Fri, Jul 26, 8:12 PM (43 days ago)
Newell Brands Inc. reported a net sales decline of 8% to $2.03 billion for Q2 2024, driven by soft global demand, distribution losses, and product line exits. Gross profit increased by 11% to $699 million, improving gross margin to 34.4% from 28.5%, mainly due to productivity gains and lower restructuring charges. Operating income rose to $163 million from $120 million, benefiting from cost-saving initiatives and lower impairment charges. Interest expense increased slightly due to higher rates, while other expenses decreased. The effective tax rate was 46.4% due to discrete tax benefits. Net income was $45 million, up from $18 million. The company continues to face uncertainties from inflation, geopolitical tensions, and changing consumer behavior, impacting future operations.