Newell stock was flying high on Friday following the release of its earnings report for the third quarter of 2018.
The biggest boon to Newell (NYSE:NWL) stock from its most recent earnings report is an update to its guidance for the full year of 2018. The company is now expecting earnings per share for the period to range from $2.55 to $2.75. The previous guidance was for earnings per share between $2.45 and $2.65. Wall Street is looking for earnings per share of $2.46 for the full year of 2018.
Newell also notes that it is still expecting the same amount of revenue for the full year of 2018. This has its revenue outlook for the year ranging from $8.70 billion to $9.00 billion. Analysts are estimating revenue of $8.80 billion for the year.
NWL’s earnings per share for the third quarter of the year was also good news for Newell stock. Earnings per share for the quarter came in at 81 cents. That’s a drop from its earnings per share of 86 cents from the same time last year. However, it is still well above Wall Street’s estimate of 64 cents for the period.
Newell’s earnings report for the third quarter of 2018 also includes revenue of $2.28 billion. This is a decrease from the company’s revenue of $2.47 billion reported in the third quarter of 2017. It is also lower than analysts’ revenue estimate of $2.34 billion for the quarter, but was unable keep Newell stock down today.
NWL stock is up 15% as of Friday morning, but is down 47% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.