Newell Rubbermaid Inc., which has a food container manufacturing facility in Mogadore, said Friday that second-quarter earnings declined nearly 24 percent, with sales ticking down slightly.
The maker of Rubbermaid storage containers, Sharpie pens and other consumer products said net income for the second quarter dropped to $111.8 million, or 38 cents a share. That’s down from $146.7 million, or 49 cents a share, in the year-ago period.
When restructuring expenses and other items are excluded, per-share earnings climbed to 47 cents from 45 cents.
The company’s results beat expectations of analysts. Those surveyed by Thomson Reuters expected earnings of 45 cents a share on sales of $1.52 billion.
Sales for the second quarter ending June 30 came in at $1.516 billion, down 1.9 percent from $1.545 billion for the 2011 second quarter.
Company brands include Graco, Calphalon, Lenox, Levolor and Paper Mate, in addition to Rubbermaid and Sharpie.
The company said it was reaffirming its 2012 earnings outlook of per-share growth of about 3 to 6 percent, or $1.63 to $1.69, excluding tax and restructuring expenses.
Newell Rubbermaid (NYSE: NWL) said it was continuing to project core sales growth in a range from 2 to 3 percent, and operating cash flow of $550 million to $600 million.
Second-quarter results were “driven by strong core sales growth in our Professional and Baby & Parenting segments and double-digit core sales growth in emerging markets,” Michael Polk, president and chief executive officer, said in a news release.
Net sales were $525.4 million in the Professional segment, a 2 percent decline from the prior year. Core sales growth in the segment, however, was 4.6 percent after excluding currency items.
Second-quarter net sales in the Baby & Parenting segment were $182.4 million, up 4.1 percent from the prior year. Core sales increased 7.3 percent, excluding the estimated effect of currency items.
Newell Rubbermaid is building an 800,000-square-foot distribution facility in a Tallmadge-Brimfield Township joint economic development district in Brimfield, and closing its distribution center in Wooster. The new facility will employ 79 workers.