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Newell Brands Inc. (NWL-0.22%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Newell Brands' financial performance, highlighting a decrease in net sales to $7.58 billion from $8.13 billion in the previous year, attributed to soft global demand and distribution losses.
Gross profit increased to $2.55 billion from $2.35 billion, with a gross margin improvement to 33.6% from 28.9% in 2023, driven by pricing and productivity initiatives.
Operating income was reported at $67 million, a significant improvement from an operating loss of $85 million in 2023, reflecting higher gross profit and lower restructuring charges.
The company recorded a net loss of $216 million, an improvement from a net loss of $388 million in 2023. The diluted loss per share was $0.52 compared to $0.94 in the previous year.
Interest expense increased to $295 million from $283 million, primarily due to higher interest rates.
Newell Brands continues to implement its strategic initiatives, including the Realignment Plan and Project Phoenix, aimed at simplifying operations and reducing costs.
The company reported restructuring and restructuring-related charges totaling $102 million for 2024, primarily associated with the Realignment Plan and other cost-saving initiatives.
Goodwill and intangible asset impairments were recorded at $345 million, reflecting adjustments in forecasted revenues and market conditions.
Newell Brands' cash flow from operating activities decreased to $496 million from $930 million in 2023, influenced by working capital changes and higher incentive compensation payments.
The company ended the year with $198 million in cash and cash equivalents, with $145 million held by non-U.S. subsidiaries.
Newell Brands' debt obligations stood at $4.6 billion, with recent refinancing activities including the issuance of $1.24 billion in senior notes to manage upcoming maturities.
The filing also discusses risks related to market conditions, competition, and regulatory compliance, emphasizing the company's focus on operational efficiency and strategic growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Newell Brands Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.