Net Sales Growth 3.3%; Core Sales Growth 3.2%
Delivers Operating Profit and EPS Ahead of Outlook Diluted EPS
$0.44; Normalized Diluted EPS $0.54 Raises Net Sales and Improves
EPS Outlook for Full Year 2021
Newell Brands (NASDAQ: NWL) today announced its third quarter
2021 financial results.
"We continued to execute very well throughout the third quarter
and our results reflect the effectiveness of our strategy, as well
as the resilience and agility of our operating model. Strong
consumer demand, supported by innovation, fueled core sales growth
of 3.2 percent, at the high-end of our evergreen target, on top of
a difficult year-ago comparison of 7.2 percent,” said Ravi
Saligram, Newell Brands President and CEO. “While we are taking
action to address the significant inflationary pressures and supply
chain bottlenecks, we are also advancing our strategic priorities,
by continuing to reduce complexity, capitalizing on the
international opportunity, and building operational excellence
throughout the organization. I am confident the company has a long
runway for value creation, as we position it for sustainable and
profitable growth, while building competitive advantage."
Chris Peterson, Chief Financial Officer and President, Business
Operations, said, “During the third quarter, strong operational
delivery, coupled with financial discipline, enabled us to deliver
better than anticipated operating profit and sustained progress on
the cash conversion cycle. While the external environment remains
challenging and volatile, strong year-to-date results give us
confidence to raise our top and bottom line outlooks for full year
2021. We now forecast core sales growth of 10 to 11 percent and
normalized earnings per share of $1.69 to $1.73 in 2021."
Third Quarter 2021 Executive
Summary
- Net sales were $2.8 billion, a 3.3 percent increase compared
with the prior year period, during which the company experienced
elevated demand across many of its categories. All five segments
grew net sales versus the third quarter of 2019.
- Core sales grew 3.2 percent compared with the prior year
period. Five of eight business units increased core sales compared
with the prior year period.
- Reported operating margin was 10.1 percent compared with 13.4
percent in the prior year period, largely reflecting the
significant headwind from inflation and an increase in advertising
and promotion expense, which more than offset benefits from lower
overhead costs, FUEL productivity savings, business mix and
pricing. Normalized operating margin was 11.4 percent compared with
14.9 percent in the prior year period.
- Reported diluted earnings per share were $0.44 compared with
$0.71 per share in the prior year period, with the year over year
change largely reflecting the decline in reported operating profit
and a change in the tax provision due to a reduction in discrete
benefits.
- Normalized diluted earnings per share were $0.54 compared with
$0.84 per share in the prior year period.
- In September, the company redeemed the remaining €300 million
of its 3.75 percent senior notes that were scheduled to mature in
October 2021. On October 15, the company announced its intention to
redeem in November 2021 the remaining $250 million of its 4.00
percent senior notes that are scheduled to mature in June
2022.
- The company's leverage ratio improved to 3.1x at the end of the
third quarter from 3.9x in the prior year period and 3.5x at the
end of 2020.
- The company raised its 2021 full year net sales outlook to
$10.38 billion to $10.46 billion from its previous range of $10.1
billion to $10.35 billion. The company also improved its 2021 full
year outlook for normalized earnings per share to $1.69 to $1.73
from its previous range of $1.63 to $1.73.
Third Quarter 2021 Operating
Results
Net sales were $2.8 billion, a 3.3 percent increase compared to
the prior year period, largely reflecting core sales growth of 3.2
percent. Net sales were 8.5 percent above the third quarter 2019
level.
Reported gross margin was 30.4 percent compared with 33.9
percent in the prior year period, as the significant headwind from
inflation, particularly related to resin, sourced finished goods,
transportation and labor, more than offset the benefits from FUEL
productivity savings, business mix and pricing. Normalized gross
margin was 30.6 percent compared with 33.9 percent in the prior
year period.
Reported operating income was $281 million compared with
reported operating income of $363 million in the prior year period.
Reported operating margin was 10.1 percent compared with 13.4
percent in the prior year period, largely reflecting the
significant headwind from inflation and an increase in advertising
and promotion expense, which more than offset benefits from lower
overhead costs, FUEL productivity savings, business mix and
pricing. Normalized operating income was $317 million, or 11.4
percent of sales, compared with $403 million, or 14.9 percent of
sales, in the prior year period.
Interest expense was $65 million compared with $71 million in
the prior year period.
The company reported a tax provision of $25 million compared
with a tax benefit of $21 million in the prior year period,
reflecting a reduction in discrete tax benefits. Normalized tax
expense was $20 million compared with a tax benefit of $23 million
in the prior year period.
The company reported net income of $190 million, or $0.44
diluted earnings per share, compared with net income of $304
million, or $0.71 diluted earnings per share, in the prior year
period. The year over year change largely reflects the decline in
reported operating profit and a change in the tax provision due to
a reduction in discrete benefits.
Normalized net income was $231 million, or $0.54 normalized
diluted earnings per share, compared with $356 million, or $0.84
normalized diluted earnings per share, in the prior year
period.
An explanation of non-GAAP measures and a reconciliation of
these non-GAAP results to comparable GAAP measures are included in
the tables attached to this release.
Balance Sheet and Cash
Flow
Year to date, operating cash flow was $490 million compared with
$820 million in the prior year period, largely reflecting a working
capital increase to support strong net sales growth, which more
than offset the year-over-year improvement in operating income and
cash conversion cycle.
In September, the company redeemed the remaining €300 million of
its 3.75 percent senior notes that were scheduled to mature in
October 2021. At the end of the third quarter, Newell Brands had
cash and cash equivalents of $494 million and net debt outstanding
of $4.6 billion. The company maintained a strong liquidity
position, with approximately $2.0 billion in available short-term
liquidity, including cash on hand. Newell Brands exited the third
quarter with a leverage ratio of 3.1x compared to 3.9x in the prior
year period and 3.5x at the end of 2020.
Leverage ratio is defined as the ratio of net debt to normalized
EBITDA from continuing operations. An explanation of how the
leverage ratio is calculated and a related reconciliation, as well
as a reconciliation of reported results to normalized results, are
included in the tables attached to this release.
Third Quarter 2021 Operating Segment
Results
Note: Prior year period results reflect meaningful shifts in
consumer demand from the COVID-19 pandemic, with comparability
impacted by elevated prior year results in the Commercial
Solutions, Home Appliances, Home Solutions and Outdoor &
Recreation operating segments, and subdued prior year results in
the Learning & Development operating segment.
The Commercial Solutions segment generated net sales of $486
million compared with $535 million in the prior year period,
reflecting core sales decline of 9.2 percent; net sales exceeded
the 2019 level. Core sales declined in both the Commercial and the
Connected Home & Security business units. Reported operating
income was $18 million, or 3.7 percent of sales, compared with
reported operating income of $84 million, or 15.7 percent of sales,
in the prior year period. Normalized operating income was $21
million, or 4.3 percent of sales, versus $88 million, or 16.4
percent of sales, in the prior year period.
The Home Appliances segment generated net sales of $443 million
compared with $430 million in the prior year period, reflecting
core sales growth of 1.9 percent and the impact of favorable
foreign exchange; net sales exceeded the 2019 level. Reported
operating income was $19 million, or 4.3 percent of sales, compared
with reported operating income of $19 million, or 4.4 percent of
sales, in the prior year period. Normalized operating income was
$24 million, or 5.4 percent of sales, versus $22 million, or 5.1
percent of sales, in the prior year period.
The Home Solutions segment generated net sales of $598 million
compared with $623 million in the prior year period, mostly
reflecting core sales decline of 3.6 percent; net sales exceeded
the 2019 level. Core sales decline in the Food business unit more
than offset core sales growth in the Home Fragrance business unit.
Reported operating income was $75 million, or 12.5 percent of
sales, compared with reported operating income of $123 million, or
19.7 percent of sales, in the prior year period. Normalized
operating income was $86 million, or 14.4 percent of sales, versus
$137 million, or 22.0 percent of sales, in the prior year
period.
The Learning & Development segment generated net sales of
$869 million compared with $728 million in the prior year period,
driven by core sales growth of 19.6 percent; net sales exceeded the
2019 level. Core sales increased in both the Writing and Baby
business units. Reported operating income was $195 million, or 22.4
percent of sales, compared with reported operating income of $158
million, or 21.7 percent of sales, in the prior year period.
Normalized operating income was $197 million, or 22.7 percent of
sales, compared with $164 million, or 22.5 percent of sales, in the
prior year period.
The Outdoor & Recreation segment generated net sales of $391
million compared with $383 million in the prior year period,
primarily reflecting core sales growth of 1.7 percent and the
impact of favorable foreign exchange; net sales exceeded the 2019
level. Reported operating income was $27 million, or 6.9 percent of
sales, compared with reported operating income of $39 million, or
10.2 percent of sales, in the prior year period. Normalized
operating income was $34 million, or 8.7 percent of sales, compared
with $46 million, or 12.0 percent of sales, in the prior year
period.
Project Ovid
During the third quarter, Newell Brands announced Project Ovid,
a multi-year initiative that is expected to transform the company's
go-to-market capabilities and end-to-end customer experience in the
U.S., improve customer service levels and drive operational
efficiencies. Through Project Ovid, the company seeks to optimize
its distribution network in the U.S. by consolidating 23
business-unit-centric supply chains into a single integrated supply
chain. The company will establish shared distribution centers in
the U.S., so that products from business units will be combined and
shipped together in full truckloads to more quickly and efficiently
satisfy customer and consumer demand, enable omnichannel success
and achieve an operational cadence defined by one order, one truck
and one invoice. The new operating model should unlock significant
value by leveraging the scale of the organization and is expected
to be implemented in multiple phases over the next eighteen
months.
Outlook for Full Year and Fourth
Quarter 2021
The company updated its full year outlook for 2021 and initiated
its fourth quarter 2021 guidance as follows:
Previous
Full Year 2021 Outlook
Updated
Full Year 2021 Outlook
Net Sales
$10.1 to $10.35 billion
$10.38 to $10.46 billion
Core Sales
7% to 10% growth
10% to 11% growth
Normalized Operating Margin
~11.1%
Slightly down
Normalized EPS
$1.63 to $1.73
$1.69 to $1.73
Operating Cash Flow
~$1.0 billion
~$1.0 billion
Q4 2021
Outlook
Net Sales
$2.60 to $2.68 billion
Core Sales
2% decline to 1% growth
Normalized Operating Margin
8.7% to 9.2%
Normalized EPS
$0.29 to $0.33
The company has presented forward-looking statements regarding
normalized operating margin and normalized earnings per share.
These non-GAAP financial measures are derived by excluding certain
amounts, expenses or income, from the corresponding financial
measures determined in accordance with GAAP. The determination of
the amounts that are excluded from these non-GAAP financial
measures is a matter of management judgement and depends upon,
among other factors, the nature of the underlying expense or income
amounts recognized in a given period. We are unable to present a
quantitative reconciliation of forward-looking normalized operating
margin or normalized earnings per share to their most directly
comparable forward-looking GAAP financial measures because such
information is not available, and management cannot reliably
predict all of the necessary components of such GAAP measures
without unreasonable effort or expense. In addition, we believe
such reconciliations would imply a degree of precision that would
be confusing or misleading to investors. The unavailable
information could have a significant impact on the company's future
financial results. These non-GAAP financial measures are
preliminary estimates and are subject to risks and uncertainties,
including, among others, changes in connection with quarter-end and
year-end adjustments. Any variation between the company's actual
results and preliminary financial data set forth above may be
material.
Conference Call
Newell Brands’ third quarter 2021 earnings conference call will
be held today, October 29, at 11:00 a.m. ET. A link to the webcast
is provided under Events & Presentations in the Investors
section of the company’s website at www.newellbrands.com. A webcast replay will be
made available in the Quarterly Earnings section of the company’s
website.
Non-GAAP Financial
Measures
This release contains non-GAAP financial measures within the
meaning of Regulation G promulgated by the U.S. Securities and
Exchange Commission (the "SEC") and includes a reconciliation of
non-GAAP financial measures to the most directly comparable
financial measures calculated in accordance with GAAP.
The company uses certain non-GAAP financial measures that are
included in this press release and the additional financial
information both to explain its results to stockholders and the
investment community and in the internal evaluation and management
of its businesses. The company’s management believes that these
non-GAAP financial measures and the information they provide are
useful to investors since these measures (a) permit investors to
view the company’s performance and liquidity using the same tools
that management uses to evaluate the company’s past performance,
reportable business segments, prospects for future performance and
liquidity, and (b) determine certain elements of management
incentive compensation.
The company’s management believes that core sales provides a
more complete understanding of underlying sales trends by providing
sales on a consistent basis as it excludes the impacts of
acquisitions, planned and completed divestitures, retail store
openings and closings, certain market exits, and changes in foreign
exchange from year-over-year comparisons. The effect of changes in
foreign exchange on reported sales is calculated by applying the
prior year average monthly exchange rates to the current year local
currency sales amounts (excluding acquisitions and divestitures),
with the difference between the 2020 reported sales and constant
currency sales presented as the foreign exchange impact increase or
decrease in core sales. The company’s management believes that
“normalized” gross margin, “normalized” operating income,
“normalized” operating margin, "normalized EBITDA," "normalized
EBITDA from continuing operations," “normalized” net income,
“normalized” diluted earnings per share, “normalized” interest and
“normalized” tax benefits, which exclude restructuring and
restructuring-related expenses and one-time and other events such
as costs related to the extinguishment of debt, certain tax
benefits and charges, impairment charges, pension settlement
charges, divestiture costs, costs related to the acquisition,
integration and financing of acquired businesses, amortization of
acquisition-related intangible assets, inflationary adjustments,
expenses related to certain product recalls and certain other
items, are useful because they provide investors with a meaningful
perspective on the current underlying performance of the company’s
core ongoing operations and liquidity. On a pro forma basis,
"normalized" items give effect to the company's decision not to
sell the Commercial, Mapa and Quickie businesses. “Normalized
EBITDA from continuing operations” is an ongoing liquidity measure
(that excludes non-cash items) and is calculated as pro forma
normalized earnings from continuing operations before interest, tax
depreciation, amortization and stock-based compensation expense.
"Leverage ratio" is a liquidity measure calculated as the ratio of
net debt (defined as total debt less cash and cash equivalents) to
normalized EBITDA from continuing operations. "Free cash flow
productivity” is calculated as the ratio of free cash flow
(calculated as net cash provided by operating activities less
capital expenditures) to normalized net income, and the company
believes that free cash flow productivity is an important indicator
of liquidity realized from the company’s core ongoing
operations.
The company determines the tax effect of the items excluded from
normalized diluted earnings per share by applying the estimated
effective rate for the applicable jurisdiction in which the pre-tax
items were incurred, and for which realization of the resulting tax
benefit, if any, is expected. In certain situations in which an
item excluded from normalized results impacts income tax expense,
the company utilizes a “with” and “without” approach to determine
normalized income tax benefit or expense. The company will also
exclude one-time tax expenses related to a change in tax status of
certain entities and the loss of GILTI tax credits as a result of
utilizing the 50% IRC Section 163(j) limit resulting from the CARES
Act to determine normalized income tax benefit.
While the company believes these non-GAAP financial measures are
useful in evaluating the company’s performance and liquidity, this
information should be considered as supplemental in nature and not
as a substitute for or superior to the related financial
information prepared in accordance with GAAP. Additionally, these
non-GAAP financial measures may differ from similar measures
presented by other companies.
About Newell Brands
Newell Brands (NASDAQ: NWL) is a leading global consumer goods
company with a strong portfolio of well-known brands, including
Rubbermaid®, Paper Mate®, Sharpie®, Dymo®, EXPO®, Parker®,
Elmer’s®, Coleman®, Marmot®, Oster®, Sunbeam®, FoodSaver®, Mr.
Coffee®, Rubbermaid Commercial Products®, Graco®, Baby Jogger®,
NUK®, Calphalon®, Contigo®, First Alert®, Mapa®, Spontex® and
Yankee Candle®. Newell Brands' beloved, planet friendly brands
enhance and brighten consumers lives at home and outside by
creating moments of joy, building confidence and providing peace of
mind.
This press release and additional information about Newell
Brands are available on the company’s website, www.newellbrands.com.
Caution Concerning Forward-Looking
Statements
Some of the statements in this press release and its exhibits,
particularly those anticipating future financial performance,
business prospects, growth, operating strategies, the impact of the
COVID-19 pandemic and similar matters, are forward-looking
statements within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. These statements generally can be
identified by the use of words or phrases, including, but not
limited to, "guidance", "outlook", “intend,” “anticipate,”
“believe,” “estimate,” “project,” “target,” “plan,” “expect,”
“setting up,” "beginning to,” “will,” “should,” “would,” "could,"
“resume,” “are confident that,” "remain optimistic that," "seek
to," or similar statements. We caution that forward-looking
statements are not guarantees because there are inherent
difficulties in predicting future results. Actual results may
differ materially from those expressed or implied in the
forward-looking statements, including the impairment charges and
accounting for income taxes. Important factors that could cause
actual results to differ materially from those suggested by the
forward-looking statements include, but are not limited to:
- our ability to manage the demand, supply and operational
challenges with the actual or perceived effects of the COVID-19
pandemic, including as a result of any additional variants of the
virus or the efficacy and distribution of vaccines, as well as the
impact of any vaccine mandates on our global businesses;
- our dependence on the strength of retail, commercial and
industrial sectors of the economy in various countries around the
world;
- competition with other manufacturers and distributors of
consumer products;
- major retailers’ strong bargaining power and consolidation of
our customers;
- changes in the prices and availability of labor,
transportation, raw materials and sourced products, including
significant inflation, and our ability to obtain them in a timely
manner;
- our ability to improve productivity, reduce complexity and
streamline operations;
- the cost and outcomes of governmental investigations,
inspections, lawsuits, legislative requests or other actions by
third parties, the potential outcomes of which could exceed policy
limits, to the extent insured;
- our ability to develop innovative new products, to develop,
maintain and strengthen end-user brands and to realize the benefits
of increased advertising and promotion spend;
- our ability to consistently maintain effective internal control
over financial reporting;
- risks related to our substantial indebtedness, potential
increases in interest rates or changes in our credit ratings;
- future events that could adversely affect the value of our
assets and/or stock price and require additional impairment
charges;
- unexpected costs or expenses associated with divestitures;
- our ability to effectively execute our turnaround plan;
- the risks inherent to our foreign operations, including
currency fluctuations, exchange controls and pricing
restrictions;
- a failure or breach of one of our key information technology
systems, networks, processes or related controls or those of our
service providers;
- the impact of U.S. and foreign regulations on our operations,
including the impact of tariffs and environmental remediation
costs;
- the potential inability to attract, retain and motivate key
employees;
- changes in tax laws and the resolution of tax contingencies
resulting in additional tax liabilities;
- product liability, product recalls or related regulatory
actions;
- our ability to protect intellectual property rights;
- significant increases in funding obligations related to our
pension plans; and
- other factors listed from time to time in our filings with the
SEC, including, but not limited to, our Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and our other SEC filings.
The consolidated condensed financial statements are prepared in
conformity with accounting principles generally accepted in the
United States (“U.S. GAAP”). Management’s application of U.S. GAAP
requires the pervasive use of estimates and assumptions in
preparing the unaudited condensed consolidated financial
statements. As discussed above, the world is currently experiencing
the global COVID-19 pandemic which has required greater use of
estimates and assumptions in the preparation of our condensed
consolidated financial statements. Although we have made our best
estimates based upon current information, the effects of the
COVID-19 pandemic on our business may result in future changes to
management’s estimates and assumptions, especially if the severity
worsens or duration lengthens. Actual results may differ materially
from the estimates and assumptions developed by management. If so,
the company may be subject to future incremental impairment charges
as well as changes to recorded reserves and valuations.
The information contained in this press release and the tables
is as of the date indicated. The company assumes no obligation to
update any forward-looking statements as a result of new
information, future events or developments.
NEWELL BRANDS INC.
CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS (UNAUDITED)
(Amounts in millions, except per
share data)
Three Months Ended September
30,
Nine Months Ended September
30,
2021
2020
% Change
2021
2020
% Change
Net sales
$
2,787
$
2,699
3.3%
$
7,784
$
6,696
16.2%
Cost of products sold
1,939
1,785
5,323
4,501
Gross profit
848
914
(7.2)%
2,461
2,195
12.1%
Selling, general and administrative
expenses
561
545
2.9%
1,667
1,581
5.4%
Restructuring costs, net
6
4
16
14
Impairment of goodwill, intangibles and
other assets
—
2
—
1,482
Operating income (loss)
281
363
(22.6)%
778
(882
)
NM
Non-operating expenses:
Interest expense, net
65
71
197
205
Other (income) expense, net
1
9
(3
)
20
Income (loss) before income taxes
215
283
(24.0)%
584
(1,107
)
NM
Income tax provision (benefit)
25
(21
)
108
(210
)
Net income (loss)
$
190
$
304
(37.5)%
$
476
$
(897
)
NM
Weighted average common shares
outstanding:
Basic
425.4
424.3
425.2
424.1
Diluted
428.5
425.4
427.9
424.1
Earnings (loss) per share:
Basic
$
0.45
$
0.72
$
1.12
$
(2.12
)
Diluted
$
0.44
$
0.71
$
1.11
$
(2.12
)
Dividends per share
$
0.23
$
0.23
$
0.69
$
0.69
* NM - NOT MEANINGFUL
NEWELL BRANDS INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(Amounts in millions)
September 30, 2021
December 31, 2020
Assets
Current assets
Cash and cash equivalents
$
494
$
981
Accounts receivable, net
1,686
1,678
Inventories
2,098
1,638
Prepaid expenses and other current
assets
338
331
Total current assets
4,616
4,628
Property, plant and equipment, net
1,155
1,176
Operating lease assets
490
530
Goodwill
3,516
3,553
Other intangible assets, net
3,461
3,564
Deferred income taxes
855
838
Other assets
427
411
TOTAL ASSETS
$
14,520
$
14,700
Liabilities and stockholders'
equity
Current liabilities
Accounts payable
$
1,709
$
1,526
Accrued compensation
241
236
Other accrued liabilities
1,506
1,393
Short-term debt and current portion of
long-term debt
253
466
Total current liabilities
3,709
3,621
Long-term debt
4,884
5,141
Deferred income taxes
411
414
Operating lease liabilities
435
472
Other noncurrent liabilities
1,024
1,152
Total liabilities
10,463
10,800
Stockholders' equity
Total stockholders' equity attributable to
parent
4,055
3,874
Total stockholders' equity attributable to
noncontrolling interests
2
26
Total stockholders' equity
4,057
3,900
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY
$
14,520
$
14,700
NEWELL BRANDS INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS (UNAUDITED)
(Amounts in millions)
Nine Months Ended September
30,
2021
2020
Cash flows from operating
activities:
Net income (loss)
$
476
$
(897
)
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization
244
267
Impairment of goodwill, intangibles and
other assets
—
1,482
Deferred income taxes
(17
)
(293
)
Stock based compensation expense
37
28
Other, net
1
10
Changes in operating accounts:
Accounts receivable
(44
)
(19
)
Inventories
(488
)
(139
)
Accounts payable
194
323
Accrued liabilities and other
87
58
Net cash provided by operating
activities
490
820
Cash flows from investing
activities:
Capital expenditures
(181
)
(158
)
Proceeds from sale of divested
businesses
—
15
Other investing activities, net
1
5
Net cash used in investing
activities
(180
)
(138
)
Cash flows from financing
activities:
Net payments of short-term debt
—
(26
)
Net proceeds from issuance of debt
—
492
Payments on current portion of long-term
debt
(447
)
(305
)
Payments on long-term debt
(6
)
(19
)
Cash dividends
(296
)
(294
)
Acquisition of noncontrolling
interests
(26
)
—
Equity compensation activity and other,
net
(25
)
(22
)
Net cash used in financing
activities
(800
)
(174
)
Exchange rate effect on cash, cash
equivalents and restricted cash
(14
)
(14
)
Increase (decrease) in cash, cash
equivalents and restricted cash
(504
)
494
Cash, cash equivalents and restricted cash
at beginning of period
1,021
371
Cash, cash equivalents and restricted
cash at end of period
$
517
$
865
Supplemental disclosures:
Restricted cash at beginning of period
$
40
$
22
Restricted cash at end of period
23
7
NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND
NON-GAAP INFORMATION (UNAUDITED)
CERTAIN LINE ITEMS
(Amounts in millions, except per
share data)
Three Months Ended September
30, 2021
GAAP
Restructuring
Transaction
Non-GAAP
Measure
and restructuring
Acquisition
costs and
Measure
Reported
related costs [1]
amortization [2]
other [3]
Normalized*
Net sales
$
2,787
$
—
$
—
$
—
$
2,787
Cost of products sold
1,939
(6
)
—
—
1,933
Gross profit
848
6
—
—
854
30.4
%
30.6
%
Selling, general and administrative
expenses
561
(1
)
(19
)
(4
)
537
20.1
%
19.3
%
Restructuring costs, net
6
(6
)
—
—
—
Operating income
281
13
19
4
317
10.1
%
11.4
%
Non-operating expense
66
—
—
—
66
Income before income taxes
215
13
19
4
251
Income tax provision (benefit) [4]
25
2
4
(11
)
20
Net income
$
190
$
11
$
15
$
15
$
231
Diluted earnings per share **
$
0.44
$
0.03
$
0.04
$
0.04
$
0.54
*
Normalized results are financial
measures that are not in accordance with GAAP and exclude the above
normalized adjustments. See below for a discussion of each of these
adjustments.
**
Adjustments and normalized
earnings per share are calculated based on diluted weighted average
shares of 428.5 million shares for the three months ended September
30, 2021.
Totals may not add due to
rounding.
[1]
Restructuring and
restructuring-related costs of $13 million.
[2]
Acquisition amortization costs of
$19 million.
[3]
Other charges of $3 million
primarily related to fees for certain legal proceedings and $1
million of costs related to completed divestitures; $1 million
related to Argentina hyperinflationary adjustment and $1 million of
gain due to change in fair market value of investments. Includes
income tax benefit of $12 million related to difference in
effective tax rate.
[4]
The Company determined the tax
effect of the items excluded from normalized results by applying
the estimated effective rate for the applicable jurisdiction in
which the pre-tax items were incurred, and for which realization of
the resulting tax benefit, if any, is expected. In certain
situations in which an item excluded from normalized results
impacts income tax expense, the Company uses a "with" and "without"
approach to determine normalized income tax expense.
NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND
NON-GAAP INFORMATION (UNAUDITED)
CERTAIN LINE ITEMS
(Amounts in millions, except per
share data)
Three Months Ended September
30, 2020
GAAP
Restructuring
Acquisition
Transaction
Non-GAAP
Measure
and restructuring
amortization and
costs and
Measure
Reported
related costs [1]
impairment [2]
other [3]
Normalized*
Net sales
$
2,699
$
—
$
—
$
—
$
2,699
Cost of products sold
1,785
(1
)
—
(1
)
1,783
Gross profit
914
1
—
1
916
33.9
%
33.9
%
Selling, general and administrative
expenses
545
(4
)
(24
)
(4
)
513
20.2
%
19.0
%
Restructuring costs, net
4
(4
)
—
—
—
Impairment of goodwill, intangibles and
other assets
2
—
(2
)
—
—
Operating income
363
9
26
5
403
13.4
%
14.9
%
Non-operating (income) expense
80
—
—
(10
)
70
Income before income taxes
283
9
26
15
333
Income tax provision (benefit) [4]
(21
)
2
5
(9
)
(23
)
Net income
$
304
$
7
$
21
$
24
$
356
Diluted earnings per share **
$
0.71
$
0.02
$
0.05
$
0.06
$
0.84
*
Normalized results are financial
measures that are not in accordance with GAAP and exclude the above
normalized adjustments. See below for a discussion of each of these
adjustments.
**
Adjustments and normalized
earnings per share are calculated based on diluted weighted average
shares of 425.4 million shares for the three months ended September
30, 2020.
Totals may not add due to
rounding.
[1]
Restructuring and
restructuring-related costs of $9 million.
[2]
Acquisition amortization costs of
$24 million; $2 million of non-cash impairment charges related to
an indefinite-lived intangible asset in the Learning and
Development segment.
[3]
Loss on disposition of $9 million
related to the sale of a product line in the Learning and
Development segment; other charges of $3 million primarily related
to fees for certain legal proceedings; $2 million related to
Argentina hyperinflationary adjustment; and divestiture costs of $1
million primarily related to completed divestitures. Includes
income tax expense of $53 million for a reduction in valuation
allowance related to integration of certain U.S. operations,
partially offset by $47 million of deferred tax effects associated
with certain outside basis difference.
[4]
The Company determined the tax
effect of the items excluded from normalized results by applying
the estimated effective rate for the applicable jurisdiction in
which the pre-tax items were incurred, and for which realization of
the resulting tax benefit, if any, is expected. In certain
situations in which an item excluded from normalized results
impacts income tax expense, the Company uses a "with" and "without"
approach to determine normalized income tax expense.
NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND
NON-GAAP INFORMATION (UNAUDITED)
CERTAIN LINE ITEMS
(Amounts in millions, except per
share data)
Nine Months Ended September
30, 2021
GAAP
Restructuring
Transaction
Non-GAAP
Measure
and restructuring
Acquisition
costs and
Measure
Reported
related costs [1]
amortization [2]
other [3]
Normalized*
Net sales
$
7,784
$
—
$
—
$
—
$
7,784
Cost of products sold
5,323
(13
)
—
(2
)
5,308
Gross profit
2,461
13
—
2
2,476
31.6
%
31.8
%
Selling, general and administrative
expenses
1,667
(5
)
(59
)
(15
)
1,588
21.4
%
20.4
%
Restructuring costs, net
16
(16
)
—
—
—
Operating income
778
34
59
17
888
10.0
%
11.4
%
Non-operating (income) expense
194
—
—
(4
)
190
Income before income taxes
584
34
59
21
698
Income tax provision (benefit) [4]
108
7
12
(27
)
100
Net income
$
476
$
27
$
47
$
48
$
598
Diluted earnings per share **
$
1.11
$
0.06
$
0.11
$
0.11
$
1.40
*
Normalized results are financial
measures that are not in accordance with GAAP and exclude the above
normalized adjustments. See below for a discussion of each of these
adjustments.
**
Adjustments and normalized
earnings per share are calculated based on diluted weighted average
shares of 427.9 million shares for the nine months ended September
30, 2021.
Totals may not add due to
rounding.
[1]
Restructuring and
restructuring-related costs of $34 million.
[2]
Acquisition amortization costs of
$59 million.
[3]
Other charges of $12 million
primarily related to fees for certain legal proceedings; $3 million
of costs related to completed divestitures; $5 million related to
Argentina hyperinflationary adjustment; $2 million loss on
disposition of businesses and $1 million of gain due to change in
fair market value of investments. Includes income tax benefit of
$31 million related to difference in effective tax rate.
[4]
The Company determined the tax
effect of the items excluded from normalized results by applying
the estimated effective rate for the applicable jurisdiction in
which the pre-tax items were incurred, and for which realization of
the resulting tax benefit, if any, is expected. In certain
situations in which an item excluded from normalized results
impacts income tax expense, the Company uses a "with" and "without"
approach to determine normalized income tax expense.
NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND
NON-GAAP INFORMATION (UNAUDITED)
CERTAIN LINE ITEMS
(Amounts in millions, except per
share data)
Nine Months Ended September
30, 2020
GAAP
Restructuring
Acquisition
Transaction
Non-GAAP
Measure
and restructuring
amortization and
costs and
Measure
Reported
related costs [1]
impairment [2]
other [3]
Normalized*
Net sales
$
6,696
$
—
$
—
$
—
$
6,696
Cost of products sold
4,501
(3
)
—
(5
)
4,493
Gross profit
2,195
3
—
5
2,203
32.8
%
32.9
%
Selling, general and administrative
expenses
1,581
(15
)
(79
)
(15
)
1,472
23.6
%
22.0
%
Restructuring costs, net
14
(14
)
—
—
—
Impairment of goodwill, intangibles and
other assets
1,482
—
(1,482
)
—
—
Operating income (loss)
(882
)
32
1,561
20
731
(13.2
)%
10.9
%
Non-operating (income) expense
225
1
—
(13
)
213
Income (loss) before income taxes
(1,107
)
31
1,561
33
518
Income tax provision (benefit) [4]
(210
)
5
238
(37
)
(4
)
Net income (loss)
$
(897
)
$
26
$
1,323
$
70
$
522
Diluted earnings (loss) per share **
$
(2.12
)
$
0.06
$
3.11
$
0.16
$
1.23
*
Normalized results are financial
measures that are not in accordance with GAAP and exclude the above
normalized adjustments. See below for a discussion of each of these
adjustments.
**
Adjustments and normalized
earnings per share are calculated based on diluted weighted average
shares of 425.0 million shares for the nine months ended September
30, 2020.
Totals may not add due to
rounding.
[1]
Restructuring and
restructuring-related costs of $31 million.
[2]
Acquisition amortization costs of
$79 million; $1.5 billion of non-cash impairment charges related to
goodwill, other intangible assets and operating right of use
assets.
[3]
Other charges of $12 million
primarily related to fees for certain legal proceedings; $9 million
loss related to the sale of a product line in the Learning and
Development segment; $5 million related to Argentina
hyperinflationary adjustment; $2 million due to a product recall;
divestiture costs of $3 million primarily related to completed
divestitures; $1 million of loss due to changes in fair market
value of investments and $1 million loss on pension settlement.
Includes income tax expense of $53 million for a reduction in
valuation allowance related to integration of certain U.S.
operations, partially offset by $47 million of deferred tax effects
associated with certain outside basis difference, $20 million
related to change in tax status of certain entities and $5 million
of effects of adopting the Coronavirus Aid, Relief and Economic
Security (“CARES”) Act.
[4]
The Company determined the tax
effect of the items excluded from normalized results by applying
the estimated effective rate for the applicable jurisdiction in
which the pre-tax items were incurred, and for which realization of
the resulting tax benefit, if any, is expected. In certain
situations in which an item excluded from normalized results
impacts income tax expense, the Company uses a "with" and "without"
approach to determine normalized income tax expense.
NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND
NON-GAAP INFORMATION (UNAUDITED)
FINANCIAL WORKSHEET - SEGMENT
REPORTING
(Amounts in millions)
Three Months Ended September
30, 2021
Three Months Ended September
30, 2020
Year over year changes
Reported
Reported
Normalized
Normalized
Reported
Reported
Normalized
Normalized
Normalized
Operating
Operating
Normalized
Operating
Operating
Operating
Operating
Normalized
Operating
Operating
Net Sales
Operating Income
Net Sales
Income (Loss)
Margin
Items [1]
Income (Loss)
Margin
Net Sales
Income (Loss)
Margin
Items [2]
Income (Loss)
Margin
$
%
$
%
COMMERCIAL SOLUTIONS
$
486
$
18
3.7
%
$
3
$
21
4.3
%
$
535
$
84
15.7
%
$
4
$
88
16.4
%
$
(49
)
(9.2
)%
$
(67
)
(76.1
)%
HOME APPLIANCES
443
19
4.3
%
5
24
5.4
%
430
19
4.4
%
3
22
5.1
%
13
3.0
%
2
9.1
%
HOME SOLUTIONS
598
75
12.5
%
11
86
14.4
%
623
123
19.7
%
14
137
22.0
%
(25
)
(4.0
)%
(51
)
(37.2
)%
LEARNING AND DEVELOPMENT
869
195
22.4
%
2
197
22.7
%
728
158
21.7
%
6
164
22.5
%
141
19.4
%
33
20.1
%
OUTDOOR AND RECREATION
391
27
6.9
%
7
34
8.7
%
383
39
10.2
%
7
46
12.0
%
8
2.1
%
(12
)
(26.1
)%
CORPORATE
—
(53
)
—
%
8
(45
)
—
%
—
(60
)
—
%
6
(54
)
—
%
—
—
%
9
16.7
%
$
2,787
$
281
10.1
%
$
36
$
317
11.4
%
$
2,699
$
363
13.4
%
$
40
$
403
14.9
%
$
88
3.3
%
$
(86
)
(21.3
)%
[1]
The three months ended September
30, 2021 normalized items consist of $19 million of acquisition
amortization costs; $13 million of restructuring and
restructuring-related charges; $3 million of fees for certain legal
proceedings and $1 million of costs related to completed
divestitures.
[2]
The three months ended September
30, 2020 normalized items consist of $24 million of acquisition
amortization costs; $9 million of restructuring and
restructuring-related charges; $3 million of fees for certain legal
proceedings; $2 million of non-cash impairment charge related to an
indefinite-lived intangible asset in the Learning and Development
segment; $1 million of transaction-related costs and $1 million of
Argentina hyperinflationary adjustment.
NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND
NON-GAAP INFORMATION (UNAUDITED)
FINANCIAL WORKSHEET - SEGMENT
REPORTING
(Amounts in millions)
Nine Months Ended September
30, 2021
Nine Months Ended September
30, 2020
Year over year changes
Reported
Reported
Normalized
Normalized
Reported
Reported
Normalized
Normalized
Normalized Operating
Operating
Operating
Normalized
Operating
Operating
Operating
Operating
Normalized
Operating
Operating
Net Sales
Income (Loss)
Net Sales
Income (Loss)
Margin
Items [1]
Income (Loss)
Margin
Net Sales
Income (Loss)
Margin
Items [2]
Income (Loss)
Margin
$
%
$
%
COMMERCIAL SOLUTIONS
$
1,450
$
111
7.7
%
$
10
$
121
8.3
%
$
1,361
$
(150
)
(11.0
)%
$
334
$
184
13.5
%
$
89
6.5
%
$
(63
)
(34.2
)%
HOME APPLIANCES
1,197
35
2.9
%
16
51
4.3
%
1,021
(274
)
(26.8
)%
296
22
2.2
%
176
17.2
%
29
NM
HOME SOLUTIONS
1,627
189
11.6
%
37
226
13.9
%
1,384
(149
)
(10.8
)%
352
203
14.7
%
243
17.6
%
23
11.3
%
LEARNING AND DEVELOPMENT
2,330
522
22.4
%
8
530
22.7
%
1,887
288
15.3
%
91
379
20.1
%
443
23.5
%
151
39.8
%
OUTDOOR AND RECREATION
1,180
90
7.6
%
16
106
9.0
%
1,043
(411
)
(39.4
)%
505
94
9.0
%
137
13.1
%
12
12.8
%
CORPORATE
—
(169
)
—
%
23
(146
)
—
%
—
(186
)
—
%
35
(151
)
—
%
—
—
%
5
3.3
%
$
7,784
$
778
10.0
%
$
110
$
888
11.4
%
$
6,696
$
(882
)
(13.2
)%
$
1,613
$
731
10.9
%
$
1,088
16.2
%
$
157
21.5
%
[1]
The nine months ended September
30, 2021 normalized items consist of $59 million of acquisition
amortization costs; $34 million of restructuring and
restructuring-related charges; $12 million of fees for certain
legal proceedings; $3 million of costs related to completed
divestitures and $2 million related to Argentina hyperinflationary
adjustment.
[2]
The nine months ended September
30, 2020 normalized items consist of $1.5 billion of impairment
charges for goodwill, other intangible assets and operating right
of use assets; $79 million of acquisition amortization costs; $32
million of restructuring and restructuring-related charges; $12
million of fees for certain legal proceedings; $3 million of
transaction-related costs; $3 million related to Argentina
hyperinflationary adjustment and $2 million for product recall
costs.
*NM - NOT MEANINGFUL
NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND
NON-GAAP INFORMATION (UNAUDITED)
CORE SALES GROWTH BY
SEGMENT
Three Months Ended September
30, 2021
Nine Months Ended September
30, 2021
Net Sales
(REPORTED)
Acquisitions,
Divestitures and Other, Net [2]
Currency Impact
[3]
Core Sales [1]
[4]
Net Sales
(REPORTED)
Acquisitions,
Divestitures and Other, Net [2]
Currency Impact
[3]
Core Sales [1]
[4]
COMMERCIAL SOLUTIONS
(9.2
)%
—
%
—
%
(9.2
)%
6.5
%
—
%
(1.1
)%
5.4
%
HOME APPLIANCES
3.0
%
—
%
(1.1
)%
1.9
%
17.2
%
—
%
(1.5
)%
15.7
%
HOME SOLUTIONS
(4.0
)%
1.5
%
(1.1
)%
(3.6
)%
17.6
%
1.3
%
(2.0
)%
16.9
%
LEARNING AND DEVELOPMENT
19.4
%
0.7
%
(0.5
)%
19.6
%
23.5
%
1.1
%
(1.6
)%
23.0
%
OUTDOOR AND RECREATION
2.1
%
—
%
(0.4
)%
1.7
%
13.1
%
—
%
(2.0
)%
11.1
%
TOTAL COMPANY
3.3
%
0.5
%
(0.6
)%
3.2
%
16.2
%
0.6
%
(1.6
)%
15.2
%
CORE SALES GROWTH BY
GEOGRAPHY
Three Months Ended September
30, 2021
Nine Months Ended September
30, 2021
Net Sales
(REPORTED)
Acquisitions,
Divestitures and Other, Net [2]
Currency Impact
[3]
Core Sales [1]
[4]
Net Sales
(REPORTED)
Acquisitions,
Divestitures and Other, Net [2]
Currency Impact
[3]
Core Sales [1]
[4]
NORTH AMERICA
2.7
%
0.7
%
(0.3
)%
3.1
%
12.9
%
0.8
%
(0.4
)%
13.3
%
EUROPE, MIDDLE EAST, AFRICA
2.5
%
—
%
(2.9
)%
(0.4
)%
22.8
%
—
%
(8.3
)%
14.5
%
LATIN AMERICA
18.4
%
—
%
(0.1
)%
18.3
%
32.2
%
—
%
2.6
%
34.8
%
ASIA PACIFIC
(2.7
)%
—
%
0.1
%
(2.6
)%
21.1
%
—
%
(4.5
)%
16.6
%
TOTAL COMPANY
3.3
%
0.5
%
(0.6
)%
3.2
%
16.2
%
0.6
%
(1.6
)%
15.2
%
[1]
"Core Sales” provides a
consistent basis for year-over-year comparisons in sales as it
excludes the impacts of acquisitions, completed divestitures,
retail store openings and closings, changes in foreign
currency.
[2]
Divestitures include the exit of
the North American distributorship of Uniball® products, current
and prior period net sales from retail store closures (consistent
with standard retail practice), disposition of the foamboards
business and exit from Home Fragrance fundraising business.
[3]
“Currency Impact” represents the
effect of foreign currency on 2021 reported sales and is calculated
by applying the 2020 average monthly exchange rates to the current
year local currency sales amounts (excluding acquisitions and
divestitures) and comparing to 2021 reported sales.
[4]
Totals may not add due to
rounding.
NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND
NON-GAAP INFORMATION (UNAUDITED)
NET DEBT TO NORMALIZED EBITDA
FROM CONTINUING OPERATIONS RECONCILIATION
(Amounts in millions)
September 30, 2021
December 31, 2020 [1]
September 30, 2020
NET DEBT RECONCILIATION:
Short-term debt and current portion of
long-term debt
$
253
$
466
$
97
Long-term debt
4,884
5,141
5,794
Gross debt
5,137
5,607
5,891
Less: Cash and cash equivalents
494
981
858
NET DEBT
$
4,643
$
4,626
$
5,033
Income (loss) from continuing operations
[2]
$
603
$
(770
)
$
(119
)
Normalized items [2]
233
1,530
813
PROFORMA NORMALIZED INCOME FROM
CONTINUING OPERATIONS
836
760
694
Proforma normalized income tax [2]
94
(10
)
47
Interest expense, net [2]
266
274
275
Proforma normalized depreciation and
amortization [2] [3]
241
245
242
Stock-based compensation [4]
50
41
41
NORMALIZED EBITDA
$
1,487
$
1,310
$
1,299
NET DEBT TO NORMALIZED EBITDA FROM
CONTINUING OPERATIONS LEVERAGE RATIO [5]
3.1
x
3.5
x
3.9
x
[1]
For the twelve months ended
December 31, 2020, refer to "Reconciliation of GAAP and Non-GAAP
Information (Unaudited) - Certain Line Items" for the twelve months
ended December 31, 2020, on the Company’s Form 8-K furnished on
February 12, 2021.
[2]
For the trailing-twelve months
ended September 30, 2021, refer to "Reconciliation of GAAP and
Non-GAAP Information (Unaudited) - Certain Line Items" for the
three months ended December 31, 2020, March 31, 2021 and June 30,
2021 on the Company’s Forms 8-K furnished on February 12, 2021,
April 30, 2021 and July 30, 2021, respectively. For the
trailing-twelve months ended September 30, 2020, refer to
"Reconciliation of GAAP and Non-GAAP Information (Unaudited) -
Certain Line Items" for the three months ended December 31, 2019,
March 31, 2020 and June 30, 2020 on the Company’s Forms 8-K
furnished on February 12, 2021, April 30, 2021 and July 30, 2021,
respectively.
[3]
For the trailing-twelve months
ended September 30, 2021, Proforma normalized depreciation and
amortization excludes the following items: (a) acquisition
amortization expense of $79 million associated with intangible
assets recognized in purchase accounting; (b) $14 million of
accelerated depreciation costs associated with restructuring
activities. Refer to "Reconciliation of GAAP and Non-GAAP
Information (Unaudited) - Certain Line Items" for the three months
ended December 31, 2020, March 31, 2021 and June 30, 2021 on the
Company’s Forms 8-K furnished on February 12, 2021, April 30, 2021
and July 30, 2021, respectively. For the trailing-twelve months
ended September 30, 2020, Proforma normalized depreciation and
amortization excludes the following items: (a) acquisition
amortization expense of $113 million associated with intangible
assets recognized in purchase accounting; (b) $19 million of
accelerated depreciation costs associated with restructuring
activities; (c) cumulative depreciation and amortization cost of
$15 million related to the inclusion of the Commercial Business in
continuing operations. Refer to "Reconciliation of GAAP and
Non-GAAP Information (Unaudited) - Certain Line Items" for the
three months ended December 31, 2019, March 31, 2020 and June 30,
2020 on the Company’s Forms 8-K furnished on February 12, 2021,
April 30, 2021 and July 30, 2021, respectively. Proforma Normalized
depreciation and amortization excludes from GAAP depreciation and
amortization for the twelve months ended December 31, 2020, the
following items: (a) acquisition amortization expense of $99
million associated with intangible assets recognized in purchase
accounting (b) accelerated depreciation and amortization costs of
$13 million associated with restructuring activities. Refer to
"Reconciliation of GAAP and Non-GAAP Information (Unaudited) -
Certain Line Items" for the twelve months ended December 31, 2020
for further information.
[4]
Represents non-cash expense
associated with stock-based compensation from continuing
operations.
[5]
The Net Debt to Normalized EBITDA
from continuing operations ratio is defined as Net Debt divided by
Normalized EBITDA from continuing operations. The Company's debt
has certain financial covenants such as debt to equity ratio and
interest coverage ratio; however the Net Debt to Normalized EBITDA
from continuing operations leverage ratio is used by management as
a liquidity measure and is not prescribed in the Company's debt
covenants.
NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND
NON-GAAP INFORMATION (UNAUDITED)
CORE SALES GROWTH
Three months ended September
30, 2020
Net sales change (GAAP)
5.1%
Acquisitions, divestitures and other, net
[1]
1.2%
Currency impact [2]
0.9%
Core sales change (NON-GAAP)
7.2%
[1]
Divestitures include the exit of
the North American distributorship of Uniball® Products, current
and prior period net sales from retail store closures (consistent
with standard retail practice), disposition of the foamboards
business, exit from Home Fragrance fund raising business and impact
of customer returns related to a product recall in the Outdoor and
Recreation segment.
[2]
“Currency Impact” represents the
effect of foreign currency on 2020 reported sales and is calculated
by applying the 2019 average monthly exchange rates to the current
year local currency sales amounts (excluding acquisitions and
divestitures) and comparing to 2020 reported sales.
CORE SALES OUTLOOK
Three Months Ending
December 31, 2021
Twelve Months Ending
December 31, 2021
Estimated net sales change (GAAP)
-3%
to
0%
11%
to
11%
Estimated currency impact [1] and
divestitures [2], net
~ 1%
~ 0%
Core sales change (NON-GAAP)
-2%
to
1%
10%
to
11%
[1]
“Currency Impact” represents the
effect of foreign currency on 2021 reported sales and is calculated
by applying the 2020 average monthly exchange rates to the current
year local currency sales amounts (excluding acquisitions and
divestitures) and comparing to 2021 reported sales.
[2]
Divestitures include the exit of
the North American distributorship of Uniball® products, current
and prior period net sales from retail store closures (consistent
with standard retail practice), disposition of the foamboards
business and exit from Home Fragrance fundraising business.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211029005123/en/
Investor Contact: Sofya
Tsinis VP, Investor Relations +1 (201) 610-6901
sofya.tsinis@newellco.com
Media Contact: Beth Stellato
VP, Corporate Communications, Events & Philanthropy +1 (470)
580-1086 beth.stellato@newellco.com
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