Newell Brands Inc. (NASDAQ: NWL) reported lower net profit for the second quarter of 2023 when the consumer goods company’s sales declined.
- Second-quarter net sales decreased 13% annually to $2.2 billion, mainly reflecting a core sales decrease of 11.9% and the impact of unfavorable foreign exchange
- Gross margin was 28.5% in Q2 compared to 33% in the prior year period; margins were negatively impacted by fixed cost deleveraging, inflation, and higher restructuring-related charges
- Operating income, on a reported basis, declined to $120 million from $328 million in the prior year period
- The company reported net income of $18 million or $0.04 per share for Q2, compared to $199 million or $0.48 per share last year
- Normalized net income was $101 million or $0.24 per share, vs. $232 million or $0.56 per share in the second quarter of 2022
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