Newell Brands jumps after raising annual profit forecast
Updates
** Sharpie maker Newell Brands NWL.O jumps as much as 29.8% to$8.23
** Co lifts annual adj EPS forecast as turnaround plan returns strong margin growth in Q2
** Expects adj EPS between 60 cents and 65cents, up from prior forecast of 52 cents to 62 cents
** Co also tightens the upper end of its annual core sales target; now expects a decline of 4% to 3%, compared with a 6% to 3% decline expected earlier
** Q2 gross margin rose by 590 bps vs last year
** Still, Q2 net sales fell 7.8% to $2.03 billion, short of estimates of $2.05 billion - LSEG
** "While the macroeconomic environment remains choppy, the transformation of our business is clearly underway, which has given us confidence to improve our financial outlook for the year," says CFO Mark Erceg
** YTD stock down ~27% as of last close
Reporting by Juveria Tabassum in Bengaluru
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