Profits up at Newell

 

29 July 2005 – Atlanta (GA): Newell Rubbermaid has reported a rise in Q2 profits, as cost cuts and higher selling prices offset high prices for raw materials.

 

Net income from continuing operations was $103.5 million, or EPS of $0.38, from $58.5 million, or EPS of $0.21, last year.

 

But the company recorded a slight decline in net sales to $1.64 billion from $1.67 billion a year ago, primarily due to the negative volume impact of price increases in Rubbermaid Home Products.

 

CEO Joe Galli said: "We are pleased with our solid results this quarter as we continue to transform Newell Rubbermaid. Investment behind high-margin, high-potential businesses is a priority for the company."

 

The company also announced today that it is buying Dymo from Esselte for approximately $730 million in cash.