4:17 pm Newell Rubbermaid to reaffirm FY14 guidance of adjusted EPS of $1.94-2.00 vs $1.99 Capital IQ Consensus Estimate, reaffirms core sales growth of 3-4% (NWL) : Co announced it will reaffirm its fiscal year 2014 outlook, as provided in its fourth quarter 2013 earnings press release dated January 31, 2014, during its presentation at RBC Capital Markets' Consumer & Retail Conference on March 13, 2014. The company will note that its first quarter results will be negatively impacted by the broad weather-driven retailer point of sale challenges in the United States and lost sales and costs associated with last month's announced recall of toddler car seats. The company expects the combined impact of these events to negatively affect the first quarter 2014 global core sales growth rate by approximately 100 to 200 basis points and normalized earnings per share by approximately 3 to 4 cents.
For the full year, the company expects to recover momentum led by its strong brand and innovation plans, extensive savings programs related to Project Renewal, and the natural rebound of point of sale in key US retailers as the seasons finally change.
As a result, the company's full year guidance remains unchanged for 2014:
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 (vs $1.99 Capital IQ Consensus Estimate)
Operating cash flow between $600 and $650 million
