Newell Brands, parent company of Rubbermaid Commercial Products (RCP), has reported first-quarter net sales of US$2.4 billion, up 4.4 per cent from the same quarter last year.
Newell’s normalised net income rose to $155 million, or $0.36 per share, up from $128 million, or $0.30per share, a year earlier.
The company’s commercial solutions division posted net sales of $510 million, a jump of 7.4 per cent from $471 million in the prior year.
Ravi Saligram, Newell Brands President and CEO, said the company is pleased with its “strong start” to 2022, delivering a seventh consecutive quarter of core sales growth in a challenging environment.
“Core sales grew 6.9 per cent, on top of a difficult 20.9 per cent comparison from the prior year, while normalised operating income increased 10.4 per cent, despite significant ongoing inflation, demonstrating the power of our diversified portfolio and the nimbleness of our model,” said Ravi Saligram, Newell Brands President and CEO.
“We are committed to realising the full potential of our business, as we continue to drive sustainable and profitable growth, build competitive advantage and serve as a force for good, while overcoming external pressures,” Saligram said.
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