Newell Rubbermaid 4Q Net Income Up 26% A Share

This week, Newell Rubbermaid reported a 26% improvement in its fourth quarter normalized earnings per share to 34 cents versus the same period in 2009. 

Net income for the 2010 quarter was $75.7 million compared with $60.6 million for the same quarter in 2009. The company reported 4Q core sales growth of 4.9%.
The company also reported a net sales gain of $1.47 billion, a 3.4% increase over the same quarter last year, and gross margin for the quarter was 37.1%, up 10 basis points from last year.
“I’m pleased to report the conclusion of a successful year for Newell Rubbermaid,” said Mark Ketchum, president and CEO. “We finished out 2010 with very positive fourth-quarter results. As I look back on 2010, I think it’s most notable that we consistently grew cores sales in a sluggish economy and delivered on all of our financial targets, while continuing to advance our long-term growth strategies. We exit 2010 with positive momentum that provides even greater confidence in our 2011 prospects.”
Newell Rubbermaid was able to take advantage of a lower income tax rate for the quarter as well, reducing its tax rate to 21.2% compared to 29.3% in 2009.
Net sales for the 12 months ended December 31, 2010 increased 3.3% to $5.76 compared to $5.58 billion in the prior year. Core sales increased 4.7% for the full year.