ATLANTA, Sept. 17, 2007 /PRNewswire-FirstCall/ -- Newell Rubbermaid
Inc. (NYSE: NWL) announced today that the company resolved certain tax
matters resulting in approximately $39 million of income, or $0.14 per
diluted share, in the third quarter.
In addition, the company announced it has revised its third quarter
sales growth guidance to the high end of the previously communicated range
of 5 percent to 7 percent due to strength in the Home & Family and Tools &
Hardware segments, as well as favorable foreign currency benefit.
For the third quarter, the company also raised its guidance for gross
margin expansion to the range of 125 and 175 basis points driven by strong
productivity and mix, and raised its guidance for normalized earnings per
share (which excludes Project Acceleration restructuring costs and the
effect of one-time tax items) to the range of $0.48 - $0.50.
For the full year, the company has increased its normalized earnings
per share guidance to the range of $1.74 - $1.78. All other expectations
for the full year remain unchanged. Newell Rubbermaid's third quarter and
most recent full year guidance was originally published as part of the
company's second quarter 2007 earnings release, available on the company's
Web site, http://www.newellrubbermaid.com.
A reconciliation of the third quarter and full year 2007 earnings
outlook is as follows:
Q3 2007 FY 2007
Diluted earnings per share
from continuing operations
(as reported): $0.50 - $0.52 $1.55 - $1.59
Project Acceleration
restructuring costs $0.09 - $0.15 $0.30 - $0.39
Diluted earnings per share
from continuing operations
(excluding charges): $0.62 - $0.64 $1.89 - $1.93
Tax benefits ($0.14) ($0.15)
"Normalized" EPS: $0.48 - $0.50 $1.74 - $1.78
Caution Concerning Forward-Looking Statements
The statements in this press release that are not historical in nature
constitute forward-looking statements. These forward-looking statements
relate to information or assumptions about the effects of Project
Acceleration, sales, income/(loss), earnings per share, operating income or
gross margin improvements, capital and other expenditures, cash flow,
dividends, restructuring costs, costs and cost savings, debt ratings, and
management's plans, projections and objectives for future operations and
performance. These statements are accompanied by words such as "expect,"
"project," "will," "believes," "estimate" and similar expressions. Actual
results could differ materially from those expressed or implied in the
forward-looking statements. Important factors that could cause actual
results to differ materially from those suggested by the forward-looking
statements include, but are not limited to, our dependence on the strength
of retail economies; competition with other manufacturers and distributors
of consumer products; major retailers' strong bargaining power; changes in
the prices of raw materials; our ability to develop innovative new products
and to develop, maintain and strengthen our end-user brands; our ability to
expeditiously close facilities and move operations while managing foreign
regulations and other impediments; our ability to implement successfully
information technology solutions throughout our organization; our ability
to improve productivity and streamline operations; the risks inherent in
our foreign operations and those factors listed in the company's most
recent quarterly report on Form 10-Q, and Exhibit 99.1 thereto, filed with
the Securities and Exchange Commission.
Non-GAAP Financial Measures
This release contains non-GAAP financial measures within the meaning of
Regulation G promulgated by the Securities and Exchange Commission.
Included in this release is a reconciliation of these non-GAAP financial
measures to the most directly comparable financial measures calculated in
accordance with GAAP.
About the Company
Newell Rubbermaid Inc. is a global marketer of consumer and commercial
products with sales of approximately $6 billion and a strong portfolio of
brands, including Sharpie(R), Paper Mate(R), DYMO(R), EXPO(R), Waterman(R),
Parker(R), Rolodex(R), IRWIN(R), LENOX(R), BernzOmatic(R), Rubbermaid(R),
Graco(R), Calphalon(R) and Goody(R). The company is headquartered in
Atlanta, Ga., and has approximately 23,500 employees worldwide.
This press release and additional information about the company are
available on the company's Web site http://www.newellrubbermaid.com.
NWL-EA
SOURCE Newell Rubbermaid Inc.
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Related links:
http://www.newellrubbermaid.com
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CONTACT:
Ron Hardnock, Vice President, Investor
Relations, or David Doolittle, Director, Corporate
Communications, both of Newell Rubbermaid Inc., +1-770-407-3994,
Fax: +1-770-407-3983
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