Newell Brands Inc (NYSE:NWL) shares fell nearly 5 percent in the mid-day trading session on Monday after the company posted lower-than-expected quarterly revenue and also cut its sales outlook for the full year.
Overall, the company posted earnings of $165.6 million, or 34 cents per share in the fourth quarter, as compared to $13.2 million, or 5 cents per share, a year earlier. On an adjusted basis, earnings were 80 cents per share that matched consensus forecast.
Revenue for the quarter came in at $4.14 billion, up from $1.56 billion in the same period last year, but fell short of $4.27 billion forecasted by analysts.
The Atlanta, Georgia-based company also adjusted its guidance for 2017. Newell Brands is now expecting earnings in a range of $2.95 per share to $3.15 per share and core sales growth in between 2.5 percent to 4 percent. Earlier, it forecasted earnings in a range of $2.85 per share to $3.05 per share on core sales growth of 3-4 percent.
Newell Brands CEO, Michael Polk said in an interview that ‘’our outlook is designed to reflect the changes retailers are making.”
The consumer-products company depends greatly on retail partners to sell its wide range of goods. More than 85 percent of its sales still comes from brick and mortar stores.