Investing.com — Sharpie maker saw its shares climb as much as 13.2% to $4.62 in early trading on Friday, reaching a more than two-month high.
The company raised its full-year net sales outlook to a range of flat to a 2% increase, up from its previous forecast of a 1% decline to a 1% gain. Newell also lifted the low end of its annual normalized earnings per share guidance to a range of 56 cents to 60 cents, compared with its prior outlook of 54 cents to 60 cents.
The revised forecasts came as the company reported first-quarter results that beat sales expectations and posted a smaller-than-expected loss.
CEO Chris Peterson said consumer demand for the company’s products exceeded expectations, driven by continued investment in innovation, advertising and promotional support, despite a challenging macroeconomic environment.
The company said it faces a $5 million impact from every $5 movement in the per-barrel price of oil. Newell plans to offset the impact if oil prices rise and reinvest the benefit or boost profit if prices decline.
Including Friday’s gains, Newell shares have risen 21% year to date.
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