Sam Boughedda

Investing.com — After the announcement of third quarter earnings, shares in consumer goods company Inc (NASDAQ) rose on Friday.

Newell posted a non GAAP EPS of 54cs which beat estimates by 4 cents. Revenue was $2.79billion, higher than the consensus estimate of $2.78billion. 

The shares of the company increased by around 6.8% and now stand at $23.25.

Chris Peterson is chief financial officer, president of Business Operations and Chris Peterson said that “in the third quarter, solid operational delivery combined with financial discipline enabled us to deliver better operating profit than we anticipated and sustain progress on our cash conversion cycle.”

Newell has increased its full-year net revenue outlook from $10.1 billion to 10.35 billion, to $10.38 to $10.46 billion. The full-year forecast for normalized earnings per shares increased to $1.69-1.73, from $1.63-1.73.

We are confident that we can improve our top- and bottom-line outlooks for the full year 2021, even though the environment is volatile and challenging. Peterson said that core sales growth is now expected to be 10 percent to 11 percent, with normalized earnings per share at $1.69-$1.73 for 2021.

On October 20, Deutsche Bank analyst Steve Powers cut his price target to $25 from $26, maintaining a hold rating.