Today, Newell Brands announced Q2 2023 financial results, which were aligned with or ahead of our projections on all key metrics. Operating margins, earnings per share and cash flow were well ahead of expectations as we made meaningful progress on productivity initiatives and reducing working capital.
Newell Brands President and Chief Executive Officer Chris Peterson shared, "Since my appointment two months ago, we have created and deployed a new corporate strategy based on a comprehensive company-wide capability assessment. Building on the solid operational foundation we have already put in place, we are now focused on significantly strengthening the company’s consumer-facing capabilities while prioritizing the top 10 countries and top 25 brands, which represent about 90 percent of sales. Consistent with the new strategy, we are investing in consumer and customer understanding, brand building, brand communication, innovation and retail execution as part of our One Newell approach to unlock the full power of our leading consumer brands, create and leverage scale and drive operational excellence. While we have lots of work to do, we are off to a great start, and I remain confident in our ability to accelerate the company's financial performance over the long term, while we continue to navigate through a challenging macro-economic backdrop in the near term."
Please see our press release to read more about our Q2 financial results.