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Newell Rubbermaid reported first-quarter net income of $54.2 million, down 31.7% from $79.3 million. Sales for the quarter were $1.241 billion, down 0.8%.
During the earnings release, the company announced plans to sell its Hardware and Teach Platform business.
Home Solutions segment net sales for the first quarter were $338.9 million, a 3.7% increase compared with the prior-year quarter. Core sales in the segment increased 3.9%. The solid growth was primarily driven by strong results from Rubbermaid. Operating income in the Home Solutions segment was $34.1 million, or 10.1% of sales, as compared with $30.9 million, or 9.5% of sales, in the prior year. The improvement was primarily driven by increased sales volume and Project Renewal-related cost savings.
Tools segment net sales for the first quarter were $188.6 million, a 1.0% decline compared with the prior-year quarter. Operating income in the Tools segment was $18.7 million, or 9.9% of sales, compared with $28.7 million, or 15.1% of sales, in the prior year. The decline in margin was largely driven by input cost inflation and continued increased investments in strategic SG&A, the company said.
Newell Rubbermaid brands include Sharpie, Rubbermaid, Irwin, Lenox, Parker, Waterman, Levolor and Calphalon, among others.