ATLANTA—Fourth-quarter net income for Newell Rubbermaid totaled $75.7 million, 25 percent up from the fourth quarter of 2009.
The company had a modest net sales gain of 3.4 percent to $1.5 billion in the quarter, which ended on Dec. 31, 2010. It was also able to keep expenses in check, with a 2.2 percent increase in selling, general and administrative expenses, and gross margin rose 10 basis points to 37.1 percent. Newell Rubbermaid was also able to take advantage of a lower income-tax rate, which reduced its income taxes for the quarter by 33 percent.
For the 2010 fiscal year, Newell Rubbermaid’s net income rose 2.6 percent to $292.8 million. Net sales increased 3.3 percent to $5.8 billion.
Mark Ketchum, president and chief executive officer, said Newell Rubbermaid was able to grow sales and delivered on all of its financial targets during the year, thus providing momentum for the company into 2011. Ketchum announced earlier this month that he will retire this year, and the company has begun its search for his successor.