Newell reports 4Q loss on hefty restructuring charges

<p>Newell Rubbermaid Inc. cited hefty charges related to layoffs and the shedding of poor-performing product lines as it swung to a loss in the fourth quarter. The results, announced Thursday, beat Wall Street expectations.</p><p>The Atlanta-based consumer products manufacturer said it lost $211.6 million, or 77 cents a share, in the three months ending Dec. 31, compared to a profit of $95.8 million, or 36 cents a share, in the year-ago period.</p><p>Excluding one-time restructuring and other charges, the company said it turned a profit of $110.8 million, or 40 cents a share. On that basis, analysts surveyed by Thomson First Call were expecting earnings of 38 cents a share.</p><p>Revenue in the October-December period edged up slightly to $2.09 billion from $2.01 billion a year ago.</p><p>Newell Rubbermaid makes Sharpie pens, Rubbermaid trash cans and Graco car seats.</p><p>We are moving quickly to reconfigure our portfolio, exiting low-margin product lines and pursuing the divestiture of non-strategic businesses, said chief executive Joseph Galli. When we exit 2004, we believe this company will be a much leaner organization that is ready to maximize shareholder value.</p><p>Newell Rubbermaid has been cutting costs for months.</p><p>Last month, it said it would eliminate 850 production jobs in Wooster, Ohio, once the showpiece headquarters city of Rubbermaid Inc. The layoffs reflected a companywide review of its production work and an attempt to trim manufacturing capacity. Plant damage from a tornado was also a factor. Five years ago, before its takeover by Newell Corp., Rubbermaid had its headquarters in Wooster and employed 1,400 people.</p><p>For all of 2003, Newell Rubbermaid said it lost $46.6 million, or 17 cents a share, compared to a loss of $203.4 million, or 76 cents a share, in 2002. Twelve-month revenue was $7.75 billion, compared to $7.45 billion in 2002.</p><p>___</p><p>On the Net:</p><p>HASH(0x2871644)</p>