11:10 AM EDT, 04/26/2024 (MT Newswires) -- (Updates with the latest stock price movement in the headline and first paragraph.)

Newell Brands' ( NWL ) shares were up more than 12% in recent Friday trading after the company reported better-than-expected Q1 results and affirmed its 2024 outlook.

The company reported its Q1 normalized earnings broke even at $0.00, compared with a loss of $0.06 per diluted share a year earlier. Analysts polled by Capital IQ expected a loss of $0.07.

Net sales for the quarter ended March 31 were $1.65 billion, down from $1.81 billion a year earlier. Analysts surveyed by Capital IQ expected $1.64 billion.

For Q2, the company said it expects normalized EPS of $0.18 to $0.21 and a net sales decline of 9% to 7%. Analysts polled by Capital IQ expect normalized EPS of $0.25 on revenue of $2.03 billion.

Newell said it continues to expect 2024 normalized EPS of $0.52 to $0.62 and a net sales decline of 8% to 5%. Analysts surveyed by Capital IQ expect normalized EPS of $0.57 on revenue of $7.62 billion.

Price: 7.82, Change: +0.88, Percent Change: +12.61