Newell Brands Says Turnaround Plan Helped It Post Better-Than-Expected Results [Video]

Newell Brands (NWL) shares surged in intraday trading Friday as the consumer and commercial products maker pointed to the success of its turnaround plan for better-than-expected results.

The owner of Rubbermaid, Sharpie, and other well-known brands posted a first-quarter loss of 2 cents per share, narrowed from a loss of 25 cents per share in the prior-year period. On an adjusted basis it broke even, while analysts were expecting a loss.

While revenue fell 8.4% year-over-year to $1.65 billion, it was better than estimates. Gross margin was 30.5%, up from 26.7% a year earlier.

Chief Executive Officer (CEO) Chris Peterson credited the performance to “decisive actions we’ve taken as part of our new strategy,” which he said have “led to excellent progress on the major operational and financial priorities for this year.”

Peterson noted that Newell Brands is focusing on “disproportionately investing in innovation, brand building and go-to-market excellence in our largest and …