Newell Rubbermaid reaffirms outlook
Newell Rubbermaid announced it will reaffirm its fiscal year 2013 outlook, as provided in its fourth quarter 2012 earnings press release dated Feb.1, 2013, during its presentation Thursday at the Consumer Analyst Group of New York (CAGNY) conference.
The company’s guidance and key assumptions for the full year 2013 are as follows:
- Core sales increase of 2% to 4%;
- Net sales are expected to grow 1% to 3%; and
- Normalized EPS growth of 5% to 8%, or $1.78 to $1.84.
The company’s 2013 normalized EPS expectation excludes between $90 million and $110 million of restructuring and restructuring-related costs associated with Project Renewal. (A reconciliation to normalized results is included below.)
The company said it is on track to realize cumulative annualized cost savings of approximately $270 million to $325 million by the second quarter of 2015 related to Project Renewal, with cumulative annualized savings of $90 million to $100 million expected by the first half of 2013. The company intends to reinvest the majority of Project Renewal savings in the business to strengthen brand building and selling capabilities and accelerate growth.
Sustainable Forestry Initiative names new VP
Andrew de Vries has joined the Sustainable Forestry Initiative as VP conservation, indigenous and government relations. He will oversee the SFI conservation program in Canada and engage Native Americans, First Nations and Metis groups both in the development and use of the SFI standard.
He will also work with governments in Canada and Europe to ensure inclusive forest certification related policies.
"Andrew brings more than 20 years of wildlife conservation and natural resource management experience to SFI and will lead our forest conservation efforts in Canada," said Kathy Abusow, president and CEO. "His ability to work with a wide variety of forest owners and communities dependent on this valuable resource makes Andrew an excellent fit for the SFI program."
Most recently, de Vries was the Chief Biologist for the Forest Products Association of Canada (FPAC), Canada’s national forest industry trade association, where he led conservation and aboriginal engagement efforts, while also working on the development of government policies in these areas.
Toro reports record-setting first quarter
The Toro Co. reported net earnings of $31.4 million in the first quarter of 2013, compared with net earnings of $19.9 million in the same quarter last year.
Net sales increased 4.9% to $444.7 million for the period ended Feb. 1.
“Our record-setting first quarter, driven by particularly strong channel demand for large turf equipment and the continued growth of micro irrigation sales, propelled us to a solid start for the year,” said Michael Hoffman, Toro’s chairman and CEO. “Our financial performance benefitted from both accelerated sales related to pre-Tier 4 product shipments and early professional end-user demand, along with positive effects of our productivity initiatives.”
A new 30-in. professional walk power mowers for landscape contractors and the newly Toro-branded products from the company’s Astec and Stone Construction acquisitions from 2012, are helping create further opportunities, the company said.
Hoffman described the company’s residential business retail potential as "solid."