Newell Brands beats by $0.05, beats on revs; raises FY17 EPS, in-line, reaffirms FY17 revs guidance; increases dividend 21%:
- Reports Q1 (Mar) earnings of $0.34 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus of $0.29; revenues rose 148.4% year/year to $3.27 bln vs the $3.23 bln Capital IQ Consensus, due to the inclusion of the acquired Jarden business and competitive core sales growth, partially offset by divestitures of Dcor and Tools. Core sales grew 2.5 percent driven by strong growth on Baby and Appliances within the Live Segment, Writing and Jostens within the Learn segment, Waddington within the Work Segment, Team Sports and Beverages within the Play Segment and Process Solutions within the Other Segment. All four regions delivered core sales growth.
- The benefits of increased sales and operating profitability were more than offset by higher interest expense and higher share count associated with the Jarden transaction. Announced a $0.04 per share increase in the quarterly dividend to $0.23 per share, an increase of 21 percent.
- Co issues guidance for FY17, raises EPS to $3.00-3.20 from $2.95-3.15, excluding non-recurring items, vs. $3.05 Capital IQ Consensus; reaffirms FY17 revs of $14.52-14.72 bln vs. $14.7 bln Capital IQ Consensus.
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