Newell Brands Inc "UBS Summer Call Series: Key Takeaways from NWL" (Neutral)

研报英文原文证据摘录

Newell Brands Inc "UBS Summer Call Series: Key Takeaways from NWL" (Neutral)

bution gains,

Q1E (0.05) (0.05)

normalized A&P investment, and fully activated marketing programs, positioning

Q2E 0.19 0.19

the business to see sustained gains even if the volatile backdrop persists.

Q3E 0.20 0.20

K-Shaped Consumer Backdrop: Management highlighted that the consumer Q4E 0.25 0.23

backdrop remains bifurcated, with spending down -15% to -10% for lower- 12/26E 0.58 0.58

income cohorts while spending for middle-income consumers has remained flat. 12/27E 0.61 0.67

12/28E 0.69 0.77

This has been partially offset by spending for higher income households, which the

company noted was up +5-6%. That said, management expects demand to Peter Grom

improve as replacement cycles (3–5 years) begin to normalize post-COVID and Analyst

innovation continues to drive consumers back into the category. peter.grom@ubs.com

+1-212-713 3482

International Recovery a 2H Story: While international remains a near-term

Sona Fernandes

headwind, management expects a back-half inflection driven by easier

Analyst

comparisons and improving traction from global innovation. sona.fernandes@ubs.com

L&D Strength Underpinned by Innovation: Management expects continued +1-212-649 8050

growth in L&D, driven by stronger innovation centered on better consumer Chirac Ndetan

insights. Into the back-to-school season, the company is positioned favorably as Associate Analyst

many competitors have implemented tariff-related price increases, while it has chirac.ndetan@ubs.com

+1-212-649 7501 largely held pricing given its domestic manufacturing footprint.

Back-to-School Timing Dynamics: The company expects to see modest growth

Highlights (US$m) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E