Newell Brands (NASDAQ:NWL) Releases FY24 Earnings Guidance

Newell Brands (NASDAQ:NWL) issued an update on its FY24 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of $0.60-0.65 for the period, compared to the consensus estimate of $0.60. Newell Brands also updated its FY 2024 guidance to 0.600-0.650 EPS.

Newell Brands Stock Up 40.5 %

Shares of NWL traded up $2.57 during mid-day trading on Friday, hitting $8.91. 26,323,587 shares of the company’s stock were exchanged, compared to its average volume of 4,567,726. The company has a market cap of $3.70 billion, a price-to-earnings ratio of -12.38, a P/E/G ratio of 1.18 and a beta of 0.89. Newell Brands has a fifty-two week low of $5.39 and a fifty-two week high of $11.61. The company has a debt-to-equity ratio of 1.48, a quick ratio of 0.58 and a current ratio of 1.15. The stock’s 50-day moving average is $6.90 and its 200-day moving average is $7.49.

Newell Brands (NASDAQ:NWL) last issued its quarterly earnings results on Friday, July 26th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.15. The business had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.05 billion. Newell Brands had a negative net margin of 3.70% and a positive return on equity of 11.21%. The business’s quarterly revenue was down 7.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.24 earnings per share. On average, sell-side analysts anticipate that Newell Brands will post 0.6 earnings per share for the current fiscal year.

Newell Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Friday, May 31st were given a dividend of $0.07 per share. The ex-dividend date was Friday, May 31st. This represents a $0.28 annualized dividend and a dividend yield of 3.14%. Newell Brands’s dividend payout ratio is presently -38.89%.

Analyst Ratings Changes

Several brokerages recently weighed in on NWL. Wells Fargo & Company reduced their target price on shares of Newell Brands from $8.00 to $6.00 and set an equal weight rating on the stock in a report on Wednesday, July 10th. Barclays raised shares of Newell Brands from an underweight rating to an equal weight rating and set a $8.00 price objective on the stock in a report on Tuesday, May 14th. JPMorgan Chase & Co. cut their price objective on shares of Newell Brands from $8.00 to $7.00 and set a neutral rating on the stock in a report on Monday, July 22nd. Canaccord Genuity Group raised their price objective on shares of Newell Brands from $9.00 to $10.00 and gave the stock a buy rating in a report on Monday, April 29th. Finally, Citigroup cut their price objective on shares of Newell Brands from $8.00 to $6.25 and set a neutral rating on the stock in a report on Wednesday, July 10th. Ten research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, Newell Brands presently has an average rating of Hold and an average target price of $8.18.

Newell Brands Company Profile

Newell Brands Inc engages in the design, manufacture, sourcing, and distribution of consumer and commercial products worldwide. The company operates in three segments: Home and Commercial Solutions, Learning and Development, and Outdoor and Recreation. The Commercial Solutions segment provides commercial cleaning and maintenance solution products under the Rubbermaid, Rubbermaid Commercial Products, Mapa, and Spontex brands; closet and garage organization products; hygiene systems and material handling solutions; household products, such as kitchen appliances under the Crockpot, Mr.