Newell Brands Inc (NWL)

[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