Newell Brands (NASDAQ: NWL) stock prices decrease Friday, on announcing its fourth-quarter and full year 2022 financial results.
Q4 Net sales were $2.3 billion, a decline of 18.5% compared with the prior year period, including the year over year impact from the sale of the Connected Home & Security (CH&S) business at the end of the first quarter 2022.
Reported operating loss was $273 million compared with operating income of $170 million in the prior year period. Non-cash impairment charges of $326 million and $60 million were incurred in the current and prior year periods, respectively, related to goodwill and intangible assets.
Reported operating margin was negative 11.9% compared with positive 6.1% in the prior year period, as the impact of lower net sales, the impairment charge and significant headwinds from inflation and foreign exchange more than offset benefits from FUEL productivity savings and pricing. Normalized operating income was $113 million, or 4.9% of sales, compared with $281 million or 10% of sales, in the prior-year period.
The company reported net loss of $249 million, or $0.60 diluted loss per share, compared with net income of $98 million, or $0.23 diluted earnings per share, in the prior year period.
Normalized net income was $65 million, or $0.16 normalized diluted earnings per share, compared with $182 million, or $0.42 normalized diluted earnings per share, in the prior year period.
NWL opened the week’s last session down $1.09, or 7.5%, to $13.51.
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