Newell Brands (NASDAQ: NWL), a transformative consumer products company, has experienced a sales surge amid the pandemic. CEO, Ravi Saligram, is betting that the boost in sales will continue even after the pandemic as people spend more time at home.
Saligram insists that “The home has become the hub.”
The company, which owns brands such as Rubbermaid, Mr. Coffee, Sharpie and Nuk reported positive quarterly earnings Friday. Earnings amounted to USD0.30 per share, compared to the expected USD0.14 a share. Revenue totaled USD2.29 Million, topping analysts’ estimates by 10.87%.
“All eight businesses of ours performed well and grew. And seven out of eight actually grew double digits, across the world,” Saligram said.
Amid the ongoing pandemic, people’s lifestyles have shifted, with more employees likely to work remote post-pandemic.
“We think some of these trends are going to stay, plus we are innovating quite a bit,” Saligram said. “With that we believe we are going to sustain growth going forward.”
Newell raised its 2021 forecast, acknowledging that most students will be returning to school in person.
“We felt with our projections that we will do better than 2019 and a lot of that has to do with a continuation of consumer trends,” Saligram said. “A big part of [the positive outlook] is that we believe most students will be back in school. We’ll have a normal back-to-school season and that is a big factor for us.”
Shares climbed 2% Monday with its stock increasing 29% this year.