Newell Brands (NASDAQ: NWL) today announced its third-quarter 2024 financial results.
Net sales were $1.9 billion, a decline of 4.9% compared with the prior year period. Core sales declined 1.7% compared with the prior year period.
Reported net loss was $198 million compared with $218 million in the prior year period. Normalized net income was $69 million compared with $154 million in the prior year period. Normalized EBITDA was $250 million compared with $218 million in the prior year period.
Normalized EBITDA increased to $250 million compared with $218 million in the prior-year period. Reported diluted loss per share were $0.48 compared $0.53 in the prior year period.
CEO Chris Peterson said, "This is the fifth full quarter since we deployed our new corporate strategy, and based on our reported results, it is clear that Newell Brand’s business transformation is well underway. During the third quarter, year-over-year sales performance improved sequentially, we drove continued gross and operating margin improvement, while purposefully increasing our level of A&P investment, and we meaningfully de-levered the balance sheet through both debt reduction and EBITDA growth.”
At the end of the third quarter, Newell Brands had debt outstanding of $5.0 billion and cash and cash equivalents of $494 million, compared with $5.1 billion and $396 million, respectively, at the end of the third quarter of 2023.
NWL shares jumped $1.72, or 24%, to $8.90.
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