Crock-Pot Parent Newell’s Stock Leaps Back Into the Green [Video]

Newell Brands (NWL) beat second-quarter expectations and upgraded its full-year guidance after the company made “significant progress” on its turnaround, sending shares of the Yankee Candle owner up 40% on Friday.

The parent of Crock-Pot, Elmer’s and Sharpie now projects adjusted earnings per share (EPS) of 60 cents to 65 cents in 2024, up from a previous estimate of 52 cents to 62 cents. Newell also narrowed its net sales growth range to declines of between 6% and 7% from 5% to 8%. 

Friday’s jump pulled the company’s shares a few points into the green year-to-date, though still well off highs seen in 2021.

“Over the past year we have improved the rate of year over year core sales growth from down 15% in the first half of 2023 to down 9% in the back half of 2023 to down 4.5% in the first half of 2024,” CEO Chris Peterson said on the company’s earnings call.

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