Newell Rubbermaid (NYSE:NWL) shares continue to trade down this morning, after having already shed nearly 12% of value in market activity today. The downslide for Rubbermaid shares came after news that the company cut its outlook for the year 2011 this morning, based on “persistent softness in the U.S. economy, increased inflationary pressure, and weak consumer spending trends.” Bad news.
NWL announced that it has pared-down estimates for Q2 profits, saying they will fall short of its target and full-year adjusted EPS will be in the range of $1.60-1.67. More stats; “Core sales growth to be 3-4%, down from 4-5% prior guidance. Gross margin to expand 40-60 bps, down from 50-75 bps guidance. Q2 normalized EPS could be up to 15% lower than consensus estimates.”
Newell Rubbermaid Inc. is a global marketer of consumer and commercial products. Its products are marketed under a portfolio of brands, including Rubbermaid, Graco, Aprica, Levolor, Calphalon, Goody, Sharpie, Paper Mate, Dymo, Parker, Waterman, Irwin, Lenox and Technical Concepts. Its multi-product offering consists of consumer and commercial products in three business segments: Home & Family; Office Products, and Tools, Hardware & Commercial Products.
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