Shoes and accessories maker Cole Haan files for IPO

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Sharpie parent Newell Brands earnings top estimates

Newell Brands Inc. said Friday it had net income of $793.8 million, or $1.87 a share, in the fourth quarter, up from $183.5 million, or 41 cents a share, in the year-earlier period. The owner of brands including Paper Mate, Sharpie and Rubbermaid, said adjusted per-share earnings came to 42 cents, ahead of the 37 cents FactSet consensus. Sales fell 3.1% to $2.624 billion from $2.707 billion, also ahead of the FactSet consensus of $2.580 billion. The company is in the midst of a turnaround plan that has helped its international business return to growth, improved operating margins by 50 basis points and more than doubled free cash flow, Chief Executive Ravi Saligram said in a statement. Looking ahead, the company is now expecting 2020 EPS to range from $1.46 to $1.56, compared with a current FactSet consensus of $1.55. For the first quarter, it expects EPS of 5 cents to 8 cents, below the 12 cents FactSet consensus. Shares rose 0.8% premarket but have fallen 10% in the last 12 months, while the S&P 500 has gained 23%.

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