{"id":27790,"date":"2023-04-28T12:24:32","date_gmt":"2023-04-28T12:24:32","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/sharpie-maker-newell-sees-2023\/"},"modified":"2023-04-28T12:29:13","modified_gmt":"2023-04-28T12:29:13","slug":"sharpie-maker-newell-sees-2023","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/sharpie-maker-newell-sees-2023\/","title":{"rendered":"Sharpie-maker Newell sees 2023 profit at low end of forecast on higher costs, softer demand"},"content":{"rendered":"

(Reuters) – Sharpie-maker Newell Brands Inc on Friday forecast annual sales and profit at the low end of its previous outlook, signaling a hit from softer demand for its products and higher costs.<\/p>\n

Shares of the company fell about 2% in premarket trading.<\/p>\n

While the supply chain snags gradually ease, the Atlanta-based company is still grappling with elevated costs, including for raw material, as well as slowing demand for its home and outdoor products such as containers and camping gear after a pandemic-induced boom.<\/p>\n

Besides, consumers have turned price-sensitive as elevated inflation eat into their disposable income, leaving limited room for spending on non-essential items.<\/p>\n

Newell Chief Financial Officer Mark Erceg said “consumer discretionary spending in our categories remains under pressure”.<\/p>\n

The company expects 2023 net sales and adjusted profit to be at the lower end of its prior range of $8.4 billion to $8.6 billion, and $0.95 to $1.08 per share, respectively.<\/p>\n

Newell also forecasts second-quarter results below analysts’ estimates.<\/p>\n

The company expects to post sales between $2.13 billion and $2.24 billion, and profit between 10 cents and 18 cents per share in the second quarter.<\/p>\n

Analysts on average expect revenue of $2.2 billion and profit of 38 cents per share, according to Refinitiv data.<\/p>\n

In the first quarter, Newell posted a bigger-than-expected loss as margins took a hit due to higher costs.<\/p>\n

\n

(Reporting by Aatrayee Chatterjee in Bengaluru; Editing by Shilpi Majumdar)<\/p>\n

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(Reuters) – Sharpie-maker Newell Brands Inc on Friday forecast annual sales and profit at the low end of its previous outlook, signaling a hit from softer demand for its products and higher costs. Shares of the company fell about 2% in premarket trading. While the supply chain snags gradually ease, the Atlanta-based company is still […]<\/p>\n","protected":false},"author":8,"featured_media":27791,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[],"class_list":["post-27790","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3R0LY-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/27790","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=27790"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/27790\/revisions"}],"predecessor-version":[{"id":27793,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/27790\/revisions\/27793"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/27791"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=27790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=27790"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=27790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}