Newell Brands hits 38-year low after cutting annual forecasts

Shares of Sharpie maker Newell Brands NWL.O plunge about 33% to a 38-year low of $3.15

Set to log biggest intraday loss ever

NWL expects steeper annual sales decline and lowers its annual profit forecast on weaker demand, especially in Brazil, due to tariff costs and reduced retail inventory levels

Expects FY25 net sales to decline between 4.5% and 5%, compared with prior view of 2% to 3% fall

Forecasts FY25 normalized EPS between 56 cents and 60 cents vs previous projection of 66 cents to 70 cents

Q3 sales decline 7.2% to $1.8 billion, missing analysts' average estimate of $1.88 billion - data compiled by LSEG

Co expects incremental cash tariff cost of approximately $180 million, compared with a year ago

Up to last close, stock down 52.61% YTD