Newell Play Improves in Q4 as Proxy Fight Looms
Play segment sales increased 7% in the final quarter to $563.3 million from $528.5 million driven by growth from Coleman, Contigo, Marmot and team sports but fishing declined. Core sales gained 5%. Segment operating income gained 36% to $51.1 million from $37.6 million last year, an operating margin of 9.1% against 7.1%, benefitting from positive mix, cost synergies and lower management bonuses. For the full year, the Play segment top line expanded 38% to $2,583.9 million from $1,871.1 million and operating income jumped six fold to $264.9 million from $41.3 million including inventory step-ups from the Jarden acquisition. Normalized operating ... Log in to view full article.