Newell Brands soars after 2024 profit forecast raise
Updates
** Shares of Newell Brands NWL.O surge as much as 25.7% at $9.01
** The Sharpie maker raises 2024 adjusted EPS forecast to a range of 63 cents to 66 cents vs prior forecast of 60 cents to 65 cents
** Stock is set for its best day since July 26, if gains hold
** JP Morgan says investor expectations for the quarter was higher compared to past quarters, showing investors are warming up to the progress made in margins
** NWL posts Q3 gross margin expansion of 460 basis points to 34.9% owing to cost-cutting efforts
** Reports net loss $198 mln vs $218 mln last year
** Net sales down 4.9% to $1.9 bln driven by restructuring-related business exits
** NWL snaps a four-day losing streak
** Stock down ~17% so far this year
Reporting by Savyata Mishra in Bengaluru
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