Consumer products giant Newell Rubbermaid saw strong profit growth in the third quarter, largely because of the multi-million sale of its hardware business this past summer.
Sandy Springs-based Newell on Friday reported third quarter net income of $193.3 million or 66 cents a share compared to $108.3 million or 37 cents a share during the same period last year.
The company sold its hardware business, which included Amerock, Ashland Hardware Systems, Bulldog Hardware and Shur-Line brands, to Nova Capital for $214 million in early August.
Newell, the maker of Calphalon cookware, Sharpie pens and Levolor blinds, said net sales were up in its tools, parenting and home solutions segments in the third quarter. However, net sales were down in the writing and commercial products segments.
“The sequential improvement in our growth rate versus our first half results was driven by core sales growth of over 4 percent in North America and 35 percent in Latin America,” Michael Polk, Newell’s president and chief executive officer, said an an earnings release.
The company also announced that its board authorized a $350 million accelerated share repurchase plan.
About the Author
Keep Reading
The Latest
Featured
