Newell Rubbermaid Cuts Earnings Outlook
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Newell Rubbermaid Inc. warned that profits in its second quarter and full year would be lower than expected because of slower economic growth in the U.S. and Europe and accelerated spending to improve its business.
The warning was the second time in two months that the maker of Calphalon cookware and Rubbermaid storage products lowered guidance for the year. The company noted sales declines in all its key businesses, but especially in Calphalon, Levolor and Little Tikes/Graco, which makes toys and child-safety devices.
The company said it expects earnings in the second quarter to be 29 cents, down from previous guidance of 37 cents to 42 cents.
It expects earnings for the year of $1.20 to $1.30 a share, compared with its previous guidance of $1.50 to $1.65.
Newell Rubbermaid shares fell $1.67 to $22.70 on the NYSE.
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