Q2 2024 Newell Brands Inc Earnings Call Transcript

Jul 26, 2024 / 01:30PM GMT

Release Date Price: MXN132

Transcript 10-Q8-K

Key Points

Positve

Second-quarter results exceeded expectations across all key metrics.
Gross margin increased for the fourth consecutive quarter, driven by strong productivity.
Normalized EBITDA improved by 10% year-over-year.
EPS was significantly higher than anticipated due to better operational performance and tax benefits.
The company reduced its cash conversion cycle and net debt by about $400 million.

Negative

The outdoor and recreation segment continues to be the weakest and requires a turnaround.
Core sales were still down 4.2%, indicating ongoing challenges in the market.
Net interest expense increased due to higher interest rates.
Operating cash flow for the first six months of 2024 was down compared to the same period in 2023.
The macroeconomic environment remains challenging, particularly for consumer discretionary goods.

Operator

Good morning, and welcome to Newell Brands second-quarter 2024 earnings conference call. (Operator Instructions)

Today's conference call is being recorded. A live webcast of this call is available at ir.newellbrands.com.

I will now turn the call over to Sofya Tsinis, VP of Investor Relations. Ms. Tsinis, you may begin.

Sofya Tsinis

Newell Brands Inc - Vice President, Investor Relations

Thank you. Good morning, everyone. Welcome to Newell Brands second-quarter earnings call. On the call with me today are Chris Peterson, our President and CEO; and Mark Erceg, our CFO.

Before we begin, I'd like to inform you that during the course of today's call, we will be making forward-looking statements, which involve risks and uncertainties. Actual results and outcomes may differ materially, and we undertake no obligation to update forward-looking statements. I refer you to the cautionary language and risk factors available in our earnings release, our Form 10-K, Form 10-Q and other SEC filings available on our Investor Relations website for a

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