Newell Rubbermaid tool sales decline
Newell Rubbermaid reported that sales in its tools segment declined 1 percent for the first quarter of 2013.
Net sales in the segment were $188.6 million. Core sales growth was 0.7 percent as a result of strong new product driven growth in Latin America from Irwin and despite the absence of the 2012 early spring weather in the U.S., the company said. Operating income in the segment was $18.7 million, or 9.9 percent of sales, compared with $28.7 million, or 15.1 percent of sales, in the prior year.
Total company sales for the quarter were $1.24 billion, a 0.8 percent decline versus prior year results. Net income was $54.2 million, or 19 cents per diluted share, down from $79.3 million, or 27 cents, in the prior year.
INDUSTRIAL SUPPLY MAGAZINE
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