Rubbermaid Parent Newell Brands Stock Soars as It Says Turnaround Plan Working [Video]

Newell Brands (NWL) shares soared nearly 25% Friday afternoon as the maker of consumer products said its turnaround plan is “on track.”

The owner of brands such as Rubbermaid, Graco, and Coleman reported it cut its year-over-year third-quarter net loss by $20 million to $198 million. The $0.48 loss per share was down from $0.53. Normalized diluted earnings per share (EPS) came in at $0.16, in line with consensus estimates of analysts polled by Visible Alpha, while revenue fell 5% to $1.95 billion, just short of forecasts.

Sales at the company’s Learning & Development division rose 3% to $717 million. They were down 7% to $1.05 billion at the Home & Commercial Solutions segment, and were off 21% to $183 million at the Outdoor & Recreation unit.

Chief Executive Officer (CEO)Chris Peterson said that after five full quarters since the company launched its new corporate strategy, “it is clear that Newell Brand’s business transformation is …