.7 12.2 0.4 12.6 6.9% 196.2 23.8 -- 23.8 12.1% (12.5) (6.4)% (11.2) (47.1)%
Restructuring Costs -- (11.5) 11.5 --
-- (32.0) 32.0 --
--
--

Corporate -- (31.3) 10.5 (20.8)
-- (23.9) 2.1 (21.8)
--
1.0 4.6%
Total $ 1,502.2 $ 213.3 $ 26.4 $ 239.7 16.0% $ 1,453.8 $ 183.4 $ 34.1 $ 217.5 15.0% $ 48.4 3.3% $ 22.2 10.2%

















2014 2013






Reconciliation (1,2,3,4)

Reconciliation (1)
Year-over-year changes


Reported Excluded Normalized Operating
Reported Excluded Normalized Operating Net Sales Normalized OI

Net Sales OI Items OI Margin Net Sales OI Items OI Margin $ % $ %
Q3:














Writing $ 453.2 $ 108.3 $ 1.1 $ 109.4 24.1% $ 442.2 $ 107.9 $ 0.3 $ 108.2 24.5% $ 11.0 2.5% $ 1.2 1.1%
Home Solutions 417.0 60.9 3.1 64.0 15.3% 422.8 67.1 -- 67.1 15.9% (5.8) (1.4)% (3.1) (4.6)%
Tools 214.8 22.1 1.4 23.5 10.9% 210.6 12.3 -- 12.3 5.8% 4.2 2.0% 11.2 91.1%
Commercial Products 218.0 27.5 -- 27.5 12.6% 196.3 23.5 -- 23.5 12.0% 21.7 11.1% 4.0 17.0%
Baby & Parenting 181.5 8.2 2.4 10.6 5.8% 194.2 23.9 0.8 24.7 12.7% (12.7) (6.5)% (14.1) (57.1)%
Restructuring Costs -- (19.7) 19.7 --
-- (31.3) 31.3 --
--
--

Corporate -- (34.1) 12.0 (22.1)
-- (24.9) 5.7 (19.2)
--
(2.9) (15.1)%
Total $ 1,484.5 $ 173.2 $ 39.7 $ 212.9 14.3% $ 1,466.1 $ 178.5 $ 38.1 $ 216.6 14.8% $ 18.4 1.3% $ (3.7) (1.7)%

































2014 2013






Reconciliation (1,2,3,4)

Reconciliation (1)
Year-over-year changes


Reported Excluded Normalized Operating
Reported Excluded Normalized Operating Net Sales Normalized OI

Net Sales OI Items OI Margin Net Sales OI Items OI Margin $ % $ %
YTD:














Writing $ 1,290.7 $ 313.5 $ 5.1 $ 318.6 24.7% $ 1,235.2 $ 289.9 $ 0.3 $ 290.2 23.5% $ 55.5 4.5% $ 28.4 9.8%
Home Solutions 1,116.8 136.4 3.1 139.5 12.5% 1,146.3 155.7 -- 155.7 13.6% (29.5) (2.6)% (16.2) (10.4)%
Tools 624.9 73.4 1.4 74.8 12.0% 597.2 49.3 -- 49.3 8.3% 27.7 4.6% 25.5 51.7%
Commercial Products 624.1 77.5 -- 77.5 12.4% 583.0 67.0 -- 67.0 11.5% 41.1 7.0% 10.5 15.7%
Baby & Parenting 544.5 25.8 13.8 39.6 7.3% 580.0 71.6 0.8 72.4 12.5% (35.5) (6.1)% (32.8) (45.3)%
Restructuring Costs -- (43.2) 43.2 --
-- (97.7) 97.7 --
--
--

Corporate -- (92.2) 30.2 (62.0)
-- (78.1) 14.4 (63.7)
--
1.7 2.7%
Total $ 4,201.0 $ 491.2 $ 96.8 $ 588.0 14.0% $ 4,141.7 $ 457.7 $ 113.2 $ 570.9 13.8% $ 59.3 1.4% $ 17.1 3.0%
















(1) Excluded items consist of organizational change implementation, restructuring-related, and restructuring costs. Organizational change implementation and restructuring-related costs of $25.7 million and restructuring costs of $43.2 million incurred during 2014 relate to Project Renewal. Excluded items for 2014 also include $5.9 million of advisory costs for process transformation and optimization. For 2013, organizational change implementation and restructuring-related costs of $15.5 million and restructuring costs of $97.7 million relate to Project Renewal.
















(2) Baby & Parenting normalized operating income for 2014 excludes charges of $13.8 million relating to the Graco product recall.
















(3) Writing normalized operating income for 2014 excludes charges of $5.1 million associated with Venezuelan inventory resulting from changes in the exchange rate for the Venezuelan Bolivar.
















(4) Home Solutions normalized operating income for 2014 excludes $3.1 million of acquisition and integration charges associated with the acquisition of Ignite Holdings, LLC.



Newell Rubbermaid Inc.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION
CERTAIN LINE ITEMS
(in millions, except per share data)













Three Months Ended September 30, 2014

GAAP Measure
Restructuring and Charge resulting Inventory charge Advisory costs for Acquisition
Non-GAAP Measure


Product restructuring-related from the devaluation of the from the devaluation of the process transformation and integration Discontinued
Percentage

Reported recall costs (1) costs (2) Venezuelan Bolivar (3) Venezuelan Bolivar (4) and optimization (5) costs (6) operations (7) Normalized* of Sales












Cost of products sold $ 907.8 $ (2.7) $ (1.4) $ -- $ (1.1) $ -- $ -- $ -- $ 902.6 60.8%












Gross margin $ 576.7 $ 2.7 $ 1.4 $ -- $ 1.1 $ -- $ -- $ -- $ 581.9 39.2%












Selling, general & administrative expenses $ 383.8 $ 0.3 $ (6.1) $ -- $ -- $ (5.9) $ (3.1) $ -- $ 369.0 24.9%












Operating income $ 173.2 $ 2.4 $ 27.2 $ -- $ 1.1 $ 5.9 $ 3.1 $ -- $ 212.9 14.3%












Nonoperating expenses $ 22.0 $ -- $ -- $ (6.9) $ -- $ -- $ -- $ -- $ 15.1













Income before income taxes $ 151.2 $ 2.4 $ 27.2 $ 6.9 $ 1.1 $ 5.9 $ 3.1 $ -- $ 197.8













Income taxes (8) $ 28.3 $ 0.9 $ 6.7 $ (0.3) $ (0.1) $ 2.2 $ 0.9 $ -- $ 38.6













Net income from continuing operations $ 122.9 $ 1.5 $ 20.5 $ 7.2 $ 1.2 $ 3.7 $ 2.2 $ -- $ 159.2













Net income $ 122.3 $ 1.5 $ 20.5 $ 7.2 $ 1.2 $ 3.7 $ 2.2 $ 0.6 $ 159.2













Diluted earnings per share** $ 0.44 $ 0.01 $ 0.07 $ 0.03 $ -- $ 0.01 $ 0.01 $ -- $ 0.58


























Three Months Ended September 30, 2013





GAAP Measure Restructuring and

Non-GAAP Measure






restructuring-related Discontinued Non-recurring
Percentage





Reported costs (2) operations (7) tax items (9) Normalized* of Sales
















Cost of products sold $ 913.6 $ (1.1) $ -- $ -- $ 912.5 62.2%
















Gross margin $ 552.5 $ 1.1 $ -- $ -- $ 553.6 37.8%
















Selling, general & administrative expenses $ 342.7 $ (5.7) $ -- $ -- $ 337.0 23.0%
















Operating income $ 178.5 $ 38.1 $ -- $ -- $ 216.6 14.8%
















Income before income taxes $ 162.1 $ 38.1 $ -- $ -- $ 200.2

















Income taxes (8) $ 39.9 $ 5.7 $ -- $ 3.1 $ 48.7

















Net income from continuing operations $ 122.2 $ 32.4 $ -- $ (3.1) $ 151.5

















Net income $ 193.3 $ 32.4 $ (71.1) $ (3.1) $ 151.5

















Diluted earnings per share** $ 0.66 $ 0.11 $ (0.24) $ (0.01) $ 0.52





























* Normalized results are financial measures that are not in accordance with GAAP and exclude the above normalized adjustments. See below for a discussion of each of these adjustments.
**Totals may not add due to rounding.












(1) During the three months ended September 30, 2014, the Company recognized a $2.4 million charge associated with the Graco product recall.












(2) Restructuring and restructuring-related costs during the three months ended September 30, 2014 include $7.5 million of organizational change implementation and restructuring-related costs and $19.7 million of restructuring costs incurred in connection with Project Renewal. Restructuring and restructuring-related costs during the three months ended September 30, 2013 include $6.8 million of organizational change implementation and restructuring-related costs and $31.3 million of restructuring costs incurred in connection with Project Renewal.












(3) During the three months ended September 30, 2014, the Company recognized foreign exchange losses of $6.9 million resulting from changes in the exchange rate for the Venezuelan Bolivar, which under hyperinflationary accounting is recorded in the Statement of Operations.












(4) During the three months ended September 30, 2014, the Company recognized an increase of $1.1 million in cost of products sold resulting from increased costs of inventory due to changes in the exchange rate for the Venezuelan Bolivar.












(5) During the three months ended September 30, 2014, the Company recognized $5.9 million of advisory costs for process transformation and optimization initiatives.












(6) During the three months ended September 30, 2014, the Company recognized $3.1 million of costs associated with the acquisition and integration of Ignite Holdings, LLC.












(7) During the three months ended September 30, 2014, the Company recognized net losses, including impairments, of $0.6 million in discontinued operations primarily related to Endicia and certain Culinary businesses. During the three months ended September 30, 2013, the Company recognized net income of $71.1 million in discontinued operations, primarily relating to the operations of the Hardware, Teach, Endicia and certain Culinary businesses and a gain on the sale of the Hardware business.












(8) The Company determined the tax effect of the items excluded from normalized results by applying the estimated effective rate for the applicable jurisdiction in which the pre-tax items were incurred, and for which realization of the resulting tax benefit, if any, is expected.












(9) During the three months ended September 30, 2013, the Company recognized non-recurring income tax benefits of $3.1 million resulting from the resolution of various income tax contingencies and the expiration of various statutes of limitation.



Newell Rubbermaid Inc.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION
CERTAIN LINE ITEMS
(in millions, except per share data)














Nine Months Ended September 30, 2014

GAAP Measure
Restructuring and Charge resulting Inventory charge Advisory costs for Acquisition

Non-GAAP Measure


Product restructuring-related from the devaluation of the from the devaluation of the process transformation and integration Discontinued Non-recurring
Percentage

Reported recall costs (1) costs (2) Venezuelan Bolivar (3) Venezuelan Bolivar (4) and optimization (5) costs (6) operations (7) tax items (8) Normalized* of Sales













Cost of products sold $ 2,571.7 $ (11.3) $ (1.6) $ -- $ (5.1) $ -- $ -- $ -- $ -- $ 2,553.7 60.8%













Gross margin $ 1,629.3 $ 11.3 $ 1.6 $ -- $ 5.1 $ -- $ -- $ -- $ -- $ 1,647.3 39.2%













Selling, general & administrative expenses $ 1,094.9 $ (2.5) $ (24.1) $ -- $ -- $ (5.9) $ (3.1) $ -- $ -- $ 1,059.3 25.2%













Operating income $ 491.2 $ 13.8 $ 68.9 $ -- $ 5.1 $ 5.9 $ 3.1 $ -- $ -- $ 588.0 14.0%













Nonoperating expenses $ 88.8 $ -- $ -- $ (45.6) $ -- $ -- $ -- $ -- $ -- $ 43.2














Income before income taxes $ 402.4 $ 13.8 $ 68.9 $ 45.6 $ 5.1 $ 5.9 $ 3.1 $ -- $ -- $ 544.8














Income taxes (9) $ 78.7 $ 5.1 $ 17.2 $ 13.6 $ 1.3 $ 2.2 $ 0.9 $ -- $ 3.3 $ 122.3














Net income from continuing operations $ 323.7 $ 8.7 $ 51.7 $ 32.0 $ 3.8 $ 3.7 $ 2.2 $ -- $ (3.3) $ 422.5














Net income $ 325.8 $ 8.7 $ 51.7 $ 32.0 $ 3.8 $ 3.7 $ 2.2 $ (2.1) $ (3.3) $ 422.5














Diluted earnings per share** $ 1.16 $ 0.03 $ 0.18 $ 0.11 $ 0.01 $ 0.01 $ 0.01 $ (0.01) $ (0.01) $ 1.51




























Nine Months Ended September 30, 2013





GAAP Measure Restructuring and Charge resulting

Non-GAAP Measure






restructuring-related from the devaluation of the Discontinued Non-recurring
Percentage





Reported costs (2) Venezuelan Bolivar (3) operations (7) tax items (8) Normalized* of Sales

















Cost of products sold $ 2,558.5 $ (1.1) $ -- $ -- $ -- $ 2,557.4 61.7%

















Gross margin $ 1,583.2 $ 1.1 $ -- $ -- $ -- $ 1,584.3 38.3%

















Selling, general & administrative expenses $ 1,027.8 $ (14.4) $ -- $ -- $ -- $ 1,013.4 24.5%

















Operating income $ 457.7 $ 113.2 $ -- $ -- $ -- $ 570.9 13.8%

















Nonoperating expenses $ 63.2 $ -- $ (11.1) $ -- $ -- $ 52.1


















Income before income taxes $ 394.5 $ 113.2 $ 11.1 $ -- $ -- $ 518.8


















Income taxes (9) $ 94.5 $ 14.2 $ 4.1 $ -- $ 7.9 $ 120.7


















Net income from continuing operations $ 300.0 $ 99.0 $ 7.0 $ -- $ (7.9) $ 398.1


















Net income $ 357.3 $ 99.0 $ 7.0 $ (57.3) $ (7.9) $ 398.1


















Diluted earnings per share** $ 1.22 $ 0.34 $ 0.02 $ (0.20) $ (0.03) $ 1.36































* Normalized results are financial measures that are not in accordance with GAAP and exclude the above normalized adjustments. See below for a discussion of each of these adjustments.
**Totals may not add due to rounding.













(1) During the nine months ended September 30, 2014, the Company recognized $13.8 million of charges associated with the Graco product recall.













(2) Restructuring and restructuring-related costs during the nine months ended September 30, 2014 include $25.7 million of organizational change implementation and restructuring-related costs and $43.2 million of restructuring costs incurred in connection with Project Renewal. Restructuring and restructuring-related costs during the nine months ended September 30, 2013 include $15.5 million of organizational change implementation and restructuring-related costs and $97.7 million of restructuring costs incurred in connection with Project Renewal.













(3) During the nine months ended September 30, 2014 and 2013, the Company recognized foreign exchange losses of $45.6 million and $11.1 million, respectively, resulting from the devaluation of and subsequent changes in the exchange rate for the Venezuelan Bolivar, which under hyperinflationary accounting is recorded in the Statement of Operations.













(4) During the nine months ended September 30, 2014, the Company recognized an increase of $5.1 million in cost of products sold resulting from increased costs of inventory due to changes in the exchange rate for the Venezuelan Bolivar.













(5) During the nine months ended September 30, 2014, the Company recognized $5.9 million of advisory costs for process transformation and optimization initiatives.













(6) During the nine months ended September 30, 2014, the Company recognized $3.1 million of costs associated with the acquisition and integration of Ignite Holdings, LLC.













(7) During the nine months ended September 30, 2014, the Company recognized net income, net of impairments, of $2.1 million in discontinued operations, which include the results of operations of Endicia and certain Culinary businesses. During the nine months ended September 30, 2013, the Company recognized net income of $57.3 million in discontinued operations, primarily relating to the operations, including impairments, of the Hardware, Teach, Endicia and certain Culinary businesses and a gain on the sale of the Hardware business.













(8) During the nine months ended September 30, 2014 and 2013, the Company recognized non-recurring income tax benefits of $3.3 million and $7.9 million, respectively, resulting from the resolution of various income tax contingencies and the expiration of various statutes of limitation.













(9) The Company determined the tax effect of the items excluded from normalized results by applying the estimated effective rate for the applicable jurisdiction in which the pre-tax items were incurred, and for which realization of the resulting tax benefit, if any, is expected.



Newell Rubbermaid Inc.
Three Months Ended September 30, 2014
In Millions
































Currency Analysis














































By Segment































Net Sales,
As Reported Core
Sales (1)
Year-Over-Year Increase (Decrease)






Increase

Increase Less Inc. (Dec.) Excl. Currency Excluding Including Currency
Core Sales

2014 2013 (Decrease) 2014 2013 (Decrease) Acquisitions Acquisitions Impact Currency Currency Impact Acquisitions Growth (1)
















Writing $ 453.2 $ 442.2 $ 11.0 $ 481.6 $ 444.8 $ 36.8 $ -- $ 36.8 $ (25.8) 8.3% 2.5% (5.8)% 0.0% 8.3%
Home Solutions 417.0 422.8 (5.8) 419.1 423.6 (4.5) 9.0 (13.5) (1.3) (1.1)% (1.4)% (0.3)% 2.1% (3.2)%
Tools 214.8 210.6 4.2 218.3 213.4 4.9 -- 4.9 (0.7) 2.3% 2.0% (0.3)% 0.0% 2.3%
Commercial Products 218.0 196.3 21.7 219.0 196.7 22.3 -- 22.3 (0.6) 11.3% 11.1% (0.2)% 0.0% 11.3%
Baby & Parenting 181.5 194.2 (12.7) 183.3 194.5 (11.2) -- (11.2) (1.5) (5.8)% (6.5)% (0.7)% 0.0% (5.8)%
















Total Company $ 1,484.5 $ 1,466.1 $ 18.4 $ 1,521.3 $ 1,473.0 $ 48.3 $ 9.0 $ 39.3 $ (29.9) 3.3% 1.3% (2.0)% 0.6% 2.7%
















Win Bigger Businesses Core Sales Growth (2) $ 886.0 $ 849.1 $ 36.9 $ 918.9 $ 854.9 $ 64.0 $ -- $ 64.0 $ (27.1) 7.5% 4.3% (3.2)% 0.0% 7.5%
































By Geography






























United States $ 1,034.3 $ 1,015.3 $ 19.0 $ 1,034.3 $ 1,015.3 $ 19.0 $ 9.0 $ 10.0 $ -- 1.9% 1.9% 0.0% 0.9% 1.0%
Canada 79.0 84.8 (5.8) 82.6 85.7 (3.1) -- (3.1) (2.7) (3.6)% (6.8)% (3.2)% 0.0% (3.6)%
Total North America 1,113.3 1,100.1 13.2 1,116.9 1,101.0 15.9 9.0 6.9 (2.7) 1.4% 1.2% (0.2)% 0.8% 0.6%
















Europe, Middle East and Africa 156.1 162.5 (6.4) 157.8 162.5 (4.7) -- (4.7) (1.7) (2.9)% (3.9)% (1.0)% 0.0% (2.9)%
Latin America 116.0 104.3 11.7 144.2 108.2 36.0 -- 36.0 (24.3) 33.3% 11.2% (22.1)% 0.0% 33.3%
Asia Pacific 99.1 99.2 (0.1) 102.4 101.3 1.1 -- 1.1 (1.2) 1.1% (0.1)% (1.2)% 0.0% 1.1%
Total International 371.2 366.0 5.2 404.4 372.0 32.4 -- 32.4 (27.2) 8.7% 1.4% (7.3)% 0.0% 8.7%
















Total Company $ 1,484.5 $ 1,466.1 $ 18.4 $ 1,521.3 $ 1,473.0 $ 48.3 $ 9.0 $ 39.3 $ (29.9) 3.3% 1.3% (2.0)% 0.6% 2.7%
















(1) "Core Sales" is determined by applying a fixed exchange rate, calculated as the 12-month average in 2013, to the current and prior year local currency sales amounts, with the difference between the change in "As Reported" sales and the change in "Core Sales" reported in the table as "Currency Impact". Core Sales Growth excludes the impact of currency and acquisitions.
















(2) Win Bigger businesses include Writing, Tools, and Commercial Products segments.



Newell Rubbermaid Inc.
Nine Months Ended September 30, 2014
In Millions
































Currency Analysis














































By Segment































Net Sales,
As Reported Core
Sales (1)
Year-Over-Year
Increase (Decrease)






Increase

Increase Less Inc. (Dec.) Excl. Currency Excluding Including Currency
Core Sales

2014 2013 (Decrease) 2014 2013 (Decrease) Acquisitions Acquisitions Impact Currency Currency Impact Acquisitions Growth (1)
















Writing $ 1,290.7 $ 1,235.2 $ 55.5 $ 1,341.8 $ 1,236.5 $ 105.3 $ -- $ 105.3 $ (49.8) 8.5% 4.5% (4.0)% 0.0% 8.5%
Home Solutions 1,116.8 1,146.3 (29.5) 1,123.5 1,146.1 (22.6) 9.0 (31.6) (6.9) (2.0)% (2.6)% (0.6)% 0.8% (2.8)%
Tools 624.9 597.2 27.7 632.0 597.3 34.7 -- 34.7 (7.0) 5.8% 4.6% (1.2)% 0.0% 5.8%
Commercial Products 624.1 583.0 41.1 626.2 583.5 42.7 -- 42.7 (1.6) 7.3% 7.0% (0.3)% 0.0% 7.3%
Baby & Parenting 544.5 580.0 (35.5) 547.4 580.2 (32.8) -- (32.8) (2.7) (5.7)% (6.1)% (0.4)% 0.0% (5.7)%
















Total Company $ 4,201.0 $ 4,141.7 $ 59.3 $ 4,270.9 $ 4,143.6 $ 127.3 $ 9.0 $ 118.3 $ (68.0) 3.1% 1.4% (1.7)% 0.2% 2.9%
















Win Bigger Businesses Core Sales Growth (2) $ 2,539.7 $ 2,415.4 $ 124.3 $ 2,600.0 $ 2,417.3 $ 182.7 $ -- $ 182.7 $ (58.4) 7.6% 5.1% (2.5)% 0.0% 7.6%
































By Geography






























United States $ 2,884.1 $ 2,810.7 $ 73.4 $ 2,884.1 $ 2,810.7 $ 73.4 $ 9.0 $ 64.4 $ -- 2.6% 2.6% 0.0% 0.3% 2.3%
Canada 208.9 230.0 (21.1) 220.8 229.5 (8.7) -- (8.7) (12.4) (3.8)% (9.2)% (5.4)% 0.0% (3.8)%
Total North America 3,093.0 3,040.7 52.3 3,104.9 3,040.2 64.7 9.0 55.7 (12.4) 2.1% 1.7% (0.4)% 0.3% 1.8%
















Europe, Middle East and Africa 508.3 510.7 (2.4) 501.0 516.0 (15.0) -- (15.0) 12.6 (2.9)% (0.5)% 2.4% 0.0% (2.9)%
Latin America 310.8 281.7 29.1 366.0 280.4 85.6 -- 85.6 (56.5) 30.5% 10.3% (20.2)% 0.0% 30.5%
Asia Pacific 288.9 308.6 (19.7) 299.0 307.0 (8.0) -- (8.0) (11.7) (2.6)% (6.4)% (3.8)% 0.0% (2.6)%
Total International 1,108.0 1,101.0 7.0 1,166.0 1,103.4 62.6 -- 62.6 (55.6) 5.7% 0.6% (5.1)% 0.0% 5.7%
















Total Company $ 4,201.0 $ 4,141.7 $ 59.3 $ 4,270.9 $ 4,143.6 $ 127.3 $ 9.0 $ 118.3 $ (68.0) 3.1% 1.4% (1.7)% 0.2% 2.9%
















(1) "Core Sales" is determined by applying a fixed exchange rate, calculated as the 12-month average in 2013, to the current and prior year local currency sales amounts, with the difference between the change in "As Reported" sales and the change in "Core Sales" reported in the table as "Currency Impact". Core Sales Growth excludes the impact of currency and acquisitions.
















(2) Win Bigger businesses include Writing, Tools, and Commercial Products segments.



Newell Rubbermaid Inc.
Six Months Ended September 30, 2014
In Millions
































Currency Analysis














































By Segment






























Three Months Ended June 30, 2014















Net Sales,
As Reported Core
Sales (1)
Year-Over-Year Increase (Decrease)






Increase

Increase Less Inc. (Dec.) Excl. Currency Excluding Including Currency
Core Sales

2014 2013 (Decrease) 2014 2013 (Decrease) Acquisitions Acquisitions Impact Currency Currency Impact Acquisitions Growth (1)
















Writing $ 489.3 $ 464.5 $ 24.8 $ 508.8 $ 466.2 $ 42.6 $ -- $ 42.6 $ (17.8) 9.1% 5.3% (3.8)% 0.0% 9.1%
Home Solutions 383.4 391.5 (8.1) 386.1 391.2 (5.1) -- (5.1) (3.0) (1.3)% (2.1)% (0.8)% 0.0% (1.3)%
Tools 222.3 198.0 24.3 223.5 198.0 25.5 -- 25.5 (1.2) 12.9% 12.3% (0.6)% 0.0% 12.9%
Commercial Products 223.5 203.6 19.9 224.1 204.0 20.1 -- 20.1 (0.2) 9.9% 9.8% (0.1)% 0.0% 9.9%
Baby & Parenting 183.7 196.2 (12.5) 184.2 197.5 (13.3) -- (13.3) 0.8 (6.7)% (6.4)% 0.3% 0.0% (6.7)%
















Total Company $ 1,502.2 $ 1,453.8 $ 48.4 $ 1,526.7 $ 1,456.9 $ 69.8 $ -- $ 69.8 $ (21.4) 4.8% 3.3% (1.5)% 0.0% 4.8%
















Win Bigger Businesses Core Sales Growth (2) $ 935.1 $ 866.1 $ 69.0 $ 956.4 $ 868.2 $ 88.2 $ -- $ 88.2 $ (19.2) 10.2% 8.0% (2.2)% 0.0% 10.2%
















Total Company Three Months Ended September 30, 2014 1,484.5 1,466.1 18.4 1,521.3 1,473.0 48.3 9.0 39.3 (29.9) 3.3% 1.3% (2.0)% 0.6% 2.7%
Total Company Six Months Ended September 30, 2014 $ 2,986.7 $ 2,919.9 $ 66.8 $ 3,048.0 $ 2,929.9 $ 118.1 $ 9.0 $ 109.1 $ (51.3) 4.0% 2.3% (1.7)% 0.3% 3.7%
















Win Bigger Three Months Ended September 30, 2014 (2) 886.0 849.1 36.9 918.9 854.9 64.0 -- 64.0 (27.1) 7.5% 4.3% (3.2)% 0.0% 7.5%
Win Bigger Six Months Ended September 30, 2014 (2) $ 1,821.1 $ 1,715.2 $ 105.9 $ 1,875.3 $ 1,723.1 $ 152.2 $ -- $ 152.2 $ (46.3) 8.8% 6.2% (2.6)% 0.0% 8.8%
















(1) "Core Sales" is determined by applying a fixed exchange rate, calculated as the 12-month average in 2013, to the current and prior year local currency sales amounts, with the difference between the change in "As Reported" sales and the change in "Core Sales" reported in the table as "Currency Impact". Core Sales Growth excludes the impact of currency and acquisitions.
















(2) Win Bigger businesses include Writing, Tools, and Commercial Products segments.




FinanceInvestment & Company Information
Contact:
Nancy O'Donnell
Vice President, Investor Relations
[phone]
Nicole Quinlan
Senior Manager, Global Communications
[phone]





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[Drmicrocap]

Newell Rubbermaid Announces Completion of bubba brands

Newell Rubbermaid
October 22, 2014 4:30 PM

ATLANTA, Oct. 22, 2014 (GLOBE NEWSWIRE) -- Newell Rubbermaid (NWL) today completed its acquisition of the assets of bubba brands, inc. ("bubba"), a wholly owned subsidiary of In Zone Holdings, Inc., for a purchase price of $83 million, subject to customary working capital adjustments. A leading designer and marketer of durable beverage containers, bubba is expected to deliver over $50 million of net sales in 2014. The acquisition is expected to be accretive to Newell Rubbermaid's net sales growth rate, normalized operating income margin and normalized EPS within the first year.

"We are pleased to welcome bubba to the Newell Rubbermaid family. We look forward to leveraging this innovative brand, in combination with the Contigo(R), Avex(R) and Rubbermaid(R) brands, to further strengthen our leadership position in the fast-growing durable beverage container market and bolster our growth agenda as we drive our Growth Game Plan strategy into action," said Newell Rubbermaid President and CEO Michael Polk.

About Newell Rubbermaid

Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of consumer and commercial products with 2013 sales of $5.7 billion and a strong portfolio of leading brands, including Sharpie(R), Paper Mate(R), Rubbermaid Commercial Products(R), Irwin(R), Lenox(R), Parker(R), Waterman(R), Rubbermaid(R), Contigo(R), Levolor(R), Calphalon(R), Goody(R), Graco(R), Aprica(R) and Dymo(R). As part of the company's Growth Game Plan, Newell Rubbermaid is making sharper portfolio choices and investing in new marketing and innovation to accelerate performance.

This press release and additional information about Newell Rubbermaid are available on the company's Web site, www.newellrubbermaid.com.

About In Zone Holdings, Inc. and bubba brands

In Zone Holdings, Inc. is the parent company to Atlanta-based bubba brands and healthy children's beverage company good2grow (www.good2grow.com). bubba brands was founded in 1997 with a singular commitment: to make drinkware that people love. Beginning with its first product, the bubba keg, the line expanded to include mugs, tumblers, sport bottles, sport jugs and kids drink bottles. bubba brands is a leader in the thermal and hydration beverageware category and its products are widely available through national retailers, sporting goods, specialty stores and direct-to-consumer. For more information, visit www.bubbabrands.com.

Caution Concerning Forward-Looking Statements

This news release contains forward-looking information based on management's current views and assumptions regarding the anticipated benefits of the transaction, including bubba's financial contribution to the Company's financial results, and the Company's expected investments in the bubba business. Actual events may differ materially. Factors that may affect actual results include, but are not limited to, the ability of the Company to integrate the bubba business with the Company's existing businesses and realize the expected financial results and accretive effect of the transaction, and reaction of the Company's customers, competitors, suppliers and employees to the transaction. Please refer to the cautionary statements set forth in the "Forward-Looking Statements" section of the Company's most recently filed Quarterly Report on Form 10-Q as well as the risk factors set forth in Exhibit 99.1 thereto, for other factors that could affect our business.









Contact:

Nancy O'Donnell
Vice President, Investor Relations
[phone]
Nicole Quinlan
Senior Manager, Corporate Communications

[Drmicrocap]

Newell Rubbermaid October 17, 2014 9:15 AM GlobeNewswire




ATLANTA, Oct. 17, 2014 (GLOBE NEWSWIRE) -- Newell Rubbermaid ( NWL) announced today that it has signed a definitive agreement to acquire the assets of bubba brands, inc. ("bubba"), a wholly owned subsidiary of In Zone Holdings, Inc.





A leading designer and marketer of durable beverage containers, bubba is expected to deliver over $50 million of net sales in 2014. The acquisition will expand Newell Rubbermaid's presence in on-the-go thermal and hydration beverageware, leveraging the company's recent acquisition of the Contigo(R) and Avex(R) brands, and is expected to be accretive to Newell Rubbermaid's net sales growth rate, normalized operating income margin and normalized EPS within the first year.

Newell Rubbermaid President and CEO Michael Polk said, "The acquisition of bubba further strengthens our position as a leader in one of the fastest-growing consumer durables categories in North America. We are excited to add this innovative brand to the portfolio. In combination with the Contigo, Avex and Rubbermaid(R) brands, the agreement to acquire bubba represents a tremendous opportunity to strengthen our growth agenda as we drive our Growth Game Plan strategy into action."

The acquisition will be financed through organic cash flow and available borrowings and is expected to close this month, subject to customary closing conditions. Additional details will be provided during the company's third quarter 2014 earnings call on October 31.

About Newell Rubbermaid

Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of consumer and commercial products with 2013 sales of $5.7 billion and a strong portfolio of leading brands, including Sharpie(R), Paper Mate(R), Rubbermaid Commercial Products(R), Irwin(R), Lenox(R), Parker(R), Waterman(R), Rubbermaid(R), Contigo(R), Levolor(R), Calphalon(R), Goody(R), Graco(R), Aprica(R) and Dymo(R). As part of the company's Growth Game Plan, Newell Rubbermaid is making sharper portfolio choices and investing in new marketing and innovation to accelerate performance.

This press release and additional information about Newell Rubbermaid are available on the company's Web site, www.newellrubbermaid.com.

Caution Concerning Forward-Looking Statements

This news release contains forward-looking information based on management's current views and assumptions. Actual events may differ materially. Factors that may affect actual results include, but are not limited to: whether and when the closing conditions will be satisfied and whether and when the transaction will close, whether and when the Company will be able to realize the expected financial results and accretive effect of the transaction, and how customers, competitors, suppliers and employees will react to the transaction. Please refer to the cautionary statements set forth in the "Forward-Looking Statements" section of the Company's most recently filed Quarterly Report on Form 10-Q as well as the risk factors set forth in Exhibit 99.1 thereto, for other factors that could affect our business.





Consumer DiscretionaryMergers, Acquisitions & TakeoversNewell Rubbermaid
Contact:
Nancy O'Donnell
Vice President, Investor Relations
[phone]
Nicole Quinlan
Senior Manager, Corporate Communications
[phone]

[Drmicrocap]

Newell Rubbermaid to Webcast Second Quarter 2014 Earnings Results
GlobeNewswire Newell Rubbermaid
3 hours ago
ATLANTA, July 10, 2014 (GLOBE NEWSWIRE) -- Newell Rubbermaid (NWL) today announced its second quarter 2014 earnings results will be released Thursday, July 31, prior to market open and will be followed by a live webcast at 8:00 a.m. ET. To listen to the webcast, please visit Events & Presentations in the Investor Relations section of Newell Rubbermaid's Web site at www.newellrubbermaid.com. The live webcast will be recorded and made available for replay.

About Newell Rubbermaid

Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of consumer and commercial products with 2013 sales of approximately $5.7 billion and a strong portfolio of leading brands, including Sharpie(R), Paper Mate(R), Rubbermaid Commercial Products(R), Irwin(R), Lenox(R), Parker(R), Waterman(R), Rubbermaid(R), Levolor(R), Calphalon(R), Goody(R), Graco(R), Aprica(R) and Dymo(R). As part of the company's Growth Game Plan, Newell Rubbermaid is making sharper portfolio choices and investing in new marketing and innovation to accelerate performance.

This press release and additional information about Newell Rubbermaid are available on the company's Web site, www.newellrubbermaid.com.


Contact:
Nancy O'Donnell
Vice President, Investor Relations
[phone]
David Doolittle
Vice President, Global Communications
[phone]
Rates

[Drmicrocap]

Newell Rubbermaid Announces First Quarter Results
GlobeNewswire Newell Rubbermaid
19 hours ago
Reaffirms Full Year Guidance

Increases Quarterly Dividend 13 percent to $0.17 per share

ATLANTA, May 2, 2014 (GLOBE NEWSWIRE) -- Newell Rubbermaid (NWL) today announced its first quarter 2014 financial results.

"We delivered solid first quarter results in the context of two previously communicated events. Our team did a good job overcoming the adverse impacts of the harness buckle recall on select car seats in our U.S. Baby business and the weather-related slow down on our U.S.-centric Home Solutions business," said Michael Polk, Chief Executive Officer. "Strong core sales growth in Writing offset declines in Home Solutions and Baby, yielding normalized earnings per share of $0.35, flat with last year's results.

"We are confident in our full year financial guidance and expect the company's core sales and earnings per share growth to accelerate through the balance of the year as we significantly increase advertising and promotion investment levels in support of our brands and innovation. Importantly, the Board of Directors has approved a 13 percent increase in our quarterly dividend to $0.17, an annualized rate of $0.68 per share. This is the fourth dividend increase in the last three years, which is a reflection of the Board's continued confidence in Newell's strong cash generation ability and in the promise of our Growth Game Plan."

First Quarter Executive Summary

Net sales were $1.23 billion, a 0.7 percent decline versus prior year results.
Core sales, which exclude the impact of changes in foreign currency, grew 0.7 percent.
Normalized gross margin was 38.8 percent, a 60 basis point improvement compared with the prior year period. Reported gross margin was 38.1 percent versus 38.2 percent in the prior year period.
Normalized operating margin was 11.0 percent versus 11.2 percent in the prior year period. Reported operating margin increased 60 basis points to 8.5 percent.
Normalized diluted earnings per share were $0.35 compared with $0.35 in the prior year. Reported diluted earnings per share were $0.19 compared with $0.19 in the prior year.
The company's first quarter reported results include an $11.0 million charge ($0.02 per diluted share) which reflects the cost of harness buckle recall issues on select car seats in our Baby segment. This charge has been excluded from normalized operating income and normalized EPS.
Operating cash flow was a use of $92.1 million compared with a use of $123.1 million in the prior year period.
The company paid dividends of $42.9 million and repurchased 1.5 million shares of common stock at a cost of $44.4 million. In addition, the company took delivery of 2.0 million shares in mid-March to complete the Accelerated Share Repurchase program initiated in the fourth quarter of 2013.
The company announced a 13 percent ($0.02 per share) increase in its quarterly dividend to $0.17 per share.
The company recorded a monetary asset devaluation charge of $38.7 million, or $0.09 per diluted share, associated with adopting the SICAD I rate for its Venezuelan operations.
The company reaffirmed its guidance for 2014 core sales growth of 3 to 4 percent, operating margin improvement of up to 40 basis points, normalized EPS of $1.94 to $2.00 and operating cash flow of $600 to $650 million.
First Quarter 2014 Operating Results

Net sales in the first quarter were $1.23 billion, compared with $1.24 billion in the prior year. Core sales, which exclude 140 basis points of negative foreign currency impact, grew 0.7 percent.

Reported gross margin was 38.1 percent. Normalized gross margin was 38.8 percent, a 60 basis point improvement versus prior year results. Normalized gross margin excludes the impact of costs associated with the harness buckle recall. Pricing and productivity more than offset inflation and the negative impact of transactional foreign currency.

First quarter reported operating margin was 8.5 percent compared with 7.9 percent in the prior year. Reported operating income was $105.2 million versus $97.8 million.

Normalized operating margin was 11.0 percent, compared with 11.2 percent in the prior year period. Normalized operating income was $135.9 million compared with $138.8 million in the prior year period. First quarter 2014 normalized operating income excludes restructuring and restructuring-related costs of $19.7 million and $11.0 million of costs associated with the harness buckle recall issue while 2013 normalized operating income excludes $41.0 million of restructuring and restructuring-related costs.

The company reported a net benefit for income taxes of $1.3 million due to discrete period benefits relating to resolution of certain tax items and the tax rate applicable to the $38.7 million charge associated with its Venezuelan operations. The reported tax expense for the prior year period was $6.4 million. The normalized tax rate was 18.4 percent compared with 16.5 percent in the prior year.

Reported net income was $52.9 million, compared with $54.2 million in the prior year. Reported diluted earnings per share were $0.19 compared with the prior year's $0.19 per diluted share. Lower restructuring costs and the positive impact from a lower share count were offset by a $38.7 million monetary asset devaluation charge resulting from the adoption of the SICAD I Venezuelan Bolivar exchange rate and the $11.0 million charge reflecting the costs associated with the harness buckle recall issue.

Normalized net income was $98.1 million, compared with $102.1 million in the prior year. Normalized diluted earnings per share of $0.35 were flat compared with the prior year as 60 basis points of normalized gross margin increase and a lower share count were offset by the loss of sales momentum on Baby due to the harness buckle recall and the sluggish performance of the U.S.-centric Home Solutions segment as a result of a weather-related slowdown in U.S. retailer point-of-sale results.

For the first quarter 2014, normalized diluted earnings per share exclude $0.05 per diluted share for restructuring and restructuring-related costs associated with Project Renewal, $0.02 per diluted share associated with the harness buckle recall in Baby & Parenting and $0.09 per diluted share resulting from the use of the SICAD I exchange rate for the company's Venezuelan operations. For the first quarter 2013, normalized diluted earnings per share exclude $0.12 per diluted share for restructuring and restructuring-related costs associated with Project Renewal, $0.02 per diluted share resulting from the devaluation of the Venezuelan Bolivar, $0.02 per diluted share attributable to the resolution of tax contingencies, and a net loss (including impairments) from discontinued operations of $0.03 per diluted share. (A reconciliation to "normalized" results is included below.)

Operating cash flow was a use of $92.1 million compared with a use of $123.1 million last year, primarily due to the absence of a U.S. pension plan contribution.

Recall of Harness Buckles on Select Car Seats

In February 2014, Graco announced a voluntary recall in the U.S. of harness buckles used on approximately 4 million toddler car seats manufactured between 2006 and 2013. There have been no reported injuries associated with the recalled harness buckles. These toddler car seat buckles were susceptible to contamination from food, debris or spilled liquids, which can result in difficulty or inability to open the buckles. As a result of the recall, affected car seats which were at retail or in customer warehouses have been reworked in the field or returned to the company for rework. Graco continues to offer consumers replacement harness buckles at no cost.

Graco is in ongoing discussions with the National Highway Traffic Safety Administration (NHTSA) regarding a potential recall of harness buckles used on select infant car seats. The company remains hopeful that its dialogue with NHTSA and shared commitment to child passenger safety will result in a constructive resolution and the best outcome for consumers. The company expects the infant harness buckle discussions will be resolved in the second quarter.

The Company's first quarter reported results include an $11.0 million charge (or $0.02 per diluted share) which includes the cost of the first quarter recall of harness buckles on select toddler car seats as well as the company's current estimate of costs associated with the infant car seat harness buckle issue. This charge has been excluded from normalized operating income and normalized EPS. Normalized operating income and normalized EPS do not exclude the impact on net sales of returns from retailers or the lost sales associated with approximately five weeks of lost shipments on the affected toddler car seats.

A reconciliation of the first quarter 2014 and 2013 results is as follows:


Q1 2014* Q1 2013*



Diluted earnings per share (as reported) $0.19 $0.19



Restructuring and restructuring-related costs 0.05 0.12



Costs associated with harness buckle recall 0.02 --



Currency devaluation -- Venezuela 0.09 0.02



Resolution of income tax contingencies -- (0.02)



Discontinued operations -- 0.03



Normalized EPS $0.35 $0.35



*Totals may not add due to rounding

First Quarter 2014 Operating Segment Results

Writing net sales for the first quarter were $361.3 million, a 6.1 percent improvement compared to prior year. Core sales increased 8.0 percent, driven by pricing and market share growth in the Americas, partially offset by product line exits in Europe. Operating income was $77.1 million, or 21.3 percent of sales, compared with $63.2 million, or 18.6 percent of sales, in the prior year. The increase in operating margin was largely driven by positive mix, productivity, and pricing in Latin America.

Home Solutions net sales were $321.2 million, a 5.2 percent decline compared to prior year. Core sales declined 4.5 percent, as weather-related point-of-sale softness and the negative effect on volume of less merchandising on certain Rubbermaid Consumer low margin product lines were partially offset by increased distribution on Calphalon(R). Normalized operating income was $26.3 million, or 8.2 percent of sales, compared with $34.1 million, or 10.1 percent of sales, in the prior year. The decrease in operating margin was driven by input cost inflation and the deleveraging effect on margins of lower sales volumes, partially offset by productivity and pricing.

Tools segment net sales were $187.8 million, a 0.4 percent decline compared to prior year. Core sales increased 2.4 percent driven by strong volume and share growth on Lenox in North America and Irwin in Europe. Adjusting for the prior year pull forward of volume into the first quarter of 2013 related to the second quarter 2013 SAP conversion in Brazil, Tools global core sales increased 5.2 percent. Operating income was $21.4 million, or 11.4 percent of sales, compared with $18.7 million, or 9.9 percent of sales, in the prior year. The increase in operating margin was driven by pricing and favorable mix partially offset by inflation.

Commercial Products net sales were $182.6 million, a 0.3 percent decrease compared to prior year. Core sales increased 0.2 percent as solid growth on Rubbermaid Commercial Products was largely offset by weakness in the U.S. Healthcare business against a very strong year ago comparison period. Operating income was $13.8 million, or 7.6 percent of sales, compared with $21.6 million, or 11.8 percent of sales, in the prior year period. The decrease in operating margin reflects inflation and increased investment in selling capabilities in North America and Latin America.

Baby & Parenting net sales were $179.3 million, a decline of 5.4 percent compared to prior year. Core sales declined 4.4 percent, primarily attributable to the U.S. recall of harness buckles on select toddler car seats and the exit of certain product lines in Europe. Normalized operating income was $16.4 million, or 9.1 percent of sales, compared with $23.9 million, or 12.6 percent of sales, in the prior year. The decrease in operating margin was largely due to inflation and the absence of fixed cost leverage associated with lower sales volume.

2014 Full Year Outlook

Newell Rubbermaid reaffirmed its full year 2014 guidance as follows:

Core sales growth of 3 to 4 percent;
Normalized operating margin improvement of up to 40 basis points;
Normalized EPS of $1.94 to $2.00; and
Operating cash flow between $600 and $650 million.
The company now expects foreign exchange to have a negative impact on 2014 net sales of about 200 basis points and to have a negative impact on both normalized and reported EPS of $0.04 to $0.05 per diluted share for the balance of 2014. Subsequent to the first quarter, the company will begin using the exchange rate determined by periodic auctions for U.S. dollars conducted under Venezuela's SICAD I exchange mechanism (approximately 10.5 to 11.0 Bolivars per U.S. dollar).

2014 normalized EPS guidance excludes between $100 and $120 million of Project Renewal restructuring and restructuring-related charges. (A reconciliation of expected reported results to "normalized" results is included below.)

The company is on track to realize cumulative annualized cost savings of $270 to $325 million by the second quarter of 2015 related to Project Renewal. The majority of these savings will be reinvested in the business to strengthen brand building and selling capabilities and accelerate growth.

Operating cash flow guidance assumes $100 to $120 million in restructuring and restructuring-related cash payments. Capital expenditures are projected at $150 to $175 million.

A reconciliation of the 2014 earnings outlook is as follows:


FY 2014


Diluted earnings per share $1.50 to $1.56


Restructuring and restructuring-related costs $0.29 to $0.37


Costs associated with harness buckle recall $0.02


Currency devaluation - Venezuela $0.09




Normalized EPS $1.94 to $2.00
Conference Call

The company's first quarter 2014 earnings conference call will be held today, May 2, 2014, at 8:00 a.m. ET. A link to the webcast is provided under Events & Presentations in the Investor Relations section of Newell Rubbermaid's Web site at www.newellrubbermaid.com. The webcast will be available for replay. A supporting slide presentation will be made available in the Investor Relations section on the company's Web site under Quarterly Earnings.

Non-GAAP Financial Measures

This release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission and includes a reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP.

The company uses certain financial measures that are included in this press release and the additional financial information both in explaining its results to stockholders and the investment community and in its internal evaluation and management of its businesses. The company's management believes that these measures - including those that are "non-GAAP financial measures" - and the information they provide are useful to investors since these measures (a) permit investors to view the company's performance using the same tools that management uses to evaluate the company's past performance, reportable business segments and prospects for future performance and (b) determine certain elements of management's incentive compensation.

The company's management believes that core sales, as reflected in the Currency Analysis, is useful to investors because it demonstrates the effect of foreign currency on reported sales. The effect of foreign currency on reported sales is determined by applying a fixed exchange rate, calculated as the 12-month average in 2013, to the current and prior year local currency sales amounts, with the difference in these two amounts being the change in core sales and the difference between the change in as reported sales and the change in core sales reported as the currency impact. The company believes that providing adjusted core sales excluding the impacts of product line exits and timing shifts related to implementations of SAP is useful in that it helps investors understand underlying business trends. The company's management believes that "normalized" gross margin, "normalized" SG&A expense, "normalized" operating income and "normalized" tax rates, which exclude restructuring and restructuring-related expenses and one-time events such as costs related to product recalls, the extinguishment of debt, certain tax benefits and charges, impairment charges, discontinued operations and certain other items, are useful because they provide investors with a meaningful perspective on the current underlying performance of the company's core ongoing operations. The company's management believes that "normalized" earnings per share, which also excludes restructuring and restructuring-related charges and one-time events such as losses related to product recalls, monetary asset devaluations resulting from the adoption of the SICAD I Venezuelan Bolivar exchange rate, the extinguishments of debt, tax benefits and charges, impairment charges, discontinued operations and certain other items, is useful to investors because it permits investors to better understand year-over-year changes in underlying operating performance. The company also uses both core sales and normalized earnings per share as two of the three performance criteria in its management cash bonus plan.

The company determines the tax effect of the items excluded from normalized diluted earnings per share by applying the estimated effective rate for the applicable jurisdiction in which the pre-tax items were incurred, and for which realization of the resulting tax benefit, if any, is expected.

While the company believes that these non-GAAP financial measures are useful in evaluating the company's performance, this information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies.

About Newell Rubbermaid

Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of consumer and commercial products with 2013 sales of $5.7 billion and a strong portfolio of leading brands, including Sharpie(R), Paper Mate(R), Rubbermaid Commercial Products(R), Irwin(R), Lenox(R), Parker(R), Waterman(R), Rubbermaid(R), Levolor(R), Calphalon(R), Goody(R), Graco(R), Aprica(R) and Dymo(R). As part of the company's Growth Game Plan, Newell Rubbermaid is making sharper portfolio choices and investing in new marketing and innovation to accelerate performance.

This press release and additional information about Newell Rubbermaid are available on the company's Web site, www.newellrubbermaid.com.

Caution Concerning Forward-Looking Statements

Statements in this press release that are not historical in nature constitute forward-looking statements. These forward-looking statements relate to information or assumptions about the effects of sales, income/(loss), earnings per share, operating income, operating margin or gross margin improvements or declines, Project Renewal, capital and other expenditures, cash flow, dividends, restructuring and restructuring-related costs, costs and cost savings, inflation or deflation, particularly with respect to commodities such as oil and resin, debt ratings, changes in exchange rates, product recalls and management's plans, projections and objectives for future operations and performance. These statements are accompanied by words such as "anticipate," "expect," "project," "will," "believe," "estimate" and similar expressions. Actual results could differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, our dependence on the strength of retail, commercial and industrial sectors of the economy in light of the continuation or escalation of the global economic slowdown or regional sovereign debt issues; currency fluctuations; competition with other manufacturers and distributors of consumer products; major retailers' strong bargaining power; changes in the prices of raw materials and sourced products and our ability to obtain raw materials and sourced products in a timely manner from suppliers; our ability to develop innovative new products and to develop, maintain and strengthen our end-user brands; product liability, product recalls or regulatory actions (including the ultimate resolution of the potential recall of harness buckles on certain infant car seats); our ability to expeditiously close facilities and move operations while managing foreign regulations and other impediments; a failure of one of our key information technology systems or related controls; the potential inability to attract, retain and motivate key employees; future events that could adversely affect the value of our assets and require impairment charges; our ability to improve productivity and streamline operations; changes to our credit ratings; significant increases in the funding obligations related to our pension plans due to declining asset values, declining interest rates or otherwise; the imposition of tax liabilities greater than our provisions for such matters; the risks inherent in our foreign operations; and those factors listed in the company's most recently filed Annual Report on Form 10-K filed with the Securities and Exchange Commission. Changes in such assumptions or factors could produce significantly different results. The information contained in this news release is as of the date indicated. The company assumes no obligation to update any forward-looking statements contained in this news release as a result of new information or future events or developments.

Newell Rubbermaid Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in millions, except per share data)













Three Months Ended March 31,



YOY

2014 2013 % Change




Net sales $ 1,232.2 $ 1,240.8 (0.7)%
Cost of products sold 762.9 767.2




GROSS MARGIN 469.3 473.6 (0.9)%
% of sales 38.1% 38.2%




Selling, general & administrative expenses 352.1 341.4 3.1%
% of sales 28.6% 27.5%




Restructuring costs 12.0 34.4




OPERATING INCOME 105.2 97.8 7.6%
% of sales 8.5% 7.9%




Nonoperating expenses:


Interest expense, net 14.4 14.6
Other expense, net 40.0 13.0

54.4 27.6 97.1%




INCOME BEFORE INCOME TAXES 50.8 70.2 (27.6)%
% of sales 4.1% 5.7%




Income taxes (1.3) 6.4 NMF
Effective rate NMF 9.1%




NET INCOME FROM CONTINUING OPERATIONS 52.1 63.8 (18.3)%
% of sales 4.2% 5.1%




Income (loss) from discontinued operations, net of tax 0.8 (9.6)




NET INCOME $ 52.9 $ 54.2 (2.4)%

4.3% 4.4%




EARNINGS PER SHARE:


Basic


Income from continuing operations $ 0.19 $ 0.22
Income (loss) from discontinued operations $ -- $ (0.03)
Net income $ 0.19 $ 0.19




Diluted


Income from continuing operations $ 0.18 $ 0.22
Income (loss) from discontinued operations $ -- $ (0.03)
Net income $ 0.19 $ 0.19




AVERAGE SHARES OUTSTANDING:


Basic 280.9 290.0
Diluted 283.8 293.1




NMF - Not meaningful



Newell Rubbermaid Inc.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION
CERTAIN LINE ITEMS
(in millions, except per share data)









Three Months Ended March 31, 2014

GAAP Measure
Restructuring and Charge resulting from
Non-GAAP Measure


Product restructuring-related the devaluation of the Discontinued
Percentage

Reported recall costs (1) costs (2) Venezuelan Bolivar (3) operations (4) Normalized* of Sales








Cost of products sold $ 762.9 $ (8.6) $ -- $ -- $ -- $ 754.3 61.2%








Gross margin $ 469.3 $ 8.6 $ -- $ -- $ -- $ 477.9 38.8%








Selling, general & administrative expenses $ 352.1 $ (2.4) $ (7.7) $ -- $ -- $ 342.0 27.8%








Operating income $ 105.2 $ 11.0 $ 19.7 $ -- $ -- $ 135.9 11.0%








Nonoperating expenses $ 54.4 $ -- $ -- $ (38.7) $ -- $ 15.7








Income before income taxes $ 50.8 $ 11.0 $ 19.7 $ 38.7 $ -- $ 120.2








Income taxes (5) $ (1.3) $ 4.0 $ 5.5 $ 13.9 $ -- $ 22.1








Net income from continuing operations $ 52.1 $ 7.0 $ 14.2 $ 24.8 $ -- $ 98.1








Net income $ 52.9 $ 7.0 $ 14.2 $ 24.8 $ (0.8) $ 98.1








Diluted earnings per share** $ 0.19 $ 0.02 $ 0.05 $ 0.09 $ (0.00) $ 0.35

















Three Months Ended March 31, 2013

GAAP Measure Restructuring and Charge resulting from

Non-GAAP Measure


restructuring-related the devaluation of the Discontinued Non-recurring
Percentage

Reported costs (2) Venezuelan Bolivar (3) operations (4) tax items (6) Normalized* of Sales
















Selling, general & administrative expenses $ 341.4 $ (6.6) $ -- $ -- $ -- $ 334.8 27.0%








Operating income $ 97.8 $ 41.0 $ -- $ -- $ -- $ 138.8 11.2%








Nonoperating expenses $ 27.6 $ -- $ (11.1) $ -- $ -- $ 16.5








Income before income taxes $ 70.2 $ 41.0 $ 11.1 $ -- $ -- $ 122.3








Income taxes (5) $ 6.4 $ 4.9 $ 4.1 $ -- $ 4.8 $ 20.2








Net income from continuing operations $ 63.8 $ 36.1 $ 7.0 $ -- $ (4.8) $ 102.1








Net income $ 54.2 $ 36.1 $ 7.0 $ 9.6 $ (4.8) $ 102.1








Diluted earnings per share** $ 0.19 $ 0.12 $ 0.02 $ 0.03 $ (0.02) $ 0.35
















* Normalized results are financial measures that are not in accordance with GAAP and exclude the above normalized adjustments. See below for a discussion of each of these adjustments.
**Totals may not add due to rounding.








(1) During the three months ended March 31, 2014, the Company recognized an $11.0 million charge associated with the Graco product recall.








(2) Restructuring and restructuring-related costs during the three months ended March 31, 2014 include $7.7 million of organizational change implementation and restructuring-related costs and $12.0 million of restructuring costs incurred in connection with Project Renewal. Restructuring and restructuring-related costs during the three months ended March 31, 2013 include $6.6 million of organizational change implementation and restructuring-related costs and $34.4 million of restructuring costs incurred in connection with Project Renewal.








(3) During the three months ended March 31, 2014 and 2013, the Company recognized foreign exchange losses of $38.7 million and $11.1 million, respectively, resulting from the devaluation of the Venezuelan Bolivar, which under hyperinflationary accounting is recorded in the Statement of Operations.








(4) During the three months ended March 31, 2014, the Company recognized net income of $0.8 million in discontinued operations. During the three months ended March 31, 2013, the Company recognized a net loss, including impairments, of $9.6 million in discontinued operations relating to the operations of the Hardware and Teach businesses.








(5) The Company determined the tax effect of the items excluded from normalized results by applying the estimated effective rate for the applicable jurisdiction in which the pre-tax items were incurred, and for which realization of the resulting tax benefit, if any, is expected.








(6) During the three months ended March 31, 2013, the Company recognized a non-recurring income tax benefit of $4.8 million resulting from the resolution of various income tax contingencies.

Newell Rubbermaid Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions)




March 31, March 31,
Assets: 2014 2013



Cash and cash equivalents $ 136.8 $ 174.2
Accounts receivable, net 973.1 1,021.3
Inventories, net 801.3 815.0
Deferred income taxes 121.3 155.4
Prepaid expenses and other 198.8 190.7



Total Current Assets 2,231.3 2,356.6



Property, plant and equipment, net 541.3 549.5
Goodwill 2,362.0 2,340.4
Other intangible assets, net 606.5 642.6
Other assets 252.8 308.1



Total Assets $ 5,993.9 $ 6,197.2



Liabilities and Stockholders' Equity:




Accounts payable $ 542.8 $ 570.1
Accrued compensation 99.6 103.0
Other accrued liabilities 590.9 588.5
Short-term debt 318.7 411.8
Current portion of long-term debt 0.8 1.2



Total Current Liabilities 1,552.8 1,674.6



Long-term debt 1,666.7 1,699.6
Other noncurrent liabilities 700.9 834.4



Stockholders' Equity - Parent 2,070.0 1,985.1
Stockholders' Equity - Noncontrolling Interests 3.5 3.5



Total Stockholders' Equity 2,073.5 1,988.6



Total Liabilities and Stockholders' Equity $ 5,993.9 $ 6,197.2

Newell Rubbermaid Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in millions)




Three Months Ended March 31,

2014 2013
Operating Activities:

Net income $ 52.9 $ 54.2
Adjustments to reconcile net income to net cash used in operating activities:

Depreciation and amortization 38.1 39.8
Net (gain) loss from sale of discontinued operations, including impairments (2.2) 12.4
Non-cash restructuring costs 1.0 --
Deferred income taxes 14.6 38.9
Stock-based compensation expense 7.0 9.4
Other, net 45.0 8.9
Changes in operating assets and liabilities, excluding the effects of acquisitions and divestitures:

Accounts receivable 130.5 80.3
Inventories (115.8) (123.4)
Accounts payable (16.1) 45.1
Accrued liabilities and other (247.1) (288.7)
Net cash used in operating activities $ (92.1) $ (123.1)



Investing Activities:

Capital expenditures (31.9) (33.6)
Other (0.3) (0.3)
Net cash used in investing activities $ (32.2) $ (33.9)



Financing Activities:

Net short-term borrowings $ 144.9 $ 200.7
Repurchase and retirement of shares of common stock (44.4) (33.8)
Cash dividends (42.9) (44.5)
Excess tax benefits related to stock-based compensation 5.6 9.1
Other stock-based compensation activity, net 10.7 16.6
Net cash provided by financing activities $ 73.9 $ 148.1



Currency rate effect on cash and cash equivalents $ (39.1) $ (0.7)



Decrease in cash and cash equivalents $ (89.5) $ (9.6)
Cash and cash equivalents at beginning of period 226.3 183.8
Cash and cash equivalents at end of period $ 136.8 $ 174.2

Newell Rubbermaid Inc.
Financial Worksheet- Segment Reporting
(In Millions)
















2014 2013





Reconciliation (1,2)

Reconciliation (1)
Year-over-year changes


Reported Excluded Normalized Operating
Reported Excluded Normalized Operating Net Sales Normalized OI

Net Sales OI Items OI Margin Net Sales OI Items OI Margin $ % $ %
Q1:













Writing $ 361.3 $ 77.1 $ -- $ 77.1 21.3% $ 340.6 $ 63.2 $ -- $ 63.2 18.6% $ 20.7 6.1% $ 13.9 22.0%
Home Solutions 321.2 26.3 -- 26.3 8.2% 338.9 34.1 -- 34.1 10.1% (17.7) (5.2)% (7.8) (22.9)%
Tools 187.8 21.4 -- 21.4 11.4% 188.6 18.7 -- 18.7 9.9% (0.8) (0.4)% 2.7 14.4%
Commercial Products 182.6 13.8 -- 13.8 7.6% 183.1 21.6 -- 21.6 11.8% (0.5) (0.3)% (7.8) (36.1)%
Baby & Parenting 179.3 5.4 11.0 16.4 9.1% 189.6 23.9 -- 23.9 12.6% (10.3) (5.4)% (7.5) (31.4)%
Restructuring Costs -- (12.0) 12.0 --
-- (34.4) 34.4 --
--
--
Corporate -- (26.8) 7.7 (19.1)
-- (29.3) 6.6 (22.7)
--
3.6 15.9%
Total $ 1,232.2 $ 105.2 $ 30.7 $ 135.9 11.0% $ 1,240.8 $ 97.8 $ 41.0 $ 138.8 11.2% $ (8.6) (0.7)% $ (2.9) (2.1)%






























(1) Excluded items consist of organizational change implementation, restructuring-related, and restructuring costs. Organizational change implementation and restructuring-related costs of $7.7 million and restructuring costs of $12.0 million incurred during 2014 relate to Project Renewal. For 2013, organizational change implementation and restructuring-related costs of $6.6 million and restructuring costs of $34.4 million relate to Project Renewal.















(2) Baby & Parenting normalized operating income for the three months ended March 31, 2014 excludes charges of $11.0 million relating to the Graco product recall.











Newell Rubbermaid Inc.









Three Months Ended March 31, 2014









In Millions




















Currency Analysis































By Segment





















Net Sales, Core
Year-Over-Year

As Reported Sales (1)
Increase (Decrease)



Increase

Increase Currency Excluding Including Currency

2014 2013 (Decrease) 2014 2013 (Decrease) Impact Currency Currency Impact











Writing $ 361.3 $ 340.6 $ 20.7 $ 364.5 $ 337.6 $ 26.9 $ (6.2) 8.0% 6.1% (1.9)%
Home Solutions 321.2 338.9 (17.7) 323.1 338.2 (15.1) (2.6) (4.5)% (5.2)% (0.7)%
Tools 187.8 188.6 (0.8) 190.2 185.8 4.4 (5.2) 2.4% (0.4)% (2.8)%
Commercial Products 182.6 183.1 (0.5) 183.1 182.8 0.3 (0.8) 0.2% (0.3)% (0.5)%
Baby & Parenting 179.3 189.6 (10.3) 179.9 188.2 (8.3) (2.0) (4.4)% (5.4)% (1.0)%











Total Company $ 1,232.2 $ 1,240.8 $ (8.6) $ 1,240.8 $ 1,232.6 $ 8.2 $ (16.8) 0.7% (0.7)% (1.4)%






















By Geography




















United States $ 831.2 $ 818.9 $ 12.3 $ 831.2 $ 818.9 $ 12.3 $ -- 1.5% 1.5% 0.0%
Canada 53.0 61.8 (8.8) 56.5 60.7 (4.2) (4.6) (6.9)% (14.2)% (7.3)%
Total North America 884.2 880.7 3.5 887.7 879.6 8.1 (4.6) 0.9% 0.4% (0.5)%











Europe, Middle East and Africa 164.2 167.1 (2.9) 159.5 168.0 (8.5) 5.6 (5.1)% (1.7)% 3.4%
Latin America 92.0 93.2 (1.2) 97.8 88.9 8.9 (10.1) 10.0% (1.3)% (11.3)%
Asia Pacific 91.8 99.8 (8.0) 95.8 96.1 (0.3) (7.7) (0.3)% (8.0)% (7.7)%
Total International 348.0 360.1 (12.1) 353.1 353.0 0.1 (12.2) 0.0% (3.4)% (3.4)%











Total Company $ 1,232.2 $ 1,240.8 $ (8.6) $ 1,240.8 $ 1,232.6 $ 8.2 $ (16.8) 0.7% (0.7)% (1.4)%






















Core Sales, Excluding Brazil SAP










2014 2013 Brazil 2013 Excl
Core Sales Excl




Core Sales (1) Core Sales (1) SAP Conversion (2) Brazil SAP Increase Brazil SAP



Tools $ 190.2 $ 185.8 $ (5.0) $ 180.8 $ 9.4 5.2%



LATAM $ 97.8 $ 88.9 $ (5.0) $ 83.9 $ 13.9 16.6%

























Core Sales, Excluding EMEA Product Line Exits










2014 Product 2014 Excl 2013
Core Sales Excl




Core Sales (1) Line Exits (3) Product Line Exits Core Sales (1) Decrease Product Line Exits



EMEA $ 159.5 $ 6.3 $ 165.8 $ 168.0 $ (2.2) (1.3)%














(1) "Core Sales" is determined by applying a fixed exchange rate, calculated as the 12-month average in 2013, to the current and prior year local currency sales amounts, with the difference between the change in "As Reported" sales and the change in "Core Sales" reported in the table as "Currency Impact".











(2) In contemplation of the Brazil SAP conversion in April 2013, the Company communicated with key customers about their interest in accelerating orders to mitigate the risk of potential business disruption. The Company estimated the impact of the timing shift related to the Brazil SAP conversion by tracking orders from customers that accelerated their normal order patterns as a result of the Company's communications.











(3) As part of Project Renewal, the Company exited certain product lines in EMEA that negatively impacted first quarter 2014 sales by an estimated $6.3 million.

Contact:
Nancy O'Donnell
Vice President, Investor Relations
[phone]
David Doolittle
Vice President, Global Communications
[phone]

[Drmicrocap]

Newell Rubbermaid to Webcast First Quarter 2014 Earnings Results
GlobeNewswire Newell Rubbermaid
April 16, 2014 8:00 AM
ATLANTA, April 16, 2014 (GLOBE NEWSWIRE) -- Newell Rubbermaid (NWL) today announced its first quarter 2014 earnings results will be released Friday, May 2, prior to market open and will be followed by a live webcast at 8:00 a.m. ET. To listen to the webcast, please visit Events & Presentations in the Investor Relations section of Newell Rubbermaid's Web site at www.newellrubbermaid.com. The live webcast will be recorded and made available for replay.

About Newell Rubbermaid

Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of consumer and commercial products with 2013 sales of approximately $5.7 billion and a strong portfolio of leading brands, including Sharpie(R), Paper Mate(R), Rubbermaid Commercial Products(R), Irwin(R), Lenox(R), Parker(R), Waterman(R), Rubbermaid(R), Levolor(R), Calphalon(R), Goody(R), Graco(R), Aprica(R) and Dymo(R). As part of the company's Growth Game Plan, Newell Rubbermaid is making sharper portfolio choices and investing in new marketing and innovation to accelerate performance.

This press release and additional information about Newell Rubbermaid are available on the company's Web site, www.newellrubbermaid.com.


Contact:
Nancy O'Donnell
Vice President, Investor Relations
[phone]
David Doolittle
Vice President, Global Communications
[phone]

[Drmicrocap]

Newell Rubbermaid Announces Expansion and Extension of Stock Repurchase Program
GlobeNewswire Newell Rubbermaid
13 hours ago
ATLANTA, Feb. 13, 2014 (GLOBE NEWSWIRE) -- Newell Rubbermaid (NWL) announced today that its Board of Directors has approved an extension and expansion to the Company's on-going share repurchase program. Under the updated plan, effective immediately, Newell Rubbermaid is authorized to repurchase up to $300 million of its outstanding shares through the end of 2016. Included in the $300 million is approximately $43 million remaining to be repurchased under its previous $300 million share repurchase program, which was authorized in August 2011 and scheduled to expire in August 2014.

"Today's action reflects the Board's continued confidence in the company's Growth Game Plan and long term growth outlook," said Michael Polk, president and chief executive officer. "Our strong balance sheet and cash flow provide us with the flexibility to opportunistically repurchase shares while continuing to invest in our brands and other growth opportunities to drive value for our shareholders."

Under the program, the company's common shares may be purchased through a combination of a 10b5-1 automatic trading plan and discretionary purchases on the open market or in privately negotiated transactions. The amount and timing of any purchases will depend on a number of factors, including trading price, trading volume and general market conditions.

About Newell Rubbermaid

Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of consumer and commercial products with 2013 sales of $5.7 billion and a strong portfolio of leading brands, including Sharpie(R), Paper Mate(R), Rubbermaid Commercial Products(R), Irwin(R), Lenox(R), Parker(R), Waterman(R), Rubbermaid(R), Levolor(R), Calphalon(R), Goody(R), Graco(R), Aprica(R) and Dymo(R). As part of the company's Growth Game Plan, Newell Rubbermaid is making sharper portfolio choices and investing in new marketing and innovation to accelerate performance.

This press release and additional information about Newell Rubbermaid are available on the company's Web site, www.newellrubbermaid.com.

Caution Concerning Forward-Looking Statements

Statements in this press release that are not historical in nature constitute forward-looking statements. These forward-looking statements relate to information or assumptions about the effects of sales, income/(loss), earnings per share, operating income, operating margin or gross margin improvements or declines, Project Renewal, capital and other expenditures, cash flow, dividends, restructuring and restructuring-related costs, costs and cost savings, inflation or deflation, particularly with respect to commodities such as oil and resin, debt ratings, and management's plans, projections and objectives for future operations and performance. These statements are accompanied by words such as "anticipate," "expect," "project," "will," "believe," "estimate" and similar expressions. Actual results could differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, our dependence on the strength of retail, commercial and industrial sectors of the economy in light of the continuation or escalation of the global economic slowdown or regional sovereign debt issues; currency fluctuations; competition with other manufacturers and distributors of consumer products; major retailers' strong bargaining power; changes in the prices of raw materials and sourced products and our ability to obtain raw materials and sourced products in a timely manner from suppliers; our ability to develop innovative new products and to develop, maintain and strengthen our end-user brands; product liability or regulatory actions; our ability to expeditiously close facilities and move operations while managing foreign regulations and other impediments; a failure of one of our key information technology systems or related controls; the potential inability to attract, retain and motivate key employees; future events that could adversely affect the value of our assets and require impairment charges; our ability to improve productivity and streamline operations; changes to our credit ratings; significant increases in the funding obligations related to our pension plans due to declining asset values, declining interest rates or otherwise; the imposition of tax liabilities greater than our provisions for such matters; the risks inherent in our foreign operations; our ability to consummate the transactions contemplated by the Accelerated Share Repurchase Plan; and those factors listed in the company's most recently filed Quarterly Report on Form 10-Q and Exhibit 99.1 thereto, filed with the Securities and Exchange Commission. Changes in such assumptions or factors could produce significantly different results. The information contained in this news release is as of the date indicated. The company assumes no obligation to update any forward-looking statements contained in this news release as a result of new information or future events or developments.


Contact:
Nancy O'Donnell
Vice President, Investor Relations
[phone]
David Doolittle
Vice President, Global Communications
[phone]

[Drmicrocap]

Newell Rubbermaid Announces Strong Fourth Quarter Results
GlobeNewswire Newell Rubbermaid
2 hours ago
Core Sales Growth of 4.4% and Normalized EPS of $0.47, up +9.3%

Reported Sales Growth of 2.9% and Reported EPS of $0.41, up +17.1%

ATLANTA, Jan. 31, 2014 (GLOBE NEWSWIRE) -- Newell Rubbermaid ( NWL ) today announced its fourth quarter 2013 financial results.

"We achieved a strong set of fourth quarter 2013 results, including the best quarterly core sales growth rate in years," Michael Polk, President and Chief Executive Officer, commented. "Our core sales grew 4.4 percent with broad based increases across all four regions and four of our five operating segments: Baby & Parenting, Commercial Products, Tools, and Writing. Our strong topline growth was driven by innovation, new distribution, and increased advertising that was fueled by overhead reductions related to Project Renewal. The topline growth, combined with solid operating margins, drove normalized EPS growth of more than nine percent to $0.47.

"2013 was a year of great progress for Newell Rubbermaid," continued Polk. "We transformed our company's structure from a holding company of nine individual global business units to an operating company where our five business segments leverage a set of strong functional capabilities organized and led across Newell Rubbermaid as a whole. This new operating model has realigned resources from structural overhead to investment in our brands and key capabilities: marketing and insight, design, customer development and our new global supply chain.

"As we press forward in 2014, we will drive our new operating model to speed while continuing to invest in our brands, our capabilities and our people. We remain clear that there is more work to do and there continues to be much more opportunity in front of us as we transform Newell Rubbermaid into a larger, faster growing, more profitable, and more global company."

Fourth Quarter Executive Summary

Net sales were $1.49 billion, a 2.9 percent increase versus prior year results.
Core sales, which exclude the impact of changes in foreign currency, grew 4.4 percent.
Normalized operating margin of 12.2 percent consistent with the prior year period. Reported operating margin increased 20 basis points.
Normalized diluted earnings per share were $0.47, an increase of 9.3 percent versus the prior year period. Reported diluted earnings per share were $0.41, an increase of 17.1 percent versus the prior year period.
Operating cash flow was $304.2 million versus $261.3 million in the prior year period.
The company paid dividends of $42.0 million and purchased 9.4 million shares of common stock under the $350 million accelerated share repurchase program announced in October. The number of shares ultimately purchased under the program will be determined by a formula tied to the volume-weighted average share price of the company's stock during the term of the program, expected to be completed no later than April 2014.
The company provided initial guidance for 2014 core sales growth of 3 to 4 percent, operating margin improvement of up to 40 basis points, normalized EPS of $1.94 to $2.00 and operating cash flow of $600 to $650 million.
Fourth Quarter 2013 Operating Results

Net sales in the fourth quarter were $1.49 billion, compared with $1.45 billion in the prior year. Core sales, which exclude 150 basis points of negative foreign currency impact, grew 4.4 percent.

Gross margin was 37.4 percent. Positive pricing and productivity were offset by input cost inflation and less favorable mix due largely to very strong sales growth in Baby & Parenting.

Normalized operating margin was 12.2 percent, compared with 12.2 percent in the prior year period. Significant overhead savings related to Project Renewal were reinvested into advertising and promotion with advertising investment up over 80 percent versus the prior year.

Fourth quarter reported operating margin was 10.7 percent compared with 10.5 percent in the prior year. Reported operating income was $159.2 million versus $152.4 million.

Normalized operating income was $182.0 million compared with $176.3 million in the prior year period. Fourth quarter 2013 normalized operating income excludes restructuring and restructuring-related costs of $22.8 million, while 2012 normalized operating income excludes $23.9 million of restructuring and restructuring-related costs.

The reported tax rate for the quarter was 18.2 percent compared with 22.9 percent in the prior year. The normalized tax rate was 19.4 percent compared with 20.5 percent in the prior year.

Reported net income was $117.3 million, compared with $101.9 million in the prior year. Reported diluted earnings per share of $0.41 increased 17.1 percent versus the prior year's $0.35 per diluted share. The increase was largely due to improved operating results, reduced share count, the absence of a 2012 loss on an extinguishment of debt and a lower tax rate.

Normalized net income was $134.1 million, compared with $126.6 million in the prior year. Normalized diluted earnings per share of $0.47 increased 9.3 percent versus the prior year's $0.43, primarily due to the improved operating results, reduced share count and a lower tax rate.

For the fourth quarter 2013, normalized diluted earnings per share exclude $0.06 per diluted share for restructuring and restructuring-related costs associated with Project Renewal. For the fourth quarter 2012, normalized diluted earnings per share exclude $0.06 per diluted share for restructuring and restructuring-related costs associated with Project Renewal and the European Transformation Plan, $0.01 per diluted share due to a loss on the extinguishment of debt and $0.01 per diluted share related to non-recurring tax charges resulting from incremental tax contingencies. (A reconciliation to "normalized" results is included below.)

The company generated $304.2 million in operating cash flow during the fourth quarter compared with $261.3 million last year. Capital expenditures were $52.5 million compared with $47.0 million in the prior year.

A reconciliation of the fourth quarter 2013 and 2012 results is as follows:

Q4 2013 Q4 2012





Diluted earnings per share (as reported)
$0.41
$0.35





Restructuring and restructuring-related costs
0.06
0.06





Income tax items
--
0.01





Loss on extinguishment of debt
--
0.01





Normalized EPS
$0.47
$0.43
Fourth Quarter 2013 Operating Segment Results

Writing net sales for the fourth quarter were $433.0 million, a 0.5 percent improvement compared to prior year. Core sales increased 2.1 percent, attributable to favorable pricing and strong volume growth in Latin America. Operating income was $94.3 million, or 21.8 percent of sales, compared with $79.2 million, or 18.4 percent of sales, in the prior year. The improvement in operating margin was largely driven by strong productivity and favorable pricing in Latin America, partially offset by increased advertising and promotion expense.

Home Solutions net sales were $423.9 million, a 1.9 percent decline compared to prior year. Core sales declined 1.2 percent, as distribution gains at Calphalon(R) and Goody(R) were more than offset by a decline in Rubbermaid Consumer sales attributable to the timing of Black Friday shipments and increased customer programming costs. Normalized operating income was $58.0 million, or 13.7 percent of sales, compared with $62.7 million, or 14.5 percent of sales, in the prior year. The decrease in operating margin was driven by input cost inflation and increased customer programming costs, partially offset by productivity and overhead reductions.

Tools net sales were $220.7 million, a 5.3 percent increase compared to prior year. Core sales increased 8.1 percent driven by new distribution and strong innovation in Latin America. Operating income in the Tools segment was $19.0 million, or 8.6 percent of sales, compared with $23.8 million, or 11.4 percent of sales, in the prior year. Although a sequential improvement versus third quarter results, the decrease in operating margin was driven by increased investment in selling systems in Latin America and Asia Pacific, partially offset by strengthened productivity and lower customer programming investment in North America.

Commercial Products net sales were $202.9 million, a 7.6 percent improvement compared to prior year. Core sales increased 8.2 percent largely as a result of share gains in North America and distribution gains in Latin America. Operating income was $15.5 million, or 7.6 percent of sales, compared with $22.0 million, or 11.7 percent of sales, in the prior year. The decrease in operating margin was driven by input cost inflation and significant increases in advertising and promotion support of the new Rubbermaid Commercial Products Executive Series launch in North America, partially offset by positive price realization.

Baby & Parenting net sales were $209.3 million, a 12.4 percent increase compared to prior year. Core sales increased 15.0 percent, driven by strong innovation at more premium price points, strengthened distribution and strong merchandising. Operating income was $19.6 million, or 9.4 percent of sales, compared with $12.8 million, or 6.9 percent of sales, in the prior year. The increase in operating margin was due to fixed cost leverage associated with strong growth, and positive price realization partially offset by increased inflation.

Full Year 2013 Results

Net sales for the twelve months ended December 31, 2013 increased 2.0 percent to $5.69 billion, compared with $5.58 billion in the prior year. Core sales, which exclude the impact of foreign currency, increased 3.2 percent.

Core sales grew in every segment as follows: 0.1 percent in Writing, 2.9 percent in Home Solutions, 3.4 percent in Tools, 3.9 percent in Commercial Products and 10.2 percent in Baby & Parenting. Reported sales growth (decline) by segment was as follows: (1.0) percent in Writing, 2.5 percent in Home Solutions, 1.5 percent in Tools, 3.4 percent in Commercial Products and 7.2 percent in Baby & Parenting.

Reported and normalized gross margins were 38.3 percent. Productivity and pricing helped mitigate input cost inflation and less favorable mix related largely to very strong growth on Baby & Parenting.

Reported operating margin declined 60 basis points to 10.9 percent due to higher restructuring costs related to Project Renewal.

Normalized operating margin was 13.3 percent, an increase of 30 basis points compared with 13.0 percent in the prior year. The margin increase was driven by a reduction of overheads related to Project Renewal, partially offset by increased advertising and promotion investment.

Normalized earnings were $1.83 per diluted share compared with $1.67 per diluted share in the prior year. 2013 normalized diluted earnings per share exclude $0.40 per diluted share for restructuring and restructuring-related costs associated with Project Renewal, $0.02 per diluted share resulting from the currency devaluation in Venezuela, $0.03 per diluted share of income tax benefits attributable to the resolution of tax contingencies and a net gain from discontinued operations of $0.19 per diluted share. 2012 normalized diluted earnings per share exclude $0.23 per diluted share for restructuring and restructuring-related costs, $0.08 per diluted share associated with certain non-recurring tax charges resulting from incremental tax contingencies and the expiration of various statutes of limitation, $0.02 per diluted share due to a loss on extinguishments of debt, as well as a net gain from discontinued operations of $0.03 per diluted share. (A reconciliation to "normalized" results is included below.)

Net income, as reported, was $474.6 million, or $1.63 per diluted share. This compares with $401.3 million, or $1.37 per diluted share, in the prior year.

Normalized net income was $534.9 million, compared with $490.6 million in the prior year. Normalized diluted earnings per share increased 9.6 percent to $1.83 versus $1.67 in the prior year, due to strengthened operating results, lower interest expense and a lower tax rate.

The company generated $605.2 million in operating cash flow during 2013 compared with $618.5 million in the prior year. An incremental voluntary pension contribution of $50 million in 2013 was largely offset by improved performance and improved working capital. Capital expenditures were $138.2 million compared with $177.2 million in the prior year.

A reconciliation of the full year 2013 and 2012 results is as follows:

FY 2013 FY 2012





Diluted earnings per share (as reported)
$1.63
$1.37





Restructuring and restructuring-related costs
0.40
0.23





Currency devaluation - Venezuela
0.02
--





Income tax items
(0.03)
0.08
Loss on extinguishments of debt

--

0.02





Income from discontinued operations
(0.19)
(0.03)





Normalized EPS
$1.83
$1.67
2014 Outlook

Newell Rubbermaid announced its full year 2014 guidance as follows:

Core sales growth of 3 to 4 percent;
Normalized operating margin improvement of up to 40 basis points;
Normalized EPS of $1.94 to $2.00; and
Operating cash flow between $600 and $650 million.
The company expects foreign exchange to have a negative impact on net sales of about 100 basis points.

2014 normalized EPS guidance excludes between $100 and $120 million of Project Renewal restructuring and restructuring-related costs. (A reconciliation of expected reported results to "normalized" results is included below.)

The company is on track to realize cumulative annualized cost savings of $270 to $325 million by the second quarter of 2015 related to Project Renewal. The majority of these savings will be reinvested in the business to strengthen brand building and selling capabilities and accelerate growth.

Operating cash flow guidance assumes $100 to $120 million in restructuring and restructuring-related cash payments. Capital expenditures are projected at $150 to $175 million.

A reconciliation of the 2014 earnings outlook is as follows:



FY 2014


Diluted earnings per share $1.61 to $1.67


Restructuring and restructuring-related costs $0.29 to $0.37


Normalized EPS $1.94 to $2.00
Conference Call

The company's fourth quarter 2013 earnings conference call will be held today, January 31, 2014, at 9:00 a.m. ET. A link to the webcast is provided under Events & Presentations in the Investor Relations section of Newell Rubbermaid's Web site at www.newellrubbermaid.com . The webcast will be available for replay. A supporting slide presentation will be made available in the Investor Relations section on the company's Web site under Quarterly Earnings.

Non-GAAP Financial Measures

This release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission and includes a reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP.

The company uses certain financial measures that are included in this press release and the additional financial information both in explaining its results to stockholders and the investment community and in its internal evaluation and management of its businesses. The company's management believes that these measures - including those that are "non-GAAP financial measures" - and the information they provide are useful to investors since these measures (a) permit investors to view the company's performance using the same tools that management uses to evaluate the company's past performance, reportable business segments and prospects for future performance and (b) determine certain elements of management's incentive compensation.

The company's management believes that core sales, as reflected in the Currency Analysis, is useful to investors because it demonstrates the effect of foreign currency on reported sales. The effect of foreign currency on reported sales is determined by applying a fixed exchange rate, calculated as the 12-month average in 2012, to the current and prior year local currency sales amounts, with the difference in these two amounts being the change in core sales and the difference between the change in as reported sales and the change in core sales reported as the currency impact. The company's management believes that "normalized" gross margin, "normalized" SG&A expense, "normalized" operating income and "normalized" tax rates are useful because they provide investors with a meaningful perspective on the current underlying performance of the company's core ongoing operations. The company's management believes that "normalized" earnings per share, which excludes restructuring and restructuring-related charges and one-time events such as losses related to the extinguishments of debt, tax benefits and charges, impairment charges, discontinued operations and certain other items, is useful to investors because it permits investors to better understand year-over-year changes in underlying operating performance. The company also uses both core sales and normalized earnings per share as two of the three performance criteria in its management cash bonus plan.

The company determines the tax effect of the items excluded from normalized diluted earnings per share by applying the estimated effective rate for the applicable jurisdiction in which the pre-tax items were incurred, and for which realization of the resulting tax benefit, if any, is expected.

While the company believes that these non-GAAP financial measures are useful in evaluating the company's performance, this information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies.

About Newell Rubbermaid

Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of consumer and commercial products with 2013 sales of $5.7 billion and a strong portfolio of leading brands, including Sharpie(R), Paper Mate(R), Rubbermaid Commercial Products(R), Irwin(R), Lenox(R), Parker(R), Waterman(R), Rubbermaid(R), Levolor(R), Calphalon(R), Goody(R), Graco(R), Aprica(R) and Dymo(R). As part of the company's Growth Game Plan, Newell Rubbermaid is making sharper portfolio choices and investing in new marketing and innovation to accelerate performance.

This press release and additional information about Newell Rubbermaid are available on the company's Web site, www.newellrubbermaid.com .

Caution Concerning Forward-Looking Statements

Statements in this press release that are not historical in nature constitute forward-looking statements. These forward-looking statements relate to information or assumptions about the effects of sales, income/(loss), earnings per share, operating income, operating margin or gross margin improvements or declines, Project Renewal, capital and other expenditures, cash flow, dividends, restructuring and restructuring-related costs, costs and cost savings, inflation or deflation, particularly with respect to commodities such as oil and resin, debt ratings, and management's plans, projections and objectives for future operations and performance. These statements are accompanied by words such as "anticipate," "expect," "project," "will," "believe," "estimate" and similar expressions. Actual results could differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, our dependence on the strength of retail, commercial and industrial sectors of the economy in light of the continuation or escalation of the global economic slowdown or regional sovereign debt issues; currency fluctuations; competition with other manufacturers and distributors of consumer products; major retailers' strong bargaining power; changes in the prices of raw materials and sourced products and our ability to obtain raw materials and sourced products in a timely manner from suppliers; our ability to develop innovative new products and to develop, maintain and strengthen our end-user brands; product liability or regulatory actions; our ability to expeditiously close facilities and move operations while managing foreign regulations and other impediments; a failure of one of our key information technology systems or related controls; the potential inability to attract, retain and motivate key employees; future events that could adversely affect the value of our assets and require impairment charges; our ability to improve productivity and streamline operations; changes to our credit ratings; significant increases in the funding obligations related to our pension plans due to declining asset values, declining interest rates or otherwise; the imposition of tax liabilities greater than our provisions for such matters; the risks inherent in our foreign operations; our ability to consummate the transactions contemplated by the Accelerated Share Repurchase Plan; and those factors listed in the company's most recently filed Quarterly Report on Form 10-Q and Exhibit 99.1 thereto, filed with the Securities and Exchange Commission. Changes in such assumptions or factors could produce significantly different results. The information contained in this news release is as of the date indicated. The company assumes no obligation to update any forward-looking statements contained in this news release as a result of new information or future events or developments.





Newell Rubbermaid Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in millions, except per share data)







Three Months Ended December 31,



YOY

2013 2012 % Change




Net sales $ 1,489.8 $ 1,447.2 2.9%
Cost of products sold 932.8 910.8




GROSS MARGIN 557.0 536.4 3.8%
% of sales 37.4% 37.1%








Selling, general & administrative expenses 384.4 365.5 5.2%
% of sales 25.8% 25.3%




Restructuring costs 13.4 18.5




OPERATING INCOME 159.2 152.4 4.5%
% of sales 10.7% 10.5%




Nonoperating expenses:


Interest expense, net 15.0 17.4
Loss on extinguishment of debt -- 4.1
Other expense (income), net 0.6 (0.3)

15.6 21.2 (26.4)%




INCOME BEFORE INCOME TAXES 143.6 131.2 9.5%
% of sales 9.6% 9.1%




Income taxes 26.2 30.0 (12.7)%
Effective rate 18.2% 22.9%




NET INCOME FROM CONTINUING OPERATIONS 117.4 101.2 16.0%
% of sales 7.9% 7.0%




(Loss) income from discontinued operations, net of tax (0.1) 0.7




NET INCOME $ 117.3 $ 101.9 15.1%

7.9% 7.0%




EARNINGS PER SHARE:


Basic


Income from continuing operations $ 0.41 $ 0.35
(Loss) income from discontinued operations $ -- $ --
Net income $ 0.41 $ 0.35




Diluted


Income from continuing operations $ 0.41 $ 0.35
(Loss) income from discontinued operations $ -- $ --
Net income $ 0.41 $ 0.35




AVERAGE SHARES OUTSTANDING:


Basic 283.4 290.0
Diluted 286.7 293.1








Newell Rubbermaid Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in millions, except per share data)







Twelve Months Ended December 31,



YOY

2013 2012 % Change




Net sales $ 5,692.5 $ 5,579.9 2.0%
Cost of products sold 3,514.3 3,443.8




GROSS MARGIN 2,178.2 2,136.1 2.0%
% of sales 38.3% 38.3%




Selling, general & administrative expenses 1,446.1 1,443.2 0.2%
% of sales 25.4% 25.9%




Restructuring costs 111.1 52.9




OPERATING INCOME 621.0 640.0 (3.0)%
% of sales 10.9% 11.5%




Nonoperating expenses:


Interest expense, net 60.3 76.1
Loss on extinguishments of debt -- 10.9
Other expense (income), net 18.5 (1.3)

78.8 85.7 (8.1)%




INCOME BEFORE INCOME TAXES 542.2 554.3 (2.2)%
% of sales 9.5% 9.9%




Income taxes 122.1 162.3 (24.8)%
Effective rate 22.5% 29.3%




NET INCOME FROM CONTINUING OPERATIONS 420.1 392.0 7.2%
% of sales 7.4% 7.0%




Income from discontinued operations, net of tax 54.5 9.3




NET INCOME $ 474.6 $ 401.3 18.3%

8.3% 7.2%




EARNINGS PER SHARE:


Basic


Income from continuing operations $ 1.46 $ 1.35
Income from discontinued operations $ 0.19 $ 0.03
Net income $ 1.64 $ 1.38




Diluted


Income from continuing operations $ 1.44 $ 1.34
Income from discontinued operations $ 0.19 $ 0.03
Net income $ 1.63 $ 1.37




AVERAGE SHARES OUTSTANDING:


Basic 288.6 291.2
Diluted 291.8 293.6












Newell Rubbermaid Inc.

RECONCILIATION OF GAAP AND NON-GAAP INFORMATION

CERTAIN LINE ITEMS

(in millions, except per share data)










Three Months Ended December 31, 2013


GAAP Measure Restructuring and
Non-GAAP Measure



restructuring-related Discontinued
Percentage


Reported costs (1) operations (2) Normalized* of Sales









Selling, general & administrative expenses $ 384.4 $ (9.4) $ -- $ 375.0 25.2%









Operating income $ 159.2 $ 22.8 $ -- $ 182.0 12.2%









Income before income taxes $ 143.6 $ 22.8 $ -- $ 166.4










Income taxes (3) $ 26.2 $ 6.1 $ -- $ 32.3










Net income from continuing operations $ 117.4 $ 16.7 $ -- $ 134.1










Net income $ 117.3 $ 16.7 $ 0.1 $ 134.1










Diluted earnings per share** $ 0.41 $ 0.06 $ -- $ 0.47



















Three Months Ended December 31, 2012

GAAP Measure Restructuring and

Loss on Non-GAAP Measure


restructuring-related Discontinued Non-recurring extinguishment
Percentage

Reported costs (1) operations (2) tax items (4) of debt (5) Normalized* of Sales








Cost of products sold $ 910.8 $ (2.6) $ -- $ -- $ -- $ 908.2 62.8%








Gross margin $ 536.4 $ 2.6 $ -- $ -- $ -- $ 539.0 37.2%








Selling, general & administrative expenses $ 365.5 $ (2.8) $ -- $ -- $ -- $ 362.7 25.1%








Operating income $ 152.4 $ 23.9 $ -- $ -- $ -- $ 176.3 12.2%








Nonoperating expenses $ 21.2 $ -- $ -- $ -- $ (4.1) $ 17.1








Income before income taxes $ 131.2 $ 23.9 $ -- $ -- $ 4.1 $ 159.2








Income taxes (3) $ 30.0 $ 5.0 $ -- $ (3.9) $ 1.5 $ 32.6








Net income from continuing operations $ 101.2 $ 18.9 $ -- $ 3.9 $ 2.6 $ 126.6








Net income $ 101.9 $ 18.9 $ (0.7) $ 3.9 $ 2.6 $ 126.6








Diluted earnings per share** $ 0.35 $ 0.06 $ -- $ 0.01 $ 0.01 $ 0.43
















* Normalized results are financial measures that are not in accordance with GAAP and exclude the above normalized adjustments. See below for a discussion of each of these adjustments.
**Totals may not add due to rounding.








(1) Restructuring and restructuring-related charges during the three months ended December 31, 2013 include $9.4 million of organizational change implementation and restructuring-related costs and $13.4 million of restructuring costs incurred in connection with Project Renewal. Restructuring and restructuring-related charges during the three months ended December 31, 2012 include $5.4 million of restructuring-related costs and $18.5 million of restructuring costs incurred in connection with the European Transformation Plan and Project Renewal.








(2) During the three months ended December 31, 2013, the Company recognized a net loss of $1.1 million in discontinued operations relating to the operations of the Hardware and Teach businesses and a $1.0 million gain related to the sale of the Hardware business. During the three months ended December 31, 2012, the Company recognized net income of $0.7 million in discontinued operations relating to the operations of the Hardware and Teach businesses.








(3) The Company determined the tax effect of the items excluded from normalized results by applying the estimated effective rate for the applicable jurisdiction in which the pre-tax items were incurred, and for which realization of the resulting tax benefit, if any, is expected.








(4) During the three months ended December 31, 2012, the Company incurred $3.9 million of non-recurring income tax charges resulting from tax contingencies and the expiration of various statutes of limitation.








(5) Loss on extinguishment of debt of $4.1 million during the three months ended December 31, 2012 was incurred in connection with the early retirement of the April 2013 Senior Notes.
















Newell Rubbermaid Inc.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION
CERTAIN LINE ITEMS
(in millions, except per share data)









Twelve Months Ended December 31, 2013


GAAP Measure Restructuring Charge resulting from


Non-GAAP Measure


and restructuring-- the devaluation of the Non-recurring Discontinued
Percentage


Reported
related costs (1) Venezuelan Bolivar (2)
tax items (3)
operations (4)
Normalized*
of Sales
















Cost of products sold $ 3,514.3 $ (1.1) $ -- $ -- $ -- $ 3,513.2 61.7%








Gross margin $ 2,178.2 $ 1.1 $ -- $ -- $ -- $ 2,179.3 38.3%








Selling, general & administrative expenses $ 1,446.1 $ (23.8) $ -- $ -- $ -- $ 1,422.3 25.0%








Operating income $ 621.0 $ 136.0 $ -- $ -- $ -- $ 757.0 13.3%








Nonoperating expenses $ 78.8 $ -- $ (11.1) $ -- $ -- $ 67.7








Income before income taxes $ 542.2 $ 136.0 $ 11.1 $ -- $ -- $ 689.3








Income taxes (5) $ 122.1 $ 20.3 $ 4.1 $ 7.9 $ -- $ 154.4








Net income from continuing operations $ 420.1 $ 115.7 $ 7.0 $ (7.9) $ -- $ 534.9








Net income $ 474.6 $ 115.7 $ 7.0 $ (7.9) $ (54.5) $ 534.9








Diluted earnings per share** $ 1.63 $ 0.40 $ 0.02 $ (0.03) $ (0.19) $ 1.83

















Twelve Months Ended December 31, 2012

GAAP Measure Restructuring

Loss on Non-GAAP Measure


and restructuring-- Non-recurring Discontinued extinguishments
Percentage

Reported related costs (1) tax items (3) operations (4) of debt (6) Normalized* of Sales








Cost of products sold $ 3,443.8 $ (2.6) $ -- $ -- $ -- $ 3,441.2 61.7%








Gross margin $ 2,136.1 $ 2.6 $ -- $ -- $ -- $ 2,138.7 38.3%








Selling, general & administrative expenses $ 1,443.2 $ (31.9) $ -- $ -- $ -- $ 1,411.3 25.3%








Operating income $ 640.0 $ 87.4 $ -- $ -- $ -- $ 727.4 13.0%








Nonoperating expenses $ 85.7 $ -- $ -- $ -- $ (10.9) $ 74.8








Income before income taxes $ 554.3 $ 87.4 $ -- $ -- $ 10.9 $ 652.6








Income taxes (5) $ 162.3 $ 18.8 $ (23.1) $ -- $ 4.0 $ 162.0








Net income from continuing operations $ 392.0 $ 68.6 $ 23.1 $ -- $ 6.9 $ 490.6








Net income $ 401.3 $ 68.6 $ 23.1 $ (9.3) $ 6.9 $ 490.6








Diluted earnings per share** $ 1.37 $ 0.23 $ 0.08 $ (0.03) $ 0.02 $ 1.67
















* Normalized results are financial measures that are not in accordance with GAAP and exclude the above normalized adjustments. See below for a discussion of each of these adjustments.
**Totals may not add due to rounding.








(1) Restructuring and restructuring-related charges during the twelve months ended December 31, 2013 include $24.9 million of organizational change implementation and restructuring-related costs and $111.1 million of restructuring costs incurred in connection with Project Renewal. Restructuring and restructuring-related charges during the twelve months ended December 31, 2012 include $34.5 million of restructuring-related costs and $52.9 million of restructuring costs incurred in connection with the European Transformation Plan and Project Renewal.








(2) During the twelve months ended December 31, 2013, the Company recognized a foreign exchange loss of $11.1 million resulting from the devaluation of the Venezuelan Bolivar, which under hyperinflationary accounting is recorded in the Statement of Operations.








(3) During the twelve months ended December 31, 2013, the Company recognized a non-recurring tax benefit of $7.9 million resulting from the resolution of various income tax contingencies and the expiration of various statutes of limitation. During the twelve months ended December 31, 2012, the Company incurred $23.1 million of non-recurring tax charges resulting from incremental tax contingencies and the expiration of various statutes of limitation.








(4) During the twelve months ended December 31, 2013, the Company recognized a net loss of $4.4 million in discontinued operations relating to the operations of the Hardware and Teach businesses and a $58.9 million net gain, including impairments, relating to the sale of the Hardware and Teach businesses. During the twelve months ended December 31, 2012, the Company recognized net income of $7.6 million in discontinued operations relating to the operations of the Hardware and Teach businesses and a $1.7 million gain primarily related to the sale of the hand torch and solder business.








(5) The Company determined the tax effect of the items excluded from normalized results by applying the estimated effective rate for the applicable jurisdiction in which the pre-tax items were incurred, and for which realization of the resulting tax benefit, if any, is expected.








(6) Loss on extinguishments of debt of $10.9 million during the twelve months ended December 31, 2012 primarily represents the costs associated with the early retirement of the junior convertible subordinated securities underlying the quarterly income preferred securities (QUIPS) and the April 2013 Senior Notes.











Newell Rubbermaid Inc.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions)




December 31, December 31,
Assets: 2013 2012



Cash and cash equivalents $ 226.3 $ 183.8
Accounts receivable, net 1,105.1 1,112.4
Inventories, net 684.4 696.4
Deferred income taxes 139.1 135.8
Prepaid expenses and other 140.7 142.7



Total Current Assets 2,295.6 2,271.1



Property, plant and equipment, net 539.6 560.2
Goodwill 2,361.1 2,370.2
Other intangible assets, net 614.5 654.1
Other assets 268.9 366.4



Total Assets $ 6,079.7 $ 6,222.0



Liabilities and Stockholders' Equity:




Accounts payable $ 558.9 $ 527.4
Accrued compensation 167.3 173.5
Other accrued liabilities 698.5 658.0
Short-term debt 174.0 210.7
Current portion of long-term debt 0.8 ...
1.2


Total Current Liabilities 1,599.5 1,570.8


Long-term debt 1,661.6 1,706.5 Other noncurrent liabilities 743.6 944.5


Stockholders' Equity - Parent 2,071.5 1,996.7 Stockholders' Equity - Noncontrolling Interests 3.5 3.5


Total Stockholders' Equity 2,075.0 2,000.2


Total Liabilities and Stockholders' Equity $ 6,079.7 $ 6,222.0





Newell Rubbermaid Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in millions)




Twelve Months Ended December 31,

2013 2012
Operating Activities:

Net income $ 474.6 $ 401.3
Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 158.9 163.7
Net gain from sale of discontinued operations (87.4) (5.2)
Loss on extinguishments of debt -- 10.9
Non-cash restructuring costs 4.2 0.3
Deferred income taxes 92.0 71.2
Stock-based compensation expense 37.2 32.9
Other, net 32.3 12.0
Changes in operating assets and liabilities, excluding the effects of acquisitions and divestitures:

Accounts receivable (19.0) (101.2)
Inventories (61.6) 7.7
Accounts payable 59.0 56.3
Accrued liabilities and other (85.0) (31.4)
Net cash provided by operating activities $ 605.2 $ 618.5



Investing Activities:

Proceeds from sale of discontinued operations and noncurrent assets $ 189.8 $ 43.5
Capital expenditures (138.2) (177.2)
Acquisitions and acquisition-related activity -- (26.5)
Other 1.8 (2.8)
Net cash provided by (used in) investing activities $ 53.4 $ (163.0)



Financing Activities:

Net short-term borrowings $ (35.8) $ 106.0
Proceeds from issuance of debt, net of debt issuance costs -- 841.9
Payments on debt -- (1,203.4)
Repurchase and retirement of shares of common stock (470.0) (91.5)
Cash dividends (174.1) (125.9)
Excess tax benefits related to stock-based compensation 15.8 12.7
Other stock-based compensation activity, net 50.6 14.2
Net cash used in financing activities $ (613.5) $ (446.0)



Currency rate effect on cash and cash equivalents $ (2.6) $ 4.1



Increase in cash and cash equivalents $ 42.5 $ 13.6
Cash and cash equivalents at beginning of year 183.8 170.2
Cash and cash equivalents at end of year $ 226.3 $ 183.8


















Newell Rubbermaid Inc.
Financial Worksheet- Segment Reporting
(In Millions)
















2013 2012





Reconciliation (1)

Reconciliation (1)
Year-over-year changes


Reported Excluded Normalized Operating
Reported Excluded Normalized Operating Net Sales Normalized Oil

Net Sales OI Items OI Margin Net Sales OI Items OI Margin $ % $ %
Q1:













Writing $ 340.6 $ 63.2 $ -- $ 63.2 18.6% $ 375.6 $ 66.4 $ -- $ 66.4 17.7% $ (35.0) (9.3)% $ (3.2) (4.8)%
Home Solutions 338.9 34.1 -- 34.1 10.1% 326.7 30.9 -- 30.9 9.5% 12.2 3.7% 3.2 10.4%
Tools 188.6 18.7 -- 18.7 9.9% 190.6 28.7 -- 28.7 15.1% (2.0) (1.0)% (10.0) (34.8)%
Commercial Products 183.1 21.6 -- 21.6 11.8% 175.4 18.6 -- 18.6 10.6% 7.7 4.4% 3.0 16.1%
Baby & Parenting 189.6 23.9 -- 23.9 12.6% 182.2 22.4 -- 22.4 12.3% 7.4 4.1% 1.5 6.7%
Restructuring Costs -- (34.4) 34.4 --
-- (12.1) 12.1 --
--
--
Corporate -- (29.3) 6.6 (22.7)
-- (31.7) 10.0 (21.7)
--
(1.0) (4.6)%
Total $ 1,240.8 $ 97.8 $ 41.0 $ 138.8 11.2% $ 1,250.5 $ 123.2 $ 22.1 $ 145.3 11.6% $ (9.7) (0.8)% $ (6.5) (4.5)%































2013 2012





Reconciliation (1)

Reconciliation (1)
Year-over-year changes


Reported Excluded Normalized Operating
Reported Excluded Normalized Operating Net Sales Normalized Oil

Net Sales OI Items OI Margin Net Sales OI Items OI Margin $ % $ %
Q2:













Writing $ 477.8 $ 123.6 $ -- $ 123.6 25.9% $ 459.1 $ 105.7 $ -- $ 105.7 23.0% $ 18.7 4.1% $ 17.9 16.9%
Home Solutions 399.1 53.7 -- 53.7 13.5% 391.3 42.6 -- 42.6 10.9% 7.8 2.0% 11.1 26.1%
Tools 198.0 18.3 -- 18.3 9.2% 202.4 30.5 -- 30.5 15.1% (4.4) (2.2)% (12.2) (40.0)%
Commercial Products 203.6 21.9 -- 21.9 10.8% 190.1 21.1 -- 21.1 11.1% 13.5 7.1% 0.8 3.8%
Baby & Parenting 196.2 23.8 -- 23.8 12.1% 182.4 19.2 -- 19.2 10.5% 13.8 7.6% 4.6 24.0%
Restructuring Costs -- (32.0) 32.0 --

(10.0) 10.0 --
--
--
Corporate -- (23.9) 2.1 (21.8)

(31.7) 10.5 (21.2)
--
(0.6) (2.8)%
Total $ 1,474.7 $ 185.4 $ 34.1 $ 219.5 14.9% $ 1,425.3 $ 177.4 $ 20.5 $ 197.9 13.9% $ 49.4 3.5% $ 21.6 10.9%
















2013 2012





Reconciliation (1)

Reconciliation (1)
Year-over-year changes


Reported Excluded Normalized Operating
Reported Excluded Normalized Operating Net Sales Normalized Oil

Net Sales OI Items OI Margin Net Sales OI Items OI Margin $ % $ %
Q3:













Writing $ 454.7 $ 108.8 $ 0.3 $ 109.1 24.0% $ 458.6 $ 83.6 $ 1.2 $ 84.8 18.5% $ (3.9) (0.9)% $ 24.3 28.7%
Home Solutions 431.4 66.3 -- 66.3 15.4% 403.8 64.0 2.0 66.0 16.3% 27.6 6.8% 0.3 0.5%
Tools 210.6 12.3 -- 12.3 5.8% 203.6 26.8 -- 26.8 13.2% 7.0 3.4% (14.5) (54.1)%
Commercial Products 196.3 23.5 -- 23.5 12.0% 205.6 31.2 -- 31.2 15.2% (9.3) (4.5)% (7.7) (24.7)%
Baby & Parenting 194.2 23.9 0.8 24.7 12.7% 185.3 18.3 -- 18.3 9.9% 8.9 4.8% 6.4 35.0%
Restructuring Costs -- (31.3) 31.3 --
-- (12.3) 12.3 --
--
--
Corporate -- (24.9) 5.7 (19.2)
-- (24.6) 5.4 (19.2)
--
-- 0.0%
Total $ 1,487.2 $ 178.6 $ 38.1 $ 216.7 14.6% $ 1,456.9 $ 187.0 $ 20.9 $ 207.9 14.3% $ 30.3 2.1% $ 8.8 4.2%































2013 2012





Reconciliation (1)

Reconciliation (1)
Year-over-year changes


Reported Excluded Normalized Operating
Reported Excluded Normalized Operating Net Sales Normalized Oil

Net Sales OI Items OI Margin Net Sales OI Items OI Margin $ % $ %
Q4:













Writing $ 433.0 $ 94.3 $ -- $ 94.3 21.8% $ 430.9 $ 79.2 $ -- $ 79.2 18.4% $ 2.1 0.5% $ 15.1 19.1%
Home Solutions 423.9 58.0 -- 58.0 13.7% 432.0 59.8 2.9 62.7 14.5% (8.1) (1.9)% (4.7) (7.5)%
Tools 220.7 19.0 -- 19.0 8.6% 209.5 23.8 -- 23.8 11.4% 11.2 5.3% (4.8) (20.2)%
Commercial Products 202.9 15.5 -- 15.5 7.6% 188.6 22.0 -- 22.0 11.7% 14.3 7.6% (6.5) (29.5)%
Baby & Parenting 209.3 19.6 -- 19.6 9.4% 186.2 12.8 -- 12.8 6.9% 23.1 12.4% 6.8 53.1%
Restructuring Costs -- (13.4) 13.4 --
-- (18.5) 18.5 --
--
--
Corporate -- (33.8) 9.4 (24.4)
-- (26.7) 2.5 (24.2)
--
(0.2) (0.8)%
Total $ 1,489.8 $ 159.2 $ 22.8 $ 182.0 12.2% $ 1,447.2 $ 152.4 $ 23.9 $ 176.3 12.2% $ 42.6 2.9% $ 5.7 3.2%
















2013 2012





Reconciliation (1)

Reconciliation (1)
Year-over-year changes


Reported Excluded Normalized Operating
Reported Excluded Normalized Operating Net Sales Normalized Oil

Net Sales OI Items OI Margin Net Sales OI Items OI Margin $ % $ %
YE:













Writing $ 1,706.1 $ 389.9 $ 0.3 $ 390.2 22.9% $ 1,724.2 $ 334.9 $ 1.2 $ 336.1 19.5% $ (18.1) (1.0)% $ 54.1 16.1%
Home Solutions 1,593.3 212.1 -- 212.1 13.3% 1,553.8 197.3 4.9 202.2 13.0% 39.5 2.5% 9.9 4.9%
Tools 817.9 68.3 -- 68.3 8.4% 806.1 109.8 -- 109.8 13.6% 11.8 1.5% (41.5) (37.8)%
Commercial Products 785.9 82.5 -- 82.5 10.5% 759.7 92.9 -- 92.9 12.2% 26.2 3.4% (10.4) (11.2)%
Baby & Parenting 789.3 91.2 0.8 92.0 11.7% 736.1 72.7 -- 72.7 9.9% 53.2 7.2% 19.3 26.5%
Restructuring Costs -- (111.1) 111.1 --
-- (52.9) 52.9 --
--
--
Corporate -- (111.9) 23.8 (88.1)
-- (114.7) 28.4 (86.3)
--
(1.8) (2.1)%
Total $ 5,692.5 $ 621.0 $ 136.0 $ 757.0 13.3% $ 5,579.9 $ 640.0 $ 87.4 $ 727.4 13.0% $ 112.6 2.0% $ 29.6 4.1%















(1) Excluded items consist of organizational change implementation, restructuring-related and restructuring costs. Organizational change implementation and restructuring-related costs of $24.9 million and restructuring costs of $111.1 million incurred during the twelve months ended December 31, 2013 relate to Project Renewal. Restructuring-related costs of $34.5 million and restructuring costs of $52.9 million during the twelve months ended December 31, 2012 relate to the European Transformation Plan and Project Renewal.


























Newell Rubbermaid Inc.
Three Months Ended December 31, 2013
In Millions











Currency Analysis































By Segment





















As Reported Core Sales (1)
Year-Over-Year Increase (Decrease)



Increase

Increase Currency Excluding Including Currency

2013 2012 (Decrease) 2013 2012 (Decrease) Impact Currency Currency Impact











Writing $ 433.0 $ 430.9 $ 2.1 $ 439.6 $ 430.5 $ 9.1 $ (7.0) 2.1% 0.5% (1.6)%
Home Solutions 423.9 432.0 (8.1) 426.2 431.5 (5.3) (2.8) (1.2)% (1.9)% (0.7)%
Tools 220.7 209.5 11.2 228.1 211.0 17.1 (5.9) 8.1% 5.3% (2.8)%
Commercial Products 202.9 188.6 14.3 204.1 188.7 15.4 (1.1) 8.2% 7.6% (0.6)%
Baby & Parenting 209.3 186.2 23.1 214.6 186.6 28.0 (4.9) 15.0% 12.4% (2.6)%











Total Company $ 1,489.8 $ 1,447.2 $ 42.6 $ 1,512.6 $ 1,448.3 $ 64.3 $ (21.7) 4.4% 2.9% (1.5)%






















By Geography




















United States $ 996.9 $ 963.6 $ 33.3 $ 996.9 $ 963.6 $ 33.3 $ -- 3.5% 3.5% (0.0)%
Canada 80.9 89.4 (8.5) 84.5 88.5 (4.0) (4.5) (4.5)% (9.5)% (5.0)%
Total North America 1,077.8 1,053.0 24.8 1,081.4 1,052.1 29.3 (4.5) 2.8% 2.4% (0.4)%











Europe, Middle East and Africa 187.8 178.3 9.5 179.7 177.8 1.9 7.6 1.1% 5.3% 4.2%
Latin America 110.9 92.5 18.4 125.0 94.7 30.3 (11.9) 32.0% 19.9% (12.1)%
Asia Pacific 113.3 123.4 (10.1) 126.5 123.7 2.8 (12.9) 2.3% (8.2)% (10.5)%
Total International 412.0 394.2 17.8 431.2 396.2 35.0 (17.2) 8.8% 4.5% (4.3)%











Total Company $ 1,489.8 $ 1,447.2 $ 42.6 $ 1,512.6 $ 1,448.3 $ 64.3 $ (21.7) 4.4% 2.9% (1.5)%











(1) "Core Sales" is determined by applying a fixed exchange rate, calculated as the 12-month average in 2012, to the current and prior year local currency sales amounts, with the difference between the change in "As Reported" sales and the change in "Core Sales" reported in the table as "Currency Impact".






















Newell Rubbermaid Inc.
Twelve Months Ended December 31, 2013
In Millions






















Currency Analysis































By Segment





















As Reported Core Sales (1)
Year-Over-Year Increase (Decrease)



(Decrease)

Increase Currency Excluding Including Currency

2013 2012 Increase 2013 2012 (Decrease) Impact Currency Currency Impact











Writing $ 1,706.1 $ 1,724.2 $ (18.1) $ 1,727.2 $ 1,725.9 $ 1.3 $ (19.4) 0.1% (1.0)% (1.1)%
Home Solutions 1,593.3 1,553.8 39.5 1,599.3 1,553.7 45.6 (6.1) 2.9% 2.5% (0.4)%
Tools 817.9 806.1 11.8 835.5 807.9 27.6 (15.8) 3.4% 1.5% (1.9)%
Commercial Products 785.9 759.7 26.2 789.6 760.0 29.6 (3.4) 3.9% 3.4% (0.5)%
Baby & Parenting 789.3 736.1 53.2 811.4 736.5 74.9 (21.7) 10.2% 7.2% (3.0)%











Total Company $ 5,692.5 $ 5,579.9 $ 112.6 $ 5,763.0 $ 5,584.0 $ 179.0 $ (66.4) 3.2% 2.0% (1.2)%

































By Geography




















United States $ 3,867.8 $ 3,739.1 $ 128.7 $ 3,867.8 $ 3,739.1 $ 128.7 $ -- 3.4% 3.4% 0.0%
Canada 310.9 325.4 (14.5) 320.7 325.5 (4.8) (9.7) (1.5)% (4.5)% (3.0)%
Total North America 4,178.7 4,064.5 114.2 4,188.5 4,064.6 123.9 (9.7) 3.0% 2.8% (0.2)%











Europe, Middle East and Africa 699.2 707.6 (8.4) 686.1 709.5 (23.4) 15.0 (3.3)% (1.2)% 2.1%
Latin America 392.6 335.5 57.1 426.9 337.2 89.7 (32.6) 26.6% 17.0% (9.6)%
Asia Pacific 422.0 472.3 (50.3) 461.5 472.7 (11.2) (39.1) (2.4)% (10.7)% (8.3)%
Total International 1,513.8 1,515.4 (1.6) 1,574.5 1,519.4 55.1 (56.7) 3.6% (0.1)% (3.7)%











Total Company $ 5,692.5 $ 5,579.9 $ 112.6 $ 5,763.0 $ 5,584.0 $ 179.0 $ (66.4) 3.2% 2.0% (1.2)%











(1) "Core Sales" is determined by applying a fixed exchange rate, calculated as the 12-month average in 2012, to the current and prior year local currency sales amounts, with the difference between the change in "As Reported" sales and the change in "Core Sales" reported in the table as "Currency Impact".












Contact:
Nancy O'Donnell
Vice President, Investor Relations
[phone]
David Doolittle
Vice President, Global Communications
[phone]

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Newell Rubbermaid to Webcast Fourth Quarter 2013 Earnings Results
GlobeNewswire Newell Rubbermaid
12 hours ago
ATLANTA, Jan. 21, 2014 (GLOBE NEWSWIRE) -- Newell Rubbermaid (NWL) today announced its fourth quarter 2013 earnings results will be released Friday, January 31, prior to market open and will be followed by a live webcast at 9:00 a.m. ET. To listen to the webcast, please visit Events & Presentations in the Investor Relations section of Newell Rubbermaid's Web site at www.newellrubbermaid.com. The live webcast will be recorded and made available for replay.

About Newell Rubbermaid

Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of consumer and commercial products with 2012 sales of approximately $5.6 billion and a strong portfolio of leading brands, including Sharpie(R), Paper Mate(R), Rubbermaid Commercial Products(R), Irwin(R), Lenox(R), Parker(R), Waterman(R), Rubbermaid(R), Levolor(R), Calphalon(R), Goody(R), Graco(R), Aprica(R) and Dymo(R). As part of the company's Growth Game Plan, Newell Rubbermaid is making sharper portfolio choices and investing in new marketing and innovation to accelerate performance.

This press release and additional information about Newell Rubbermaid are available on the company's Web site, www.newellrubbermaid.com.


Contact:
Nancy O'Donnell
Vice President, Investor Relations
[phone]
David Doolittle
Vice President, Global Communications
[phone]

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Newell Rubbermaid Appoints Paula S. Larson Chief Human Resources Officer
Global executive is known for leading change and building high-performing organizations
Business WirePress Release: Newell Rubbermaid – Thu, Dec 5, 2013 11:03 AM EST
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NWL 31.21 +0.28

ATLANTA--(BUSINESS WIRE)--
Newell Rubbermaid (NWL) today announced it has appointed Paula S. Larson, a global executive known for building high-performing organizations and employee development, to the position of Executive Vice President and Chief Human Resources Officer, effective Dec. 16. She succeeds James M. Sweet, who is retiring after nearly a decade of leading the company’s transformation efforts.
Larson, age 50, has built her career leading change as both an HR business partner and strategic consultant. Her emphasis on cultural and geographic diversity comes from having worked extensively across 80 countries, including living in Asia, Europe and North America. Most recently, she was Chief Human Resources Officer for The Western Union Company, where she revamped the company’s approach to people development and drove a performance-based culture to help accelerate growth. Previously, as Chief Human Resources Officer at Invensys plc, the London-based global technology group, she helped engineer the transition from a holding company into an integrated operating company, which helped drive Invensys to a top-5 performance among the London FTSE100 during the difficult recession year of 2009.
“The development of our people is at the foundation of our Growth Game Plan – and throughout her career, Paula has helped companies navigate change and empower employees to achieve sustainable growth,” said Michael Polk, Newell Rubbermaid’s President and Chief Executive Officer. “As we deploy our new operating model and build key capabilities to speed, Paula has the perfect combination of strategic and executional HR leadership to strengthen our talent base and support our global growth ambition.”
“Newell Rubbermaid is a company with strong brands, and I am excited to be joining at this key moment when the transition to a new operating model is allowing employees to work in a more empowering environment to enhance company value,” said Larson. “My two key goals are to help ensure we delight shareholders and create an ‘I want to work here’ culture for Newell’s diverse workforce.”
Before Invensys, Larson was VP of Human Resources for the Hydraulics division of Eaton Corp., where she helped support the globalization of this complex business unit. She also spent over a decade at GE, where she won several coveted Executive Awards for HR leadership and was one of the company’s first Six Sigma black belts in human resources. Before that, Larson spent nearly five years at a global HR consultancy, Dugan Unlimited, where she lived and worked extensively overseas during assignments for global clients. She has a B.A. in Psychology from Michigan State, an MBA with international business concentration from the University of New Haven and an M.A. in Industrial/Organizational Psychology from New York University.
Sweet, age 61, announced his intention to retire after nearly ten years of HR partnership with three Newell Rubbermaid chief executives.
“Jim has helped shape Newell Rubbermaid into the company we are today, helping bring together the siloed structures of the old global business unit model into the new operating model we launched earlier this year,” said CEO Polk. “Jim’s commitment to every day great execution has been a model for our organization and is beginning to pay off in our results as we drive the Growth Game Plan into Action. I have been very pleased to have had the opportunity to work with Jim and wish him only the best in his retirement.”
About Newell Rubbermaid
Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of consumer and commercial products with 2012 sales of approximately $5.6 billion and a strong portfolio of leading brands, including Sharpie®, Paper Mate®, Rubbermaid Commercial Products®, Irwin®, Lenox®, Parker®, Waterman®, Rubbermaid®, Levolor®, Calphalon®, Goody®, Graco®, Aprica® and Dymo®. As part of the company’s Growth Game Plan, Newell Rubbermaid is making sharper portfolio choices and investing in new marketing and innovation to accelerate performance.
This press release and additional information about Newell Rubbermaid are available on the company’s Web site, www.newellrubbermaid.com.
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Newell Rubbermaid
Nancy O’Donnell, [phone]
Vice President, Investor Relations
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David Doolittle, [phone]
Vice President, Global Communications

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Newell Rubbermaid Announces Solid Third Quarter 2013 Results and Approval of $350 Million Accelerated Share Repurchase Plan

•Core Sales Growth of 3.3% and Normalized EPS of $0.52
•Reported Sales Growth of 2.1% and Reported EPS of $0.66
Business WirePress Release: Newell Rubbermaid – 19 hours ago..

Newell Rubbermaid (NWL) today announced its third quarter 2013 financial results.

“Our third quarter results represent an important inflection point in our progress advancing the Growth Game Plan,” said Michael Polk, President and Chief Executive Officer. “Core sales grew 3.3 percent and normalized EPS grew 10.6 percent to $0.52. The sequential improvement in our growth rate versus our first half results was driven by core sales growth of over 4 percent in North America and 35 percent in Latin America. Successful new product launches, expanded distribution and stronger marketing initiatives delivered market share gains in Baby & Parenting, Home Solutions and Tools. Our growth was supported by increased advertising and promotion spending funded by Project Renewal savings and disciplined discretionary cost management. This is the power of the Growth Game Plan in action.

“Concurrent with our third quarter earnings announcement, our Board has authorized a $350 million accelerated share repurchase plan. This plan reflects confidence in the future prospects for Newell Rubbermaid and is an efficient use of divestiture proceeds and current year cash flow. Our company is growing stronger each quarter and, as a result, we can deliver increased value to shareholders through the accelerated purchase of the company’s shares while simultaneously investing to drive the Growth Game Plan into action,” concluded Polk.

Third Quarter Executive Summary
• Net sales were $1.49 billion, a 2.1 percent increase versus prior year results.
• Core sales, which exclude the impact of changes in foreign currency, grew 3.3 percent.
• Normalized operating margin of 14.6 percent increased 30 basis points compared with prior year. Reported operating margin declined 80 basis points.
• Normalized diluted earnings per share were $0.52, a year-over-year increase of 10.6 percent.
• Reported diluted earnings per share were $0.66 compared with $0.37 in the year-ago period due largely to a gain on disposal of the company’s Hardware business.
• Operating cash flow was $360.8 million versus $301.5 million in the prior year.
• The company paid dividends of $44.0 million and repurchased 1.8 million shares at a cost of $46.8 million, for a total of $90.8 million returned to shareholders, up 65 percent versus prior year.
• 2013 guidance is unchanged. The company continues to expect 2013 core sales growth of 2 to 4 percent, operating margin improvement of up to 20 basis points, normalized EPS of $1.80 to $1.84, and operating cash flow of $575 to $625 million.
• Newell Rubbermaid’s Board of Directors approved a $350 million accelerated share repurchase plan in October 2013.

Third Quarter 2013 Operating Results

Net sales in the third quarter were $1.49 billion, compared with $1.46 billion in the prior year. Core sales, which exclude 120 basis points of negative foreign currency, grew 3.3 percent.

Normalized gross margin of 38.1 percent declined 30 basis points versus prior year, as improved productivity and pricing were more than offset by less favorable mix and inflation. Reported gross margin declined 40 basis points.

Third quarter reported operating margin was 12.0 percent compared with 12.8 percent in the prior year. Reported operating income was $178.6 million versus $187.0 million.

Normalized operating margin was 14.6 percent, compared with 14.3 percent in the prior year. The improvement was primarily attributable to Project Renewal fixed cost savings in strategic and structural SG&A and better leverage of the cost structure with the increase in net sales, partially offset by increased brand support as a percentage of net sales.

Normalized operating income was $216.7 million compared with $207.9 million in the prior year period. Third quarter 2013 normalized operating income excludes restructuring and restructuring-related costs of $38.1 million, while in 2012 normalized operating income excludes $20.9 million of restructuring and restructuring-related costs.

The reported tax rate for the quarter was 24.6 percent compared with 35.0 percent in the prior year. The normalized tax rate was 24.3 percent compared with 28.6 percent in the prior year, primarily a reflection of the geographic mix of earnings and resolution of certain tax matters.

Reported net income was $193.3 million, or $0.66 per diluted share, compared with $108.3 million, or $0.37 per diluted share, in the prior year. The increase was largely due to a gain on the sale of the company’s Hardware business.

Normalized net income was $151.6 million, compared with $136.5 million in the prior year. Normalized diluted earnings per share of $0.52 increased 10.6 percent versus the prior year’s $0.47, primarily due to improved operating income, lower interest expense and a lower tax rate.

For the third quarter 2013, normalized diluted earnings per share exclude $0.11 per diluted share for restructuring and restructuring-related costs associated with Project Renewal, $0.01 per diluted share of net tax benefits related to the expiration of statutes of limitation and nonrecurring discrete items, and a net gain from discontinued operations of $0.24 per diluted share. For the third quarter 2012, normalized diluted earnings per share exclude $0.06 per diluted share for restructuring and restructuring-related costs associated with Project Renewal and the European Transformation Plan, $0.01 per diluted share due to a loss on the extinguishment of debt, $0.01 per diluted share of net income associated with discontinued operations and $0.03 per diluted share related to non-recurring tax charges resulting from incremental tax contingencies. (A reconciliation of the “as reported” results to “normalized” results is included below.)

The company generated $360.8 million in operating cash flow during the third quarter compared with $301.5 million last year. The increase is in large part due to a decrease in working capital. Capital expenditures were $28.7 million compared with $45.2 million in the prior year.

A reconciliation of the third quarter 2013 and 2012 results is as follows:

Q3 2013* Q3 2012*

Diluted earnings per share (as reported) $ 0.66 $ 0.37

Restructuring and restructuring-related costs 0.11 0.06

Income tax items (0.01 ) 0.03

Loss on extinguishment of debt - 0.01


Income from discontinued operations

(0.24

)

(0.01

)


Normalized EPS $ 0.52 $ 0.47

*Totals may not add due to rounding



Third Quarter 2013 Operating Segment Results

Writing net sales for the third quarter were $454.7 million, a 0.9 percent decline compared to prior year. Core sales increased 0.2 percent, reflecting strong growth in North America in customers outside the office superstore channel and continued momentum in Latin America, largely offset by weakness in the North American office superstore channel and in EMEA. Normalized operating income was $109.1 million, or 24.0 percent of sales, compared with $84.8 million, or 18.5 percent of sales, in the prior year. The increase in operating margin was largely driven by strong productivity, pricing in Latin America and Project Renewal cost savings.

Home Solutions net sales were $431.4 million, a 6.8 percent increase compared to prior year. Core sales increased 7.2 percent, reflecting strong customer programming on Rubbermaid®, new Levolor® product launches and increased distribution of Calphalon®. Home Solutions operating income was $66.3 million, or 15.4 percent of sales, compared with $66.0 million, or 16.3 percent of sales, in the prior year. The decrease in operating margin was driven by increased advertising and promotions expense and negative mix associated with strong Rubbermaid and Levolor growth, offset in part by Project Renewal cost savings.

Tools net sales were $210.6 million, a 3.4 percent increase compared to prior year. Core sales increased 5.7 percent, driven by National Tradesman Day marketing activity in North America and new product launches in Latin America. Operating income in the Tools segment was $12.3 million, or 5.8 percent of sales, compared with $26.8 million, or 13.2 percent of sales, in the prior year. The decrease in operating margin was due to adverse foreign exchange impacts on gross margin and planned incremental advertising and promotion spend, partially offset by pricing and Project Renewal cost savings.

Commercial Products net sales were $196.3 million, a 4.5 percent decrease compared to prior year. Core sales declined 4.3 percent against a difficult year ago comparison of 8.4 percent growth. Softness in Rubbermaid Healthcare was the primary driver of the decline, attributed to uncertainty in the U.S. healthcare market. Operating income was $23.5 million, or 12.0 percent of sales, compared with $31.2 million, or 15.2 percent of sales, in the prior year. The decrease in operating margin was driven by increased investments in customer programming, advertising and promotion, selling and product marketing expense, partially offset by Project Renewal cost savings.

Baby & Parenting net sales were $194.2 million, a 4.8 percent increase compared to prior year. Core sales increased 7.9 percent, driven by strengthened distribution and successful new innovation. Normalized operating income was $24.7 million, or 12.7 percent of sales, compared with $18.3 million, or 9.9 percent of sales, in the prior year. The increase in operating margin was due primarily to pricing, Project Renewal cost savings, and fixed cost leverage associated with strong growth.

Accelerated Share Repurchase Plan

The Newell Rubbermaid Board of Directors has approved an accelerated share repurchase plan to repurchase $350 million of the company’s common shares. The company expects to enter into the plan during the fourth quarter. This $350 million is incremental to the current $300 million repurchase plan which was authorized in 2011. The company has used $257 million of the current repurchase authorization through the end of the third quarter of 2013.

Nine Month Results

Net sales for the nine months ended September 30, 2013 increased 1.7 percent to $4.20 billion, compared with $4.13 billion in the prior year. Core sales increased 2.8 percent. Foreign currency adversely impacted net sales by 1.1 percent.

Gross margin was 38.6 percent, compared with 38.7 percent in the prior year, as productivity gains were offset by the effect of input cost inflation, less favorable mix and increased investment in customer programs.

Normalized operating margin of 13.7 percent was an increase of 40 basis points compared with 13.3 percent in the prior year. Reported operating margin declined 80 basis points due to higher Project Renewal restructuring and restructuring-related costs.

Normalized earnings were $1.37 per diluted share compared with $1.24 per diluted share in the prior year. For the nine months ended September 30, 2013, normalized diluted earnings per share exclude $0.34 per diluted share for restructuring and restructuring-related costs associated with Project Renewal, $0.02 per diluted share resulting from the currency devaluation in Venezuela, $0.03 per diluted share of income tax benefits attributable to the resolution of tax contingencies and a net gain from discontinued operations of $0.19 per diluted share. For the nine months ended September 30, 2012, normalized diluted earnings per share exclude $0.17 per diluted share for restructuring and restructuring-related costs, $0.07 per diluted share associated with certain nonrecurring tax charges resulting from incremental tax contingencies, $0.01 per diluted share due to a loss on extinguishment of debt, as well as the impact on net income from discontinued operations of $0.03 per diluted share. (A reconciliation to “normalized” results is included below.)

Net income, as reported, was $357.3 million, or $1.22 per diluted share. This compares with $299.4 million, or $1.02 per diluted share, in the prior year.

The company generated $301.0 million in operating cash flow during the first nine months of 2013 compared with $357.2 million in the prior year. The difference was largely due to an incremental voluntary pension contribution of $50 million in 2013. Capital expenditures were $85.7 million compared with $130.2 million in the prior year.


A reconciliation of the nine month 2013 and 2012 results is as follows:


YTD Q3 2013*

YTD Q3 2012*



Diluted earnings per share (as reported)

$

1.22

$

1.02



Restructuring and restructuring-related costs

0.34

0.17



Currency devaluation - Venezuela

0.02

-



Income tax items

(0.03

)

0.07



Loss on extinguishment of debt

-

0.01



Income from discontinued operations

(0.19

)

(0.03

)



Normalized EPS

$

1.37

$

1.24



*Totals may not add due to rounding



2013 Outlook

Newell Rubbermaid reaffirmed its full year 2013 guidance for core sales growth, normalized operating margin, normalized EPS and operating cash flow, as follows:
• Core sales increase of 2 to 4 percent;
• Normalized operating margin improvement of up to 20 basis points;
• Normalized EPS of $1.80 to $1.84; and
• Operating cash flow of between $575 and $625 million.

2013 normalized EPS guidance excludes between $120 and $130 million of Project Renewal restructuring and restructuring-related costs. (A reconciliation to “normalized” results is included below.)

The company is on track to realize cumulative annualized cost savings of $270 to $325 million by the second quarter of 2015 related to Project Renewal. The majority of these savings will be reinvested in the business to strengthen brand building and selling capabilities and accelerate growth.

Operating cash flow guidance assumes $90 to $110 million in restructuring and restructuring-related cash payments. Capital expenditures are projected at $125 to $150 million.

A reconciliation of the 2013 earnings outlook is as follows:


FY 2013

Diluted earnings per share $1.61 to $1.65

Restructuring and restructuring-related costs $0.38 to $0.40

Currency devaluation - Venezuela
$0.02




Income tax item
($0.03)


Income from discontinued operations
($0.19)


Normalized EPS $1.80 to $1.84



Conference Call

The company’s third quarter 2013 earnings conference call will be held today, October 25, 2013, at 10am ET. A link to the webcast is provided under Events & Presentations in the Investor Relations section of Newell Rubbermaid’s Web site at www.newellrubbermaid.com. The webcast will be available for replay. A supporting slide presentation will be made available in the Investor Relations section on the company’s Web site under Quarterly Earnings.

Non-GAAP Financial Measures

This release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission and includes a reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP.

The company uses certain financial measures that are included in this press release and the additional financial information both in explaining its results to stockholders and the investment community and in its internal evaluation and management of its businesses. The company’s management believes that these measures - including those that are “non-GAAP financial measures” - and the information they provide are useful to investors since these measures (a) permit investors to view the company’s performance using the same tools that management uses to evaluate the company’s past performance, reportable business segments and prospects for future performance and (b) determine certain elements of management’s incentive compensation.

The company’s management believes that core sales, as reflected in the Currency Analysis, is useful to investors because it demonstrates the effect of foreign currency on reported sales. The effect of foreign currency on reported sales is determined by applying a fixed exchange rate, calculated as the 12-month average in 2012, to the current and prior year local currency sales amounts, with the difference in these two amounts being the change in core sales and the difference between the change in as reported sales and the change in core sales reported as the currency impact. The company’s management believes that “normalized” gross margin, “normalized” SG&A expense, “normalized” operating income and “normalized” tax rates are useful because they provide investors with a meaningful perspective on the current underlying performance of the company’s core ongoing operations. The company’s management believes that “normalized” earnings per share, which excludes restructuring and restructuring-related charges and one-time events such as losses related to the extinguishments of debt, tax benefits and charges, impairment charges, discontinued operations and certain other items, is useful to investors because it permits investors to better understand year-over-year changes in underlying operating performance. The company uses both core sales and normalized earnings per share as two of the three performance criteria in its management cash bonus plan.

The company determines the tax effect of the items excluded from normalized diluted earnings per share by applying the estimated effective rate for the applicable jurisdiction in which the pre-tax items were incurred, and for which realization of the resulting tax benefit, if any, is expected.

While the company believes that these non-GAAP financial measures are useful in evaluating the company’s performance, this information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies.

About Newell Rubbermaid

Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of consumer and commercial products with 2012 sales of approximately $5.6 billion and a strong portfolio of leading brands, including Sharpie®, Paper Mate®, Rubbermaid Commercial Products®, Irwin®, Lenox®, Parker®, Waterman®, Rubbermaid®, Levolor®, Calphalon®, Goody®, Graco®, Aprica® and Dymo®. As part of the company’s Growth Game Plan, Newell Rubbermaid is making sharper portfolio choices and investing in new marketing and innovation to accelerate performance.

This press release and additional information about Newell Rubbermaid are available on the company’s Web site, www.newellrubbermaid.com.

Caution Concerning Forward-Looking Statements

Statements in this press release that are not historical in nature constitute forward-looking statements. These forward-looking statements relate to information or assumptions about the effects of sales, income/(loss), earnings per share, operating income, operating margin or gross margin improvements or declines, Project Renewal, capital and other expenditures, cash flow, dividends, restructuring and restructuring-related costs, costs and cost savings, inflation or deflation, particularly with respect to commodities such as oil and resin, debt ratings, and management's plans, projections and objectives for future operations and performance. These statements are accompanied by words such as "anticipate," "expect," "project," "will," "believe," "estimate" and similar expressions. Actual results could differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, our dependence on the strength of retail, commercial and industrial sectors of the economy in light of the continuation or escalation of the global economic slowdown or regional sovereign debt issues; currency fluctuations; competition with other manufacturers and distributors of consumer products; major retailers' strong bargaining power; changes in the prices of raw materials and sourced products and our ability to obtain raw materials and sourced products in a timely manner from suppliers; our ability to develop innovative new products and to develop, maintain and strengthen our end-user brands; our ability to expeditiously close facilities and move operations while managing foreign regulations and other impediments; our ability to successfully implement information technology solutions throughout our organization; our ability to improve productivity and streamline operations; changes to our credit ratings; significant increases in the funding obligations related to our pension plans due to declining asset values, declining interest rates or otherwise; the imposition of tax liabilities greater than our provisions for such matters; the risks inherent in our foreign operations; our ability to consummate the transactions contemplated by the Accelerated Share Repurchase Plan; and those factors listed in the company’s most recently filed Quarterly Report on Form 10-Q and Exhibit 99.1 thereto, filed with the Securities and Exchange Commission. Changes in such assumptions or factors could produce significantly different results. The information contained in this new release is as of the date indicated. The company assumes no obligation to update any forward-looking statements contained in this news release as a result of new information or future events or developments.

Newell Rubbermaid Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in millions, except per share data)



Three Months Ended September 30,
YOY
2013 2012 % Change

Net sales $ 1,487.2 $ 1,456.9 2.1 %
Cost of products sold 922.3 897.9

GROSS MARGIN 564.9 559.0 1.1 %
% of sales 38.0 % 38.4 %

Selling, general &
administrative expenses 355.0 359.7 (1.3 )%
% of sales 23.9 % 24.7 %

Restructuring costs 31.3 12.3

OPERATING INCOME 178.6 187.0 (4.5 )%
% of sales 12.0 % 12.8 %

Nonoperating expenses:
Interest expense, net 15.7 18.0
Loss on extinguishment of debt - 6.8
Other expense (income), net 0.7 (1.3 )
16.4 23.5 (30.2 )%

INCOME BEFORE INCOME TAXES 162.2 163.5 (0.8 )%
% of sales 10.9 % 11.2 %

Income taxes 39.9 57.3 (30.4 )%
Effective rate 24.6 % 35.0 %

NET INCOME FROM CONTINUING OPERATIONS 122.3 106.2 15.2 %
% of sales 8.2 % 7.3 %

Income from discontinued operations, net of tax 71.0 2.1

NET INCOME $ 193.3 $ 108.3 78.5 %
13.0 % 7.4 %

EARNINGS PER SHARE:
Basic
Income from continuing operations $ 0.42 $ 0.37
Income from discontinued operations $ 0.24 $ 0.01
Net income $ 0.67 $ 0.37

Diluted
Income from continuing operations $ 0.42 $ 0.36
Income from discontinued operations $ 0.24 $ 0.01
Net income $ 0.66 $ 0.37

AVERAGE SHARES OUTSTANDING:
Basic 290.1 290.7
Diluted 292.9 292.7



Newell Rubbermaid Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in millions, except per share data)



Nine Months Ended September 30,
YOY
2013 2012 % Change

Net sales $ 4,202.7 $ 4,132.7 1.7 %
Cost of products sold 2,581.5 2,533.0

GROSS MARGIN 1,621.2 1,599.7 1.3 %
% of sales 38.6 % 38.7 %

Selling, general &
administrative expenses 1,061.7 1,077.7 (1.5 )%
% of sales 25.3 % 26.1 %

Restructuring costs 97.7 34.4

OPERATING INCOME 461.8 487.6 (5.3 )%
% of sales 11.0 % 11.8 %

Nonoperating expenses:
Interest expense, net 45.3 58.7
Loss on extinguishments of debt - 6.8
Other expense (income), net 17.9 (1.0 )
63.2 64.5 (2.0 )%

INCOME BEFORE INCOME TAXES 398.6 423.1 (5.8 )%
% of sales 9.5 % 10.2 %

Income taxes 95.9 132.3 (27.5 )%
Effective rate 24.1 % 31.3 %

NET INCOME FROM CONTINUING OPERATIONS 302.7 290.8 4.1 %
% of sales 7.2 % 7.0 %

Income from discontinued operations, net of tax 54.6 8.6

NET INCOME $ 357.3 $ 299.4 19.3 %
8.5 % 7.2 %

EARNINGS PER SHARE:
Basic
Income from continuing operations $ 1.04 $ 1.00
Income from discontinued operations $ 0.19 $ 0.03
Net income $ 1.23 $ 1.03

Diluted
Income from continuing operations $ 1.03 $ 0.99
Income from discontinued operations $ 0.19 $ 0.03
Net income $ 1.22 $ 1.02

AVERAGE SHARES OUTSTANDING:
Basic 290.3 291.7
Diluted 293.4 293.8



Newell Rubbermaid Inc.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION
CERTAIN LINE ITEMS
(in millions, except per share data)

Three Months Ended September 30, 2013
GAAP Measure Restructuring and Non-GAAP Measure
restructuring-related Non-recurring Discontinued Percentage
Reported costs (1) tax items (2) operations (3) Normalized* of Sales

Cost of products sold $ 922.3 $ (1.1 ) $ - $ - $ 921.2 61.9 %

Gross margin $ 564.9 $ 1.1 $ - $ - $ 566.0 38.1 %

Selling, general & administrative expenses $ 355.0 $ (5.7 ) $ - $ - $ 349.3 23.5 %

Operating income $ 178.6 $ 38.1 $ - $ - $ 216.7 14.6 %

Income before income taxes $ 162.2 $ 38.1 $ - $ - $ 200.3

Income taxes (4) $ 39.9 $ 5.7 $ 3.1 $ - $ 48.7

Net income from continuing operations $ 122.3 $ 32.4 $ (3.1 ) $ - $ 151.6

Net income $ 193.3 $ 32.4 $ (3.1 ) $ (71.0 ) $ 151.6

Diluted earnings per share** $ 0.66 $ 0.11 $ (0.01 ) $ (0.24 ) $ 0.52


Three Months Ended September 30, 2012
GAAP Measure Restructuring and Loss on Non-GAAP Measure
restructuring-related Non-recurring Discontinued extinguishment Percentage
Reported costs (1) tax items (2) operations (3) of debt (5) Normalized* of Sales

Selling, general & administrative expenses $ 359.7 $ (8.6 ) $ - $ - $ - $ 351.1 24.1 %

Operating income $ 187.0 $ 20.9 $ - $ - $ - $ 207.9 14.3 %

Nonoperating expenses $ 23.5 $ - $ - $ - $ (6.8 ) $ 16.7

Income before income taxes $ 163.5 $ 20.9 $ - $ - $ 6.8 $ 191.2

Income taxes (4) $ 57.3 $ 3.0 $ (8.1 ) $ - $ 2.5 $ 54.7

Net income from continuing operations $ 106.2 $ 17.9 $ 8.1 $ - $ 4.3 $ 136.5

Net income $ 108.3 $ 17.9 $ 8.1 $ (2.1 ) $ 4.3 $ 136.5

Diluted earnings per share** $ 0.37 $ 0.06 $ 0.03 $ (0.01 ) $ 0.01 $ 0.47



*Normalized results are financial measures that are not in accordance with GAAP and exclude the above normalized adjustments. See below for a discussion of each of these adjustments.

**Totals may not add due to rounding.

(1) Restructuring and restructuring-related charges during the three months ended September 30, 2013 include $6.8 million of organizational change implementation and restructuring-related costs and $31.3 million of restructuring costs incurred in connection with Project Renewal. Restructuring and restructuring-related charges during the three months ended September 30, 2012 include $8.6 million of restructuring-related costs and $12.3 million of restructuring costs incurred in connection with the European Transformation Plan and Project Renewal.

(2) During the three months ended September 30, 2013, the Company recognized a non-recurring tax benefit of $3.1 million resulting from the resolution of various income tax contingencies and the expiration of various statutes of limitation. During the three months ended September 30, 2012, the Company incurred $8.1 million of non-recurring income tax charges resulting from tax contingencies and the expiration of various statutes of limitation.

(3) During the three months ended September 30, 2013, the Company recognized a net loss of $5.6 million in discontinued operations relating to the operations of the Hardware and Teach businesses and a $76.6 million gain related to the sale of the Hardware and Teach businesses. During the three months ended September 30, 2012, the Company recognized net income of $0.4 million in discontinued operations relating to the operations of the Hardware and Teach businesses and a $1.7 million gain primarily relating to the sale of the hand torch and solder business.

(4) The Company determined the tax effect of the items excluded from normalized results by applying the estimated effective rate for the applicable jurisdiction in which the pre-tax items were incurred, and for which realization of the resulting tax benefit, if any, is expected.

(5) Loss on extinguishment of debt of $6.8 million during the three months ended September 30, 2012 primarily represents the write-off of debt issuance costs associated with the extinguishment of the junior convertible subordinated debentures underlying the quarterly income preferred securities (QUIPS).



Newell Rubbermaid Inc.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION
CERTAIN LINE ITEMS
(in millions, except per share data)

Nine Months Ended September 30, 2013
GAAP Measure Restructuring Charge resulting from Non-GAAP Measure
and restructuring- the devaluation of the Non-recurring Discontinued Percentage
Reported related costs (1) Venezuelan Bolivar (2) tax items (3) operations (4) Normalized* of Sales


Cost of products sold $ 2,581.5 $ (1.1 ) $ - $ - $ - $ 2,580.4 61.4 %

Gross margin $ 1,621.2 $ 1.1 $ - $ - $ - $ 1,622.3 38.6 %

Selling, general & administrative expenses $ 1,061.7 $ (14.4 ) $ - $ - $ - $ 1,047.3 24.9 %

Operating income $ 461.8 $ 113.2 $ - $ - $ - $ 575.0 13.7 %

Nonoperating expenses $ 63.2 $ - $ (11.1 ) $ - $ - $ 52.1

Income before income taxes $ 398.6 $ 113.2 $ 11.1 $ - $ - $ 522.9

Income taxes (5) $ 95.9 $ 14.2 $ 4.1 $ 7.9 $ - $ 122.1

Net income from continuing operations $ 302.7 $ 99.0 $ 7.0 $ (7.9 ) $ - $ 400.8

Net income $ 357.3 $ 99.0 $ 7.0 $ (7.9 ) $ (54.6 ) $ 400.8

Diluted earnings per share** $ 1.22 $ 0.34 $ 0.02 $ (0.03 ) $ (0.19 ) $ 1.37


Nine Months Ended September 30, 2012
GAAP Measure Restructuring Loss on Non-GAAP Measure
and restructuring- Non-recurring Discontinued extinguishment Percentage
Reported related costs (1) tax items (3) operations (4) of debt (6) Normalized* of Sales

Selling, general & administrative expenses $ 1,077.7 $ (29.1 ) $ - $ - $ - $ 1,048.6 25.4 %

Operating income $ 487.6 $ 63.5 $ - $ - $ - $ 551.1 13.3 %

Nonoperating expenses $ 64.5 $ - $ - $ - $ (6.8 ) $ 57.7

Income before income taxes $ 423.1 $ 63.5 $ - $ - $ 6.8 $ 493.4

Income taxes (5) $ 132.3 $ 13.8 $ (19.2 ) $ - $ 2.5 $ 129.4

Net income from continuing operations $ 290.8 $ 49.7 $ 19.2 $ - $ 4.3 $ 364.0

Net income $ 299.4 $ 49.7 $ 19.2 $ (8.6 ) $ 4.3 $ 364.0

Diluted earnings per share** $ 1.02 $ 0.17 $ 0.07 $ (0.03 ) $ 0.01 $ 1.24


* Normalized results are financial measures that are not in accordance with GAAP and exclude the above normalized adjustments. See below for a discussion of each of these adjustments.
**Totals may not add due to rounding.

(1) Restructuring and restructuring-related charges during the nine months ended September 30, 2013 include $15.5 million of organizational change implementation and restructuring-related costs and $97.7 million of restructuring costs incurred in connection with Project Renewal. Restructuring and restructuring-related charges during the nine months ended September 30, 2012 include $29.1 million of restructuring-related costs and $34.4 million of restructuring costs incurred in connection with the European Transformation Plan and Project Renewal.

(2) During the nine months ended September 30, 2013, the Company recognized a foreign exchange loss of $11.1 million resulting from the devaluation of the Venezuelan Bolivar, which under hyperinflationary accounting is recorded in the Statement of Operations.

(3) During the nine months ended September 30, 2013, the Company recognized a non-recurring tax benefit of $7.9 million resulting from the resolution of various income tax contingencies and the expiration of various statutes of limitation. During the nine months ended September 30, 2012, the Company incurred $19.2 million of non-recurring tax charges resulting from incremental tax contingencies and the expiration of various statutes of limitation.

(4) During the nine months ended September 30, 2013, the Company recognized a net loss of $3.3 million in discontinued operations relating to the operations of the Hardware and Teach businesses and a $57.9 million net gain, including impairments, relating to the sale of the Hardware and Teach businesses. During the nine months ended September 30, 2012, the Company recognized net income of $6.9 million in discontinued operations relating to the operations of the Hardware and Teach businesses and a $1.7 million gain primarily related to the sale of the hand torch and solder business.

(5) The Company determined the tax effect of the items excluded from normalized results by applying the estimated effective rate for the applicable jurisdiction in which the pre-tax items were incurred, and for which realization of the resulting tax benefit, if any, is expected.

(6) Loss on extinguishment of debt of $6.8 million during the nine months ended September 30, 2012 primarily represents the write-off of debt issuance costs associated with the extinguishment of the junior convertible subordinated debentures underlying the quarterly income preferred securities (QUIPS).



Newell Rubbermaid Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions)

September 30, September 30,
Assets: 2013 2012

Cash and cash equivalents $ 197.4 $ 250.1
Accounts receivable, net 1,056.9 1,074.3
Inventories, net 822.6 822.8
Deferred income taxes 152.9 115.8
Prepaid expenses and other 154.4 161.3

Total Current Assets 2,384.2 2,424.3

Property, plant and equipment, net 523.1 549.6
Goodwill 2,351.4 2,355.7
Other intangible assets, net 619.2 661.4
Other assets 275.0 372.3

Total Assets $ 6,152.9 $ 6,363.3

Liabilities and Stockholders' Equity:

Accounts payable $ 575.1 $ 530.0
Accrued compensation 145.3 144.8
Other accrued liabilities 692.3 673.4
Short-term debt 29.2 291.0
Current portion of long-term debt 0.9 507.0

Total Current Liabilities 1,442.8 2,146.2

Long-term debt 1,671.1 1,366.1
Other noncurrent liabilities 845.9 784.2

Stockholders' Equity - Parent 2,189.6 2,063.3
Stockholders' Equity - Noncontrolling Interests 3.5 3.5

Total Stockholders' Equity 2,193.1 2,066.8

Total Liabilities and Stockholders' Equity $ 6,152.9 $ 6,363.3



Newell Rubbermaid Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED)
(in millions)

Nine Months Ended September 30,
2013 2012
Operating Activities:
Net income $ 357.3 $ 299.4
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization 119.4 122.1
Net gain from sale of discontinued operations (86.1 ) (5.2 )
Loss on extinguishment of debt - 6.8
Non-cash restructuring costs 3.9 1.3
Deferred income taxes 76.3 72.7
Stock-based compensation expense 27.7 26.3
Other, net 27.3 8.9
Changes in operating assets and liabilities, excluding the effects of
acquisitions and divestitures:
Accounts receivable 35.6 (61.5 )
Inventories (195.7 ) (119.9 )
Accounts payable 74.7 59.4
Accrued liabilities and other (139.4 ) (53.1 )
Net cash provided by operating activities $ 301.0 $ 357.2

Investing Activities:
Proceeds from sale of discontinued operations and noncurrent assets $ 180.9 $ 20.9
Acquisitions and acquisition-related activity - (26.5 )
Capital expenditures (85.7 ) (130.2 )
Other ... 1.8 (3.2 )
Net cash provided by (used in) investing activities $ 97.0 $ (139.0 )

Financing Activities:
Net short-term borrowings $ (180.9 ) $ 186.4
Proceeds from issuance of debt, net of debt issuance costs - 495.1
Payments on debt - (696.3 )
Repurchase and retirement of shares of common stock (119.2 ) (67.2 )
Cash dividends (132.1 ) (82.4 )
Excess tax benefits related to stock-based compensation 14.1 11.6
Other stock-based compensation activity, net 35.9 11.1
Net cash used in financing activities $ (382.2 ) $ (141.7 )

Currency rate effect on cash and cash equivalents $ (2.2 ) $ 3.4

Increase in cash and cash equivalents $ 13.6 $ 79.9
Cash and cash equivalents at beginning of period 183.8 170.2
Cash and cash equivalents at end of period $ 197.4 $ 250.1



Newell Rubbermaid Inc.
Financial Worksheet- Segment Reporting
(In Millions)

2013 2012
Reconciliation (1) Reconciliation (1) Year-over-year changes
Reported Excluded Normalized Operating Reported Excluded Normalized Operating Net Sales Normalized OI
Net Sales OI Items OI Margin Net Sales OI Items OI Margin $ % $ %
Q1:
Writing $ 340.6 $ 63.2 $ - $ 63.2 18.6 % $ 375.6 $ 66.4 $ - $ 66.4 17.7 % $ (35.0 ) (9.3 )% $ (3.2 ) (4.8 )%
Home Solutions 338.9 34.1 - 34.1 10.1 % 326.7 30.9 - 30.9 9.5 % 12.2 3.7 % 3.2 10.4 %
Tools 188.6 18.7 - 18.7 9.9 % 190.6 28.7 - 28.7 15.1 % (2.0 ) (1.0 )% (10.0 ) (34.8 )%
Commercial Products 183.1 21.6 - 21.6 11.8 % 175.4 18.6 - 18.6 10.6 % 7.7 4.4 % 3.0 16.1 %
Baby & Parenting 189.6 23.9 - 23.9 12.6 % 182.2 22.4 - 22.4 12.3 % 7.4 4.1 % 1.5 6.7 %
Restructuring Costs - (34.4 ) 34.4 - - (12.1 ) 12.1 - - -
Corporate - (29.3 ) 6.6 (22.7 ) - (31.7 ) 10.0 (21.7 ) - (1.0 ) (4.6 )%
Total $ 1,240.8 $ 97.8 $ 41.0 $ 138.8 11.2 % $ 1,250.5 $ 123.2 $ 22.1 $ 145.3 11.6 % $ (9.7 ) (0.8 )% $ (6.5 ) (4.5 )%


2013 2012
Reconciliation (1) Reconciliation (1) Year-over-year changes
Reported Excluded Normalized Operating Reported Excluded Normalized Operating Net Sales Normalized OI
Net Sales OI Items OI Margin Net Sales OI Items OI Margin $ % $ %
Q2:
Writing $ 477.8 $ 123.6 $ - $ 123.6 25.9 % $ 459.1 $ 105.7 $ - $ 105.7 23.0 % $ 18.7 4.1 % $ 17.9 16.9 %
Home Solutions 399.1 53.7 - 53.7 13.5 % 391.3 42.6 - 42.6 10.9 % 7.8 2.0 % 11.1 26.1 %
Tools 198.0 18.3 - 18.3 9.2 % 202.4 30.5 - 30.5 15.1 % (4.4 ) (2.2 )% (12.2 ) (40.0 )%
Commercial Products 203.6 21.9 - 21.9 10.8 % 190.1 21.1 - 21.1 11.1 % 13.5 7.1 % 0.8 3.8 %
Baby & Parenting 196.2 23.8 - 23.8 12.1 % 182.4 19.2 - 19.2 10.5 % 13.8 7.6 % 4.6 24.0 %
Restructuring Costs - (32.0 ) 32.0 - (10.0 ) 10.0 - - -
Corporate - (23.9 ) 2.1 (21.8 ) (31.7 ) 10.5 (21.2 ) - (0.6 ) (2.8 )%
Total $ 1,474.7 $ 185.4 $ 34.1 $ 219.5 14.9 % $ 1,425.3 $ 177.4 $ 20.5 $ 197.9 13.9 % $ 49.4 3.5 % $ 21.6 10.9 %

2013 2012
Reconciliation (1) Reconciliation (1) Year-over-year changes
Reported Excluded Normalized Operating Reported Excluded Normalized Operating Net Sales Normalized OI
Net Sales OI Items OI Margin Net Sales OI Items OI Margin $ % $ %
Q3:
Writing $ 454.7 $ 108.8 $ 0.3 $ 109.1 24.0 % $ 458.6 $ 83.6 $ 1.2 $ 84.8 18.5 % $ (3.9 ) (0.9 )% $ 24.3 28.7 %
Home Solutions 431.4 66.3 - 66.3 15.4 % 403.8 64.0 2.0 66.0 16.3 % 27.6 6.8 % 0.3 0.5 %
Tools 210.6 12.3 - 12.3 5.8 % 203.6 26.8 - 26.8 13.2 % 7.0 3.4 % (14.5 ) (54.1 )%
Commercial Products 196.3 23.5 - 23.5 12.0 % 205.6 31.2 - 31.2 15.2 % (9.3 ) (4.5 )% (7.7 ) (24.7 )%
Baby & Parenting 194.2 23.9 0.8 24.7 12.7 % 185.3 18.3 - 18.3 9.9 % 8.9 4.8 % 6.4 35.0 %
Restructuring Costs - (31.3 ) 31.3 - - (12.3 ) 12.3 - - -
Corporate - (24.9 ) 5.7 (19.2 ) - (24.6 ) 5.4 (19.2 ) - - 0.0 %
Total $ 1,487.2 $ 178.6 $ 38.1 $ 216.7 14.6 % $ 1,456.9 $ 187.0 $ 20.9 $ 207.9 14.3 % $ 30.3 2.1 % $ 8.8 4.2 %



2013 2012
Reconciliation (1) Reconciliation (1) Year-over-year changes
Reported Excluded Normalized Operating Reported Excluded Normalized Operating Net Sales Normalized OI
Net Sales OI Items OI Margin Net Sales OI Items OI Margin $ % $ %
YTD:
Writing $ 1,273.1 $ 295.6 $ 0.3 $ 295.9 23.2 % $ 1,293.3 $ 255.7 $ 1.2 $ 256.9 19.9 % $ (20.2 ) (1.6 )% $ 39.0 15.2 %
Home Solutions 1,169.4 154.1 - 154.1 13.2 % 1,121.8 137.5 2.0 139.5 12.4 % 47.6 4.2 % 14.6 10.5 %
Tools 597.2 49.3 - 49.3 8.3 % 596.6 86.0 - 86.0 14.4 % 0.6 0.1 % (36.7 ) (42.7 )%
Commercial Products 583.0 67.0 - 67.0 11.5 % 571.1 70.9 - 70.9 12.4 % 11.9 2.1 % (3.9 ) (5.5 )%
Baby & Parenting 580.0 71.6 0.8 72.4 12.5 % 549.9 59.9 - 59.9 10.9 % 30.1 5.5 % 12.5 20.9 %
Restructuring Costs - (97.7 ) 97.7 - - (34.4 ) 34.4 - - -
Corporate - (78.1 ) 14.4 (63.7 ) - (88.0 ) 25.9 (62.1 ) - (1.6 ) (2.6 )%
Total $ 4,202.7 $ 461.8 $ 113.2 $ 575.0 13.7 % $ 4,132.7 $ 487.6 $ 63.5 $ 551.1 13.3 % $ 70.0 1.7 % $ 23.9 4.3 %


(1) Excluded items consist of organizational change implementation, restructuring-related and restructuring costs. Organizational change implementation and restructuring-related costs of $15.5 million and restructuring costs of $97.7 million incurred during the nine months ended September 30, 2013 relate to Project Renewal. Restructuring-related costs of $29.1 million and restructuring costs of $34.4 million during the nine months ended September 30, 2012 relate to the European Transformation Plan and Project Renewal.



Newell Rubbermaid Inc.
Three Months Ended September 30, 2013
In Millions

Currency Analysis


By Segment

As Reported Core Sales (1) Year-Over-Year Increase (Decrease)
(Decrease) Increase Currency Excluding Including Currency
2013 2012 Increase 2013 2012 (Decrease) Impact Currency Currency Impact

Writing $ 454.7 $ 458.6 $ (3.9 ) $ 463.1 $ 462.0 $ 1.1 $ (5.0 ) 0.2 % (0.9 )% (1.1 )%
Home Solutions 431.4 403.8 27.6 433.5 404.2 29.3 (1.7 ) 7.2 % 6.8 % (0.4 )%
Tools 210.6 203.6 7.0 217.8 206.0 11.8 (4.8 ) 5.7 % 3.4 % (2.3 )%
Commercial Products 196.3 205.6 (9.3 ) 197.5 206.3 (8.8 ) (0.5 ) (4.3 )% (4.5 )% (0.2 )%
Baby & Parenting 194.2 185.3 8.9 200.2 185.6 14.6 (5.7 ) 7.9 % 4.8 % (3.1 )%

Total Company $ 1,487.2 $ 1,456.9 $ 30.3 $ 1,512.1 $ 1,464.1 $ 48.0 $ (17.7 ) 3.3 % 2.1 % (1.2 )%


By Geography

United States $ 1,035.9 $ 994.6 $ 41.3 $ 1,035.9 $ 994.6 $ 41.3 $ - 4.2 % 4.2 % (0.0 )%
Canada 84.8 84.7 0.1 88.2 85.4 2.8 (2.7 ) 3.3 % 0.1 % (3.2 )%
Total North America 1,120.7 1,079.3 41.4 1,124.1 1,080.0 44.1 (2.7 ) 4.1 % 3.8 % (0.3 )%

Europe, Middle East and Africa 162.9 172.4 (9.5 ) 159.9 177.5 (17.6 ) 8.1 (9.9 )% (5.5 )% 4.4 %
Latin America 104.3 85.5 18.8 117.5 87.2 30.3 (11.5 ) 34.7 % 22.0 % (12.7 )%
Asia Pacific 99.3 119.7 (20.4 ) 110.6 119.4 (8.8 ) (11.6 ) (7.4 )% (17.0 )% (9.6 )%
Total International 366.5 377.6 (11.1 ) 388.0 384.1 3.9 (15.0 ) 1.0 % (2.9 )% (3.9 )%

Total Company $ 1,487.2 $ 1,456.9 $ 30.3 $ 1,512.1 $ 1,464.1 $ 48.0 $ (17.7 ) 3.3 % 2.1 % (1.2 )%



(1) "Core Sales" is determined by applying a fixed exchange rate, calculated as the 12-month average in 2012, to the current and prior year local currency sales amounts, with the difference between the change in "As Reported" sales and the change in "Core Sales" reported in the table as "Currency Impact".



Newell Rubbermaid Inc.
Nine Months Ended September 30, 2013
In Millions

Currency Analysis


By Segment

As Reported Core Sales (1) Year-Over-Year (Decrease) Increase
(Decrease) (Decrease) Currency Excluding Including Currency
2013 2012 Increase 2013 2012 Increase Impact Currency Currency Impact

Writing $ 1,273.1 $ 1,293.3 $ (20.2 ) $ 1,287.6 $ 1,295.4 $ (7.8 ) $ (12.4 ) (0.6 )% (1.6 )% (1.0 )%
Home Solutions 1,169.4 1,121.8 47.6 1,173.1 1,122.2 50.9 (3.3 ) 4.5 % 4.2 % (0.3 )%
Tools 597.2 596.6 0.6 607.4 596.9 10.5 (9.9 ) 1.8 % 0.1 % (1.7 )%
Commercial Products 583.0 571.1 11.9 585.5 571.3 14.2 (2.3 ) 2.5 % 2.1 % (0.4 )%
Baby & Parenting 580.0 549.9 30.1 596.8 549.9 46.9 (16.8 ) 8.5 % 5.5 % (3.0 )%

Total Company $ 4,202.7 $ 4,132.7 $ 70.0 $ 4,250.4 $ 4,135.7 $ 114.7 $ (44.7 ) 2.8 % 1.7 % (1.1 )%


By Geography

United States $ 2,870.9 $ 2,775.5 $ 95.4 $ 2,870.9 $ 2,775.5 $ 95.4 $ - 3.4 % 3.4 % 0.0 %
Canada 230.0 236.0 (6.0 ) 236.2 237.0 (0.8 ) (5.2 ) (0.3 )% (2.5 )% (2.2 )%
Total North America 3,100.9 3,011.5 89.4 3,107.1 3,012.5 94.6 (5.2 ) 3.1 % 3.0 % (0.1 )%

Europe, Middle East and Africa 511.4 529.3 (17.9 ) 506.4 531.7 (25.3 ) 7.4 (4.8 )% (3.4 )% 1.4 %
Latin America 281.7 243.0 38.7 301.9 242.5 59.4 (20.7 ) 24.5 % 15.9 % (8.6 )%
Asia Pacific 308.7 348.9 (40.2 ) 335.0 349.0 (14.0 ) (26.2 ) (4.0 )% (11.5 )% (7.5 )%
Total International 1,101.8 1,121.2 (19.4 ) 1,143.3 1,123.2 20.1 (39.5 ) 1.8 % (1.7 )% (3.5 )%

Total Company $ 4,202.7 $ 4,132.7 $ 70.0 $ 4,250.4 $ 4,135.7 $ 114.7 $ (44.7 ) 2.8 % 1.7 % (1.1 )%



(1) "Core Sales" is determined by applying a fixed exchange rate, calculated as the 12-month average in 2012, to the current and prior year local currency sales amounts, with the difference between the change in "As Reported" sales and the change in "Core Sales" reported in the table as "Currency Impact".


.
.
Contact:.
.
Newell Rubbermaid
Nancy O’Donnell, [phone]
Vice President, Investor Relations
or
David Doolittle, [phone]
Vice President, Global Communications

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Newell Rubbermaid To Webcast Third Quarter 2013 Earnings Results
Business WirePress Release: Newell Rubbermaid – 1 hour 44 minutes ago

Newell Rubbermaid (NWL) today announced its third quarter 2013 earnings results will be released Friday, October 25, prior to market open, followed by a live webcast at 10:00 a.m. ET. To listen to the webcast, please visit Events & Presentations in the Investor Relations section of Newell Rubbermaid’s Web site at www.newellrubbermaid.com. The live webcast will be recorded and made available for replay.
About Newell Rubbermaid
Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of consumer and commercial products with 2012 sales of approximately $5.6 billion and a strong portfolio of leading brands, including Sharpie®, Paper Mate®, Rubbermaid Commercial Products®, Irwin®, Lenox®, Parker®, Waterman®, Rubbermaid®, Levolor®, Calphalon®, Goody®, Graco®, Aprica® and Dymo®. As part of the company’s Growth Game Plan, Newell Rubbermaid is making sharper portfolio choices and investing in new marketing and innovation to accelerate performance.
This press release and additional information about Newell Rubbermaid are available on the company’s Web site, www.newellrubbermaid.com.

Contact:
Newell Rubbermaid
Nancy O’Donnell, 770-418-7723
Vice President, Investor Relations
or
David Doolittle, 770-418-7519
Vice President, Global Communications

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Newell Rubbermaid Appoints Lead Creative and Media Agencies to Drive More Impactful Global Marketing
Consolidates agencies to step-change effectiveness and efficiency

PR NewswirePress Release: Newell Rubbermaid – 2 hours 1 minute ago
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RELATED QUOTES
Symbol Price Change
NWL 27.51 -0.15

ATLANTA, Oct. 3, 2013 /PRNewswire/ -- Newell Rubbermaid (NWL) today announced a significant step in making bigger, more strategic, global investments behind its brands with the consolidation of scores of local agencies worldwide into one lead creative partner and one lead media-buying partner. The two agencies will help oversee Newell Rubbermaid's global advertising and promotion investment.
Bartle Bogle Hegarty (BBH) has been selected as lead creative agency, which will have full responsibility to deliver strategy, creative execution and implementation (excluding media) in all brand-related communication channels. Part of the Publicis Groupe, BBH was named 2013 "Mid-Sized Agency of the Year" by the O'Toole Awards and is one of the most awarded advertising agencies in the world. BBH works with leading brands including Johnnie Walker, British Airways, KFC, Audi, Barclays Bank, Westin Hotels & Resorts, and Axe. The global assignment will be led by BBH New York, supported by the entire BBH global agency network including offices in London, Sao Paulo and Shanghai.
PHD has been selected as lead media agency, which will help with overall strategic communication planning and be responsible for all media placements across all channels. Originally founded as the world's first planning-led media agency, PHD, part of the Omnicom Media Group, was named Adweek's "Global Media Agency of the Year" in 2012 and is a proven innovator in communications planning and buying. PHD's clients include Mondelez, Porsche, Bentley, ANZ, GlaxoSmithKline, Hyatt and Canon.
"For the first time, we are aligning all our brands and categories behind one set of agency partners to drive big ideas that create a strong point of difference for consumers," said Richard Davies, Chief Marketing and Insights Officer of Newell Rubbermaid. "BBH and PHD are the best in the business at what they do. With their partnership, we now have the power to achieve much greater scale, reach and impact as we invest behind growing our brands worldwide."
"Our ambition is to push the limits of what's possible for our brands," said Mark Tarchetti, Newell Rubbermaid's Chief Development Officer. "The Growth Game Plan strategy promises to accelerate growth through sharper portfolio choices and new capabilities. Our progress is becoming an increasing reality in important steps like a new state of the art design center that will open next year, investments in e-commerce and innovation, and the appointment of global creative and media agencies. These moves allow us to step-change quality while taking all the efficiencies that come with scale. Our momentum is increasingly visible in the marketplace as we make new A&P investments that are unprecedented in Newell Rubbermaid's history, and build an even stronger 2014 plan."
The new agency relationships are effective Oct. 1, with transition work beginning immediately to ensure integrated teams are fully operational by the beginning of the year.
About Newell Rubbermaid
Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of consumer and commercial products with 2012 sales of approximately $5.6 billion and a strong portfolio of leading brands, including Sharpie®, Paper Mate®, Rubbermaid Commercial Products®, Irwin®, Lenox®, Parker®, Waterman®, Rubbermaid®, Levolor®, Calphalon®, Goody®, Graco®, Aprica® and Dymo®. As part of the company's Growth Game Plan, Newell Rubbermaid is making sharper portfolio choices and investing in new marketing and innovation to accelerate performance.
This press release and additional information about Newell Rubbermaid are available on the company's Web site, www.newellrubbermaid.com.