02:18 PM EDT, 04/26/2024 (MT Newswires) -- Newell Brands ( NWL ) reiterated its fiscal 2024 guidance on Friday after reporting stronger-than-expected first-quarter results buoyed by revenue growth in its learning and development business.

The maker of consumer and household brands such as Sharpie and Rubbermaid continues to forecast a sales decline of 5% to 8% in the ongoing year and a 3% to 6% fall in core sales. Analysts surveyed by Capital IQ are modeling for revenue of $7.62 billion in 2024. In 2023, Newell's revenue declined 14% year over year to $8.13 billion.

Newell affirmed its full-year adjusted earnings per share guidance range of $0.52 to $0.62, implying an increase from $0.79 in 2023. The consensus is for normalized EPS of $0.57 this year.

"With a stronger than anticipated start to the year we remain confident in our full year outlook," Chief Financial Officer Mark Erceg said in a statement. Shares of Newell were up 11% in afternoon trade.

For the second quarter, the company sees sales declining 7% to 9% and core revenue dropping 4% to 6%. Newell is guiding for normalized EPS in the $0.18 to $0.21 range in the ongoing quarter, below the $0.25 consensus view.

Revenue in the first quarter fell to $1.65 billion from $1.81 billion a year ago and topped the $1.64 billion average analyst estimate on Capital IQ. The company reported break-even adjusted earnings per share for the three months ended March 31, improved from a loss of $0.06 last year and better than the $0.07 loss forecast by Wall Street.

Core sales in Newell's home and commercial solutions business decreased 4.3% as pricing-driven international expansion in commercial was more than offset by declines in the kitchen and home fragrance business. In outdoor and recreation, core sales tumbled more than 20%. Learning and development segment core sales advanced 1.8%.

"During the first quarter, core sales performance improved sequentially, normalized operating margin nearly doubled versus last year and we meaningfully increased operating cash flow," Chief Executive Chris Peterson said.

The company in January announced an organizational realignment that is expected to unlock operational efficiencies and cost savings.

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