Newell Brands CEO Ravi Saligram says home will remain center after Covid

Newell Brands CEO Ravi Saligram says home will remain center after Covid

Even with students returning to school and workers returning to the office, changes in consumer spending will survive the pandemic.

“The house has become the hub”, Newell brands CEO Ravi Saligram told CNBC “Squawk in the street” Monday.

As businesses become more flexible with employees working remotely in a post-pandemic world, Saligram expects his sales surge to last longer than this year.

“We think some of these trends will continue, and we’re innovating quite a bit,” he said. “With this, we believe that we will support growth in the future.”

The owner of brands such as Papermate, Rubbermaid and Sharpie on Friday reported better-than-expected profits and revenue that rose 21% from a year ago to $ 2.29 billion.

“Our eight companies have performed well and made progress. And seven out of eight have actually seen double-digit growth, across the world, ”Saligram said.

Newell raised his forecast for this year, citing students returning to school in person as one of the factors contributing to his optimistic outlook.

“We felt with our projections that we would do better than 2019 and this is largely related to continuing consumer trends,” said Saligram. “A big part of [the positive outlook] is that we think most of the students will be back in school. We will have a normal back-to-school season and that is an important factor for us. “

Newell estimates that its adjusted earnings will be in the range of $ 1.63 to $ 1.73 per share this year. Revenue is expected to increase between $ 9.9 billion and $ 10.1 billion.

Shares of Newell Brands rose nearly 2% on Monday. Its stock has gained nearly 29% this year, bringing its value to more than $ 11.7 billion.

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