Newell Rubbermaid (NWL) is expected to report Q3 earnings before the market open on Wednesday, October 28 with a conference call scheduled for 9 am ET.
Analysts are looking for a profit of 35c on revenue of $1.47B. The consensus range is 29c-41c for EPS, and revenue of $1.43B-$1.51B, according to First Call. In July the company forecast Q3 EPS 25c-35c on net sales declining in the high teens percent range. The company also guided FY09 EPS $1.15-$1.30 versus First Call consensus of $1.28, and said net sales will decline at the "unfavorable end" of previous guidance of down 10%-15%. During Q3 the company announced the retirement of Dale Mataschullat, general counsel, who will be succeeded on December 31 by John Stipancich, and said CFO Patrick Robinson will leave the company. In addition, Newell Rubbermaid is expected to cease operations at its office products plant in Janesville in Q1 of 2010, and move the work to Mexico, putting 153 employees out of work, the Milwaukee Business Journal reported. In a statement, Newell Rubbermaid said the restructuring is a response to "structural issues accelerated by market trends."
RBC Capital believes the company may report increasing gross margins and FY09 EPS that may surpass guidance.