February 22, 2018
Net income was halved to $10,350,000 from $20,829,000 in the final quarter of 2017 as revenue declined 27% to $118,230,000 from $161,849,000, finishing out a year in which slow sell-through in an overstocked distribution chain dramatically reduced demand.
In a 90-minute meeting President Trump held yesterday with school shooting survivors and parents, he mentioned improving and even expanding background checks as well as possibly arming school staff or otherwise beefing up school security.
Although net income fell slightly to $54.9 million from $74.3 million because of a tax benefit last year, sales jumped 11% to $653.7 million from $587.9 million for the three months ended Dec. 31.
Conceding that its performance has not met expectations, Newell said that its operational performance has been on target since the Jarden acquisition and, although consumer spending has been strong, the company has faced a retail marketplace that is dealing with its own set of structural problems.
Net income jumped 37% to A$3,408,000 ($2.6 mm) from A$2,495,000 in the fiscal first half ended Dec. 31 on 1% lower revenues at A$70,223,000 ($54.0 mm) from A$70,708,000 as the global equipment market stabilized after a steep decline in early 2016.