Newell Brands (NASDAQ:NWL) Updates FY 2024 Earnings Guidance

Newell Brands (NASDAQ:NWL) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided earnings per share guidance of 0.520-0.620 for the period, compared to the consensus earnings per share estimate of 0.570. The company issued revenue guidance of $7.5 billion-$7.7 billion, compared to the consensus revenue estimate of $7.6 billion. Newell Brands also updated its FY24 guidance to $0.52-$0.62 EPS.

Newell Brands Stock Up 7.9 %

NWL stock opened at $7.49 on Friday. The company has a current ratio of 1.16, a quick ratio of 0.63 and a debt-to-equity ratio of 1.47. The company’s 50 day moving average is $7.48 and its 200 day moving average is $7.73. The stock has a market cap of $3.11 billion, a price-to-earnings ratio of -7.31, a price-to-earnings-growth ratio of 1.39 and a beta of 0.95. Newell Brands has a 1-year low of $6.49 and a 1-year high of $12.31.

Newell Brands (NASDAQ:NWL) last posted its quarterly earnings data on Friday, April 26th. The company reported ($0.07) earnings per share for the quarter, hitting the consensus estimate of ($0.07). The company had revenue of $1.70 billion for the quarter, compared to analysts’ expectations of $1.64 billion. Newell Brands had a negative net margin of 4.77% and a positive return on equity of 10.24%. Newell Brands’s revenue for the quarter was down 5.8% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.06) earnings per share. Sell-side analysts predict that Newell Brands will post 0.56 EPS for the current fiscal year.

Newell Brands Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Thursday, February 29th were paid a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 3.74%. The ex-dividend date of this dividend was Wednesday, February 28th. Newell Brands’s dividend payout ratio is currently -29.47%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. JPMorgan Chase & Co. upped their target price on Newell Brands from $7.00 to $9.00 and gave the stock a neutral rating in a research note on Tuesday, January 9th. UBS Group lowered Newell Brands from a buy rating to a neutral rating and cut their target price for the stock from $10.00 to $8.50 in a research note on Friday, February 16th. Barclays upped their target price on Newell Brands from $5.00 to $6.00 and gave the stock an underweight rating in a research note on Tuesday, January 16th. Morgan Stanley dropped their price objective on Newell Brands from $8.50 to $7.75 and set an equal weight rating for the company in a research note on Monday, February 12th. Finally, Citigroup dropped their price objective on Newell Brands from $9.00 to $7.50 and set a neutral rating for the company in a research note on Monday, February 12th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of Hold and a consensus target price of $9.13.

About Newell Brands

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.