Monday October 29th, 2012 - 9:20AM
For the third quarter, Newell Rubbermaid reported that net income came in at $108.3 million, or 37 cents per diluted share, versus a net loss of $177.6 million, or 61 cents per diluted share, in last year’s period, yet noted that, excluding extraordinary charges, the company earned 47 cents per diluted share versus 45 cents in the year prior. Operating income was $188.4 million in the latest completed quarter versus a loss of $192.2 million in the period last year.
Adjusted earnings per share beat a Zacks Consensus Estimate of 44 cents.
Newell Rubbermaid said lower interest and other expense, and fewer shares outstanding were critical to delivering better earnings per share numbers.
The company also said it would expand its Project Renewal reorganization program to flatten and simplify organization around the first two pillars of its growth game plan: brand and category development, and best in class execution and delivery. The company said that it would release costs at a quicker pace, which will allow it to invest in faster growth and the geographic expansion of leading brands, while sharpening line of sight to earnings and operating cash flow growth
"Our solid third quarter results represent another step toward establishing a more consistent cadence of delivery. I am encouraged by the progress we have made over the last 15 months and excited by the significant potential that lies ahead," said Michael Polk, Newell Rubbermaid president and CEO. "We have built the organization's capacity to drive delivery and drive change. We are on track to deliver the savings we committed to in the first phase of Project Renewal on time and in full. Today's announced expansion of Project Renewal will accelerate our transformation."