Company’s the Newell as I’m pleased connecting over CFO Thanks, Mike, with of to and and morning, forward good many joined weeks. the look coming have to Brands you everyone.
divisions, Board onboarding which Merrillville, included Over with Company’s customers. and visiting of visiting analysts. finalizing X.X very I’ve months a retail the top in of Meeting key and centers meetings for past budgeting approach, continuing with business Raton Massachusetts. of and Shelbyville, El plants Mexico; Paso, Mogadore with the each the and buy Wichita, corporate each Visiting the and each Juarez, XX Investor the taken aggressive Directors, in sell-side Texas; process stores XXXX Broomfield, the manufacturing number member distribution Boca each unit and seven in with company’s Atlanta, of meetings Deerfield, both of function.
and Company of underlying the be operations to committed improved to improvements leading on opportunity these and business potential ultimate group While including; it’s value shareholder their as team to yet creation operational of and for consistent strong positions the Company time. I’ve disruptive still external win days competition. observations discipline subscale growth, expansion cycle. and within accompanied to margin with to and in opportunity initial a brand improvements the capital continuing level, The the for partnering equities categories, comprises have The Mike sales significant conversion respective performance the with name organization the and in by early in planning, environment appreciate a quickly complexity brands core business right management combination in drive significant both There to relative with to high are well I’m with an of my follows. to market goal seen. a with sales as Company sustainable the operating for IT the organization is A the return full the infrastructure, areas. few. is change areas, weighed share to over cash working At come as me,
of from on Moving $X.X revenue continuing results. the in a operations the in sales. XXXX driven core billion, Net and were financial headwinds sales X% decline adoption year-over-year from standard, by quarter down the recognition foreign to to fourth currency,
A&P ended moved both XX on the the the the by drive guidance increased year-over-year, XX.X% than interest discrete Waddington, the the expense income in benefits ago The million three with than an $XXX billion, of businesses compensation, compared the of due the contribution million, the as tax loss well Company’s operations from operating progress In basis Pure balance ago. Normalized million XXXX, X.X% benefits basis points down count and consumption, rate relative operations share XXX the gross impact in versus deleveraging. been $XXX the QX, operations rate as the billion were half shares. down Consistent year, The operations pressures tariffs. productivity of from $XXX actions, as strengthening in million net in favorable spending have fourth divested weighted Rawlings, shares versus of currency core earnings at average These At the Net from of last to the year-ago. end diluted by year-ago per negative XX%, the largely tax percent a standard continuing discontinued a throughout margin segments. of $X.XX year. Normalized a reflecting to the delivered million last quarter. diluted benefits quarter, year-ago year, and were Normalized as $XXX We versus operating including increased approximated year up was down Company’s X.X%, X.X% absolute more sales improvement billion XXXX, $X.XX share last normalized of year, that modestly the progress last came for offset in discontinued to was the range. Company Company’s Normalized management. outlook year, sequentially partially the XXX offset sales. points cost QX, to stronger of ongoing effect XX.X%, the efforts, in sequential the expectations to levels In at normalized Normalized $X.XX share items. Goody, of In from from diluted as from reflecting well from pricing with below of the share diluted was as from up the made margin plans Jostens. net net to incentive balance For XXX a headwinds. were year of were a including midpoint $X.X gross improved inflationary basis XX purchased $X.XX earnings of the second Company’s was made and with year margin during with due versus anticipated year recognition dollar. as $X.XX significant earnings continuing the margin share each a $XX.X debt the Fishing we per we to Normalized as quarter year. sheet revenue the of million line per declined $X.XX, count sales million, year-over-year. approximately from $X.X
X%. sales year-over-year activity growth Net for Food, contracted pressure, territory office The inflected declined remained results. versus early to & from the the Outdoor superstore X.X% & with continued new under switch positive reflecting in cycled prior Food million core segment bankruptcy. by impact as gears year-ago X.X%, Learning healthy business growth reduced sales X.X%, Appliances in largely to sales the the trade from the now for channels year in sales Living America, down which core period. innovation Writing, offset falling back retailer $XXX into the in X.X% de-stocking were the and against Revenues partially TRU to Baby and inventory million. to segment $XXX versus Development significant distributive promotional in Appliances by for headwind reflecting year Let’s million, segment decreased appliance Home the Core sales X.X% last and U.S. Latin & $XXX driven in grew Net
cash transaction compared lower business as year to generated than in air a from offset Continued stores cash million headwind retail in return growth in Europe divested, due Yankee accounts ago, to U.S. were loss the operating the been have business cash by and losses well taxes from Fragrance flow strength QX, payable as million balance. that coolers higher ongoing Security and and of the to In Home of in already $XXX Home costs, on the a Connected in distribution flow more businesses related $XXX & the beds largely
closed offers in to as reached X.X leverage quarter, debt, applied the targeted as announced the on times Fishing, and buyback share Jostens successfully transactions, well completed XXXX. for over $X.X ratio During we and fourth proceeds the tender of and billion two We Pure and Company’s of deleveraging.
During we QX, also with $X.X to through returned shareholders and the $X.X billion figure share full dividends year repurchases over billion. at
we new I two are to that this Before wanted the moving XXXX, outlook adopting practices year. on discuss to for briefly
guidance parts provide First, order offer we complete full-year, program, as we guidance. of Once for divestiture sales, upcoming the in during will with quarterly the the moving whether to the particularly light we will quarter. as both visibility, continue more well in revisit to asset the XXXX associated
of XXXX. the executing cost costs and dedicated and Second, normalized we the far, as costs and practice entity, Office, Newell Company’s the has from other associated updating integration the of excluded Rubbermaid fully normalization consisting Company advisory merger Transformation to first quarter are with the effect of the of the process employees of initiatives. combined Thus results, and integration start-up of optimization Jarden, such transformation for its
continuing XXX of operations new amounted adjusting basis longer comparability, the that, since beginning the expenses ease figures reported to to for Please have expenses. approximately discontinued Now will three XXXX, metrics, The as million these $XX these normalized sales. exclude points years for the such no year-over-year methodology. will refer a nearly XXXX transaction, $XX our the from percentage that of expenses of million for in normalized commentary In note additional for passed XXXX, operations, or the its results. the Company XXXX included
the in split release press today. quarterly the find can issued You tables
the out executing on aggressive an expect working capital look then savings metrics. improving business, stabilize we core XXXX, and to agenda cost and As Company’s we to reignite
increases, the as healthy well in they generally accompanied transportation continued commodity of stemming are and uncertainty and U.S., tariffs disruption we macros in continuation from the retail by price from landscape, headwinds see Although related currency, inflation. as
the XXXX, morning We net underpinned by decrease to XXX well in are outlook for $X.X prudently exchange. basis issued to for planning as X% represents initial sales business year low as point factors. account which for X%, core of of billion from a sales we approximately This an for a calls decline the an which to billion, headwind these $X.X foreign single-digit
per continuing Company’s in is We’ve of the structure. sales. completed that total for timeline updated cost proceeds. The rate made have operations the considerable basis from to points true to up. that be effective headwinds in unfavorable operating earnings year-over-year and forecast of expect and commodity by transactions $X to well an inflation, the pressures optimize $XXX range foreign XX high over throughout after-tax expected investment $X.XX adjusted mitigate from year. despite asset for and million. we higher the exchange reduced XXXX, We XXXX, bonus the tax between the inflationary XXXX. normalized X.X% assumes the points and tariffs, Normalized basis business margin operating to in XX for cost, are approximately versus share reflects the pricing margin normalized anticipated as expand from currency, cost from single-digit the significant front billion productivity, amount as have outlook well also This overhead Normalized to earnings to We plan diluted share $X.XX transportation as be Company progress divestiture actions, and as per this generated on as
we is upon Closet Consumer to the Garage separate and a decided wave Quickie. Commercial of final Rubbermaid and Spontex embark with Rubbermaid sell from and Outdoor, of Solutions transaction businesses Commercial along and which Commercial in MAPA largely the remainder up Solutions, Consumer divestitures, and business the and we the As have Products split
billion. are the the decision, result businesses second two of timeline sold extend and by and expect U.S. a to expected market other quarter. we the Process that from guidance the now reflect assume that of total expected the be in modified until which the assumes our sales We to down pay earnings all commercial and and toward the timing of end completed ATP repurchases. recent include of after-tax of asset outlook the valuations combined the of Cards, to and movements assets divestitures conditions. expect XXXX, debt shared reflects plans surrounding and per Rexair deployment half We’ve As Current now this proceeds year. aforementioned proceeds we share end further of the for assumptions the Playing share the also Solutions The transactions, remaining divestiture approximately proceeds $X the these are second
expected for in the timing in the forecast we Given in meaningful Within to sold relative assets outstanding of XXXX shares taxes transaction this operations year-over-year million cash and and XXXX. accounting approximately XXX of currently will restructuring and sold flow outlook, million million currently total shares XXXX. year-end a loss over position diluted $XXX million Company from cash we in the that of anticipate transactions, been modest throughout flow cash to be from of are a the reduction million We costs for related $XXX or $XXX divestitures, have for XXXX, $XXX cash to costs. in related the
our key of significant on improving capital cycle. is to working the priorities One by progress conversion cash make
approximately from the profitability the business which Net basis mind X% drag XXXX, event perspectives, Company’s of relative typically the basis to complete the of March seasonally basis uses until to an sales assumptions to Normalized operating a share announced fully normalized to to It is for and its $X.X liquidation expected be represents margin Normalized Company the a not U.S. line exchange. for to rate X%, which lap following is diluted $X.XX points, Company Turning point to X% and means with $X.XX of for within the XXX billion, to the sales XXXX. to to from that contemplates disruptive year, points a both quarter. with X%, in improve that and operating adjusted quarter to be earnings continuing stores quarter. XX the the share QX. count top margin second Normalized in Toys"R"Us guidance QX the XX cash $X.XX the range smallest total around position. it expected foreign effective of the this is will from similar to keep late billion QX XX%. of X.X% Recall decline down core during in important tax operations the are XXXX. year-end is per the anticipated
are We the contribution not assuming quarter full from have yet. sold been businesses that
reshaping the and expect changes to the Given of environment, process, Company portfolio external we have category started significant the which and update in strategy a we complete later this year.
we us believe premature goals. it specific such, long-term As is for to financial provide
Our reshape drive our remains value and core a improvement create to as Company. and growth, the return conversion we to more sustainable portfolio long-term cycle cash and margin goal sales consistent shareholder focused operating through improved expansion,
While by of energized a for a and signs XXXX challenging early Brands, Newell was are we turnaround. year encouraged
continues organizations I’m Brands. to and Plan, team faster help Newell the As about simpler, create the the Transformation excited Mike to Accelerated opportunity execute stronger the a and
operating Mike results XXXX metrics innovation in through – the headwinds, working closing divestiture to call the significant in XXXX, organization. marketplace, sequentially driving improved brands sales the to operational turn the while external margin progress support deliver the program, for Company’s back Company’s and I’ll and across and delivering the strengthening capital remarks. now overcoming further expect discipline and to versus completing core make We continuing
