Newell Brands (NASDAQ:NWL) shares plunged more than 17% since the company’s reported Q1 results on Friday, with EPS of ($0.06) coming in worse than the Street estimate of ($0.03). Revenue was $1.81 billion, compared to the Street estimate of $1.8 billion.
The company experienced another tough quarter as discretionary spend remains pressured, retailers’ lower inventory, and poor West Coast weather delay outdoor activities. This wasn’t a huge surprise given industry commentary around lower consumer electronics demand and West Coast weather dynamics.
For Q2/23, the company expects EPS in the range of $0.10-$0.18, compared to the Street estimate of $0.38, and revenue of $2.13-2.24 billion, compared to the Street estimate of $2.198 billion.
For the full year, the company expects EPS of $0.95-$1.08, compared to the Street’s $1.04, and revenue of $8.4-8.6 billion, compared to the Street’s $8.537 billion.