Newell Rubbermaid (NWL) is expected to report Q1 earnings before the market open on Thursday, April 30, with a conference call scheduled for 9:00 am ET.
Analysts are looking for a profit of 8c on revenue of $1.19B. The consensus range is 7c-12c for EPS, and revenue of $1.17B-$1.22B, according to First Call. In March, the company reaffirmed Q1 EPS guidance for 7c-12c, in line with the consensus estimate, and lowered its Q1 revenue guidance to $1.16B-$1.25B from $1.2B-$1.28B. The company also halved its dividend to 5c from 10.5c, in order to maintain its investment-grade credit rating.
Citigroup analyst Wendy Nicholson told investors that the dividend cut was "a disappointment, but not a big surprise," as the recession continues to hammer business. In addition, the consumer products maker announced a $250M convertible note offering, intended to permit the repayment of a portion of its $750M in debt that matures in 2H09.