(By Balachander) Newell Rubbermaid Inc. (NYSE: NWL) reported better-than-expected quarterly earnings on higher sales and the maker of consumer and commercial products issued its forecast for 2013 in line with consensus.
The Atlanta, Georgia-based company earned $0.43 per share for the fourth quarter on an normalized basis, up from $0.40 per share in the comparable period of last year. Reported earnings jumped 27 percent to $102 million.
Net sales grew 1.6 percent to $1.52 billion. On a core basis and excluding currency translation effects, top-line rose 2.2 percent.
Wall Street analysts, on average, expected NWL to earn $0.42 per share on sales of $1.52 billion.
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Newell Rubbermaid cited the increase in sales to the Tools, Baby & Parenting and Writing segments and robust growth in Latin America.
The company, which manufactures Sharpie markers and Rubbermaid storage containers, posted normalized gross margin of 36.7 percent, down 50 basis points from the year-ago quarter.
Selling, general & administrative expenses fell 2.8 percent and restructuring costs more than halved.
Looking ahead for the full year 2013, the company expects normalized earnings per share in the range of $1.78 to $1.84 on core sales growth between 2 percent and 4 percent. Analysts expect earnings of $1.82 per share.
NWL shares, which have been trading in the 52-week range between $16.63 and $23.71, closed Thursday's regular trading at $23.48.