Newell Rubbermaid Reports Profit Up 23%
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Newell Rubbermaid Inc. said second-quarter net income rose 23% to $88.6 million, or 33 cents a share, as sales rose and the company cut jobs and streamlined operations.
Operating profit rose 35% to $104 million, or 39 cents a share, two cents better than analysts’ average estimate of 37 cents.
Sales rose 9.9% to $1.90 billion, helped by the acquisition of American Tool, which makes Vise-Grip pliers and other tools. Analysts were expecting sales of $1.78 billion.
Newell’s shares rose $4.07, or 13.5%, to $34.15 on the NYSE.
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