newell rubbermaid inc (NWL) Key Developments
Newell Rubbermaid Reports Earnings Results for the Six Months Ended June 30, 2015
Aug 25 15
Newell Rubbermaid reported earnings results for the six months ended June 30, 2015. Net income for the six months ended June 30, 2015 was $202.6 million, or $0.74 per diluted share, compared to $203.5 million, or $0.72 per diluted share, for the same period ended June 30, 2014. Net sales for the six months ended June 30, 2015 were $2.82 billion, compared to $2.72 billion for the same period ended June 30, 2014.
Newell Rubbermaid Declares Quarterly Common Stock Dividend, Payable on September 15, 2015
Aug 13 15
Newell Rubbermaid announced the declaration of a quarterly cash dividend of $0.19 per share. The dividend is payable September 15, 2015 to common stockholders of record at the close of business on August 31, 2015.
Newell Rubbermaid Inc. Adopts Amendment to the Company's By-Laws
Aug 12 15
On August 12, 2015, the board of directors of Newell Rubbermaid Inc. adopted an amendment to the company's by-laws. The Amendment adds Article XIII and provides that unless the company consents in writing to the selection of an alternative forum, a state court located within the State of Delaware shall be the sole and exclusive forum for any derivative action or proceeding brought on behalf of the company, any action asserting a claim of breach of a fiduciary duty owed by any director or officer or other employee of the company to the company or the company's stockholders, any action asserting a claim against the company or any director or officer or other employee of the company arising pursuant to any provision of the Delaware General Corporation Law or the company's certificate of incorporation or by-laws, or any action asserting a claim against the company or any director or officer or other employee of the company governed by the internal affairs doctrine.
Newell Rubbermaid Enters Amendment No. 2 to the Amended and Restated Loan and Servicing Agreement, Dated as of September 6, 2013
Aug 10 15
On August 7, 2015, Newell Rubbermaid Inc. amended its accounts receivable facility, entering into Amendment No.2 to the Amended and Restated Loan and Servicing Agreement, dated as of September 6, 2013, among EXPO Inc., as Borrower, the Company, as Servicer, the Conduit Lenders, the Committed Lenders and the Managing Agents named therein, and PNC Bank, National Association, as the Administrative Agent. The primary purposes of Amendment No. 2 were to extend the termination date of the facility to August 2016 due to the pending expiration in September 2015 and increase aggregate commitments to $400,000,000 (from $350,000,000). Under the facility, the Company and certain operating subsidiaries sell their receivables to Borrower as the receivables are originated. Borrower is wholly owned by the Company and is the owner of the purchased receivables and is the Borrower under the Amended and Restated Loan and Servicing Agreement, as amended. The assets of Borrower are restricted as collateral for the payment of debt or other obligations arising under the facility, and Borrower's assets and credit are not available to satisfy the debts and obligations owed to the Company's or any other Originator's creditors.
Newell Rubbermaid Inc. Reports Earnings Results for the Second Quarter of 2015; Revises Earnings Guidance for 2015
Jul 31 15
Newell Rubbermaid Inc. reported earnings results for the second quarter of 2015. For the quarter, the company reported that despite FX headwinds, it managed an 8.5% increase in normalized EPS. The company reported second quarter normalized EPS of $0.64, up from $0.59 in the year-earlier period. The company reported normalized net income of $174.5 million on revenues of $1.56 billion. In the year-earlier period, Rubbermaid reported like figures of $165.5 million on revenues of $1.50 billion. On a GAAP basis, reported Second Quarter diluted EPS of $0.55, compared with $0.54 a year earlier. Reported net income was $148.5 million, compared with $150.6 million in the prior year.
In guidance, the company revised full-year 2015 core sales guidance upward to 4% to 5% from 3.5% to 4.5% and normalized EPS guidance up to $2.14 to $2.20 from $2.10 to $2.18. The company expected full year 2015 normalized 2015 tax rate to be around 24%.