Newell Brands Inc. (NASDAQ:NWL) Q3 2023 Results Conference Call October 27, 2023 9:30 AM ET

Company Participants

Sofya Tsinis - VP, IR

Chris Peterson - President and CEO

Mark Erceg - CFO

Conference Call Participants

Chris Carey - Wells Fargo Securities

Andrea Teixeira - JP Morgan

Bill Chappell - Truist Securities

Peter Grom - UBS

Brian McNamara - Canaccord Genuity

Olivia Tong - Raymond James

Lauren Lieberman - Barclays

Filippo Falorni - Citi

Operator

Good morning, and welcome to Newell Brands Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After a brief discussion by management, we will open up the call for your questions. [Operator Instructions] Today’s conference call is being recorded. A live webcast of this call is available at ir.newellbrands.com.

I will now turn the call over to Sofya Tsinis, Vice President of Investor Relations. Ms. Tsinis, you may begin.

Sofya Tsinis

Thank you. Good morning, everyone. Welcome to Newell Brands third quarter earnings call. On the call with me today are Chris Peterson, our President and CEO; and Mark Erceg, our CFO.

Before we begin, I’d like to inform you that during the course of today’s call, we will be making forward-looking statements, which involve risks and uncertainties. Actual results and outcomes may differ materially, and we undertake no obligation to update forward-looking statements. I refer you to the cautionary language and risk factors available in our earnings release, our Form 10-K, Form 10-Q and other SEC filings available on our Investor Relations website for a further discussion of the factors affecting forward-looking statements.

Please also recognize that today’s remarks will refer to certain non-GAAP financial measures, including those we refer to as normalized measures. We believe these non-GAAP measures are useful to investors, although they should not be considered superior to the measures presented in accordance with GAAP. Explanations of these non-GAAP measures and available reconciliations between GAAP and non-GAAP measures can be found in today’s earnings release and tables that were furnished to the SEC.

Thank you. And now, I’ll turn the call over to Chris.

Chris Peterson

Thank you, Sofya. Good morning, everyone, and welcome to our third quarter call.

We had mix results in the third quarter. We made significant progress delivering against the five major priorities we established at the start of the year as well as deploying and actioning the new integrated corporate strategy. At the same time, we were disappointed core sales declined 9.2% during the quarter. Let me take these each in turn, starting with the five priorities we laid out at the start of the year.