Consumer goods company Newell Brands Inc. (NASDAQ: NWL) Friday reported a sharp increase in earnings for the second quarter of 2024, despite a decrease in sales.
- Second-quarter net sales decreased 7.8% to $2.0 billion from the prior year period; core sales declined 4.2%
- Net income moved up to $45 million in the June quarter from $18 million in the prior year period
- On an adjusted basis, the normalized profit rose to $151 million in Q2 from $101 million last year and the normalized EBITDA increased to $284 million from $258 million
- On a per-share basis, Q2 earnings advanced to $0.11 from $0.04 in the comparable quarter a year earlier
- Normalized earnings per share were $0.36 during the three months, up from $0.24 per share reported in Q2 2023
- Year-to-date operating cash flow was $64 million, compared to $277 million in the prior year period
- For the third quarter of 2024, the management expects net sales to drop 6-4%