Newell Brands sees Q3 normalized EPS 16c-19c, consensus 27c

Sees Q3 revenue down 2%-4%. Sees Q3 normalized operating margin 9.1%-9.5%. Mark Erceg, Newell Brands (NWL) CFO said, “Gross margin expanded by 100 basis points during the second quarter on a year-over-year basis, hitting 35.4%, which is the eighth quarter in a row where gross margin expanded by 100 basis points or more. In addition, we enhanced our financial flexibility by refinancing $1.25 billion of debt in an offering that was four-times oversubscribed which, we believe, is indicative of broad investor support behind Newell Brands’ new corporate strategy, which has enhanced top-line performance, strengthened our balance sheet and fundamentally improved our structural economics.”