Posted on Friday, June 3rd, 2011 at 4:46 pm.
Newell Rubbermaid Inc. has cut its earnings and sales expectations for the second quarter.
According to a company spokesman, Newell Rubbermaid said it now expects core sales growth in the range of three to four percent for the second quarter, down from its earlier expectations of 4 to 5 percent. The company, which raised prices of some products to off cut rising oil and resin costs, blamed the shortfall on a weak economy and rising production costs.
Newell Rubbermaid, the manufacturer of Sharpie pens and Rubbermaid storage containers, also expects 5 to 10 percent growth in earnings, which is down from a 10 to 12 percent forecast made earlier this year. Shares of the company closed at $16.97 on the New York Stock Exchange Thursday.
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