Consumer goods company Newell Brands, Inc. (NWL), while reporting narrower net loss and weak sales in its third quarter, on Friday issued fourth-quarter earnings and sales view. Further, the company lifted fiscal 2024 earnings view, and maintained sales forecast.

In pre-market activity on the Nasdaq, Newell Brands shares were gaining around 15.2 percent to trade at $8.27.

Mark Erceg, Newell Brands Chief Financial Officer, said, "Our reported gross margin in the third quarter increased by 460 basis points compared to the same quarter last year, marking the fifth consecutive quarter of significant gross margin expansion. ... Given strong third quarter results, we are increasing our 2024 normalized operating margin, normalized earnings per share and operating cash flow outlook for the second time this year."

For the fourth quarter, the company projects normalized earnings per share of $0.11 to $0.14, on net sales decline of 4 percent to 7 percent and core sales decline of 2 percent to 5 percent.

Analysts on average expect the company to report earnings of $0.13 per share on sales of $2 billion, a drop of 3.90 percent, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Further, for fiscal 2024, the company now expects normalized earnings per share of $0.63 to $0.66, higher than previous estimate of $0.60 to $0.65.

The company continues to expects annual net sales to decline 6 to 7 percent with core sales to decline of 3 to 4 percent.

The Street is looking for earnings of $0.65 per share on sales of $7.65 billion, representing a 5.9 percent drop.

In its third quarter, the company reported net loss of $198 million, compared to prior year's loss of $218 million. Loss per share of $0.48 narrowed from last year's loss of $0.53.

Normalized net income was $69 million, compared to $154 million in the prior year period. Normalized earnings per share were $0.16, compared to $0.37 in the prior year period. Analysts projected earnings of $0.16 per share.

Net sales were $1.95 billion, a decline of 4.9 percent from last year's $2.05 billion. Core sales declined 1.7 percent compared with the prior year period.

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