NEWELL RUBBERMAID INC. $35(New York symbol NWL; Aggressive Growth and Income Portfolios, Consumer sector; Shares outstanding: 271.1 million; Market cap: $9.5 billion; Price-to-sales ratio: 1.7; Dividend yield: 1.9%; TSINetwork Rating: Average; www.newellrubbermaid.com) makes plastic storage bins, tools, window blinds, pens and many other household goods.
The company makes most of its products from oilbased resins, so it stands to gain from the recent drop in oil prices.
Newell continues to streamline its manufacturing and distribution operations, which should cut $270 million from its annual costs by mid-2015. The company now feels it can save an additional $200 million a year by the end of 2017.
These savings have freed up cash for acquisitions; Newell recently paid $312.9 million for Ignite Holdings, a private firm that makes reusable water bottles and thermal mugs. The company also bought Baby Jogger Holdings, a privately held maker of premium baby strollers and accessories, for $210 million.
In the three months ended September 30, 2014, Newell’s sales rose 1.3%, to $1.48 billion from $1.46 billion a year earlier. Excluding exchange rates and acquisitions, sales gained 2.7%.
Earnings improved 5.1%, to $159.2 million from $151.5 million. Per-share earnings rose 11.5%, to $0.58 from $0.52, on fewer shares outstanding.
Newell’s long-term debt of $1.4 billion is a moderate 15% of its market cap. It also holds cash of $132.6 million, or $0.49 a share.
The company’s new businesses should increase its earnings by 20.0%, from a likely $2.00 a share in 2014 to $2.20 in 2015. The stock trades at 15.9 times the 2015 forecast. The $0.68 dividend yields 1.9%.
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