ATLANTA, GA (STL.News) Newell Brands Friday reported third quarter 2020 financial results and made statements:
“We delivered quite strong third quarter results, including broad-based sales growth underpinned by strong consumption, and considerable improvement in operating margin and cash flow generation, as the company rallied behind our strategic aims,” said Ravi Saligram, Newell Brands President and CEO. “We’re going into the fourth quarter with a renewed sense of energy as we pursue need in certain high-growth categories. We stay laser focused on increasing shareholder value by sustaining growth momentum, forcing meaningful innovations that leverage consumer trends, building a competitive advantage throughout omni-channel and lowering organizational complexity.”
Chris Peterson, Chief Financial Officer and President, Business Operations, stated,”Stronger than expected top line growth, along with disciplined expense control, restructuring economies, sustained progress on complexity reduction and FUEL productivity savings drove considerable year-over-year improvement in operating margin. Diligent implementation behind operating capital initiatives resulted in a significant decrease in the company’s cash conversion cycle period, together with operating cash flow nearly doubling year-over-year through the first three quarters of 2020. For the entire year, we hope to generate operating cash flow of $1.1 to $1.2 billion, with free cash flow productivity well over 100%”
NOTE: this is NOT the complete release.
View complete release at: