11:03 AM EDT, 10/25/2024 (MT Newswires) -- Newell Brands' ( NWL ) shares were soaring intraday Friday after the company raised its full-year earnings outlook despite posting year-over-year declines in its third-quarter results.

The maker of consumer and household brands such as Sharpie and Rubbermaid now expects adjusted earnings per share between $0.63 and $0.66 in 2024, compared with its previous outlook of $0.60 to $0.65. The company continues to expect its net sales to fall by 6% to 7% and core sales to drop 3% to 4%.

The current consensus among analysts polled by Capital IQ is for normalized EPS of $0.64 and revenue of $7.65 billion. Newell shares shot up 23% in Friday trading.

"It is clear that Newell Brand's business transformation is well underway," Chief Executive Chris Peterson said in a statement. "While much work remains and the macroeconomic backdrop is still uncertain, we are confident that the actions we are taking and the capabilities we are building are laying a solid foundation for the company's future."

For the ongoing three-month period, the company sees adjusted EPS between $0.11 to $0.14, while net sales are seen falling between 4% to 7%. Core sales for the fourth quarter are forecast to drop 2% to 5%. The consensus is for normalized EPS of $0.13 and revenue of $2 billion.

Adjusted EPS in the quarter ended Sept. 30 came in at $0.16, down from $0.37 last year and matching the consensus estimate. Revenue in the quarter fell 4.9% year over year to $1.95 billion and missed the Street's $1.96 billion view.

Core sales in Newell's home and commercial solutions business decreased 2.3% as growth in commercial was more than offset by foreign-currency headwinds and declines in the kitchen and home fragrance categories. In outdoor and recreation, core sales fell about 17%, while learning and development rose 4.4%.

"The higher income households have increased spending significantly in both units and dollars as these consumers are benefiting from home price appreciation and stock market gains," Peterson said during an earnings call, according to a Capital IQ transcript. "With higher income consumers driving the market, we are seeing stronger demand for more premium priced products that represented good consumer value."

Newell now expects operating cash flow to range between $500 million to $600 million in 2024, up from its previous range of $450 million to $550 million.

Price: 8.79, Change: +1.61, Percent Change: +22.35