ATLANTA–Newell Rubbermaid reported income from continuing operations of $55 million for the third quarter, down 68 percent from $169.9 million last year.
Net sales grew 4.3 percent to $1.76 billion for the quarter, compared to $1.69 billion for the same period in 2007. Internal sales growth, which excludes the effect of significant acquisitions, was 0.4 percent. The company’s Home & Family segment saw double-digit growth, and its Rubbermaid Food business high single-digit growth, which were offset by softness in North American Tools & Hardware, Office Products and Decor.
Excluding Project Acceleration restructuring costs of $13.5 million in 2008 and $22.7 million in 2007, operating income was $180.4 million, compared to $236.5 million last year.