Newell Rubbermaid swings to profit in fourth quarter

<p>Newell Rubbermaid Inc., the maker of Sharpie pens and Rubbermaid trash cans, said its restructuring plan is working as it swung to a profit in the fourth quarter despite a slight drop in sales.</p><p>The results, announced before the market opened Thursday, beat Wall Street expectations.</p><p>The Atlanta-based consumer products manufacturer said it earned $124.1 million, or 45 cents a share, in the three months ending Dec. 31, compared to a loss of $211.6 million, or 77 cents a share, for the same period a year ago.</p><p>Excluding one-time charges, the company said it earned a profit of $127 million, or 46 cents a share. On that basis, analysts surveyed by Thomson First Call were expecting earnings of 44 cents a share.</p><p>Revenue in the October-December period was $1.81 billion, a 1 percent decline from the $1.83 billion recorded a year ago.</p><p>The company said the sales decline in the quarter reflected foreign currency and pricing benefits, but that was offset by the planned exit of certain low-margin product lines, primarily in the Rubbermaid Home Products division.</p><p>Shares of Newell Rubbermaid fell 21 cents to $22.70 in early trading Thursday on the New York Stock Exchange.</p><p>Going forward, Newell Rubbermaid said it expects internal sales growth to be flat. It said sales in 2005 are expected to be in the range of a decline of 1 percent to an addition of 1 percent. The company expects earnings per share from continuing operations for all of 2005 to be in the range of $1.38 to $1.48.</p><p>For all of 2004, Newell Rubbermaid said it lost $116.1 million, or 42 cents a share, compared to a loss of $46.6 million, or 17 cents a share, in 2003. Twelve-month revenue was $6.75 billion, compared to $6.90 billion recorded a year ago.</p><p>Newell Rubbermaid has been cutting costs and restructuring its business for two years.</p><p>___</p><p>On the Net:</p><p>HASH(0x2866378)</p>

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