Newell Rubbermaid reported that net income dipped slightly in Q2 2013, to $109.8 million, or $0.37 per diluted share, compared with $111.8 million, or $0.38 per diluted share, in the same period last year. However, net sales for Q2 2013 were $1.47 billion, a 3.5% increase from the same period in 2012.
“Our second quarter was another quarter of steady progress,” said Michael Polk, president and CEO of Newell Rubbermaid. “Underlying core sales grew 2.5% and normalized EPS grew 11.1% to $0.50. We are well positioned to accelerate core growth in the back half of the year fueled by new item launches in Commercial Products, Tools, Writing and Baby and strengthened brand investment. We are confident in our full year 2013 guidance on core sales growth, margin and cash flow and given our strong EPS performance year to date, we are raising the low end of our normalized earnings per share guidance by $0.02, narrowing our guidance range to $1.80 to $1.84, a year-over-year increase of 8% to 10%.”
Newell Rubbermaid’s Home Solutions segment net sales for the second quarter were $399.1 million, a 2% increase compared with the prior year quarter. Core sales in the segment increased 2.3%. The growth was driven by strong merchandising-driven results from Rubbermaid and increased distribution on Calphalon. Operating income in the Home Solutions segment was $53.7 million, or 13.5% of sales, compared with $42.6 million, or 10.9% of sales, in the year ago quarter.