Newell Brands Announces Second Quarter 2024 Results
Turnaround Gains Further Traction as Sales Improve Sequentially
Gross and Operating Margin Increase Significantly Versus Prior Year
Raises Outlook for Full Year 2024
ATLANTA, GA – July 26, 2024 – Newell Brands (NASDAQ: NWL) today announced its second quarter 2024
financial results.
Chris Peterson, Newell Brands President and Chief Executive Officer, said, "We are making significant progress indriving Newell's turnaround. During the second quarter, we continued to deliver on our operational and financial
priorities for the year, as results came in at the high-end or ahead of our plan across key metrics. Since
implementing the new corporate strategy, we have taken decisive actions that have improved the company's top
line trajectory, driven significant gross and operating margin expansion, delevered the balance sheet andimproved cash flow performance, while strengthening our team, Newell's front-end commercial capabilities andfostering a high-performance, high-accountability culture. We remain laser focused on returning the business tosustainable and profitable growth and are confident that we are pursuing the right strategy to accomplish this."Mark Erceg, Newell Brands Chief Financial Officer, said, "Second quarter reported gross margin increased by 590
basis points versus last year, which builds on the 110, 360 and 380 basis point expansions that occurred during
the three sequential quarters that preceded it, respectively. The rapid and dramatic improvement we havedelivered in gross margin ties directly back to the development and implementation of our new strategy and has
allowed us to invest more in advertising and critical front-end commercial capabilities, while also expanding
reported operating margins - which were up 260 basis points versus last year in the second quarter. During eachof the last four quarters we have also achieved significant year-over-year improvements in our cash conversion
cycle and reduced Newell's leverage ratio on a sequential basis. While the macroeconomic environment remains
choppy, the transformation of our business is clearly underway, which has given us confidence to improve ourfinancial outlook for the year."
Executive Summary– Second quarter net sales were $2.0 billion, a decline of 7.8 percent compared with the prior year period.
Core sales declined 4.2 percent compared with the prior year period.
– Second quarter reported gross margin increased to 34.4 percent compared with 28.5 percent in the prioryear period. Normalized gross margin increased to 34.8 percent compared with 29.9 percent in the prior year
period.
– Second quarter reported operating margin increased to 8.0 percent compared with 5.4 percent in the prioryear period. Normalized operating margin increased to 10.8 percent compared with 9.1 percent in the prioryear period.
– Second quarter reported net income was $45 million compared with $18 million in the prior year period.
Normalized net income was $151 million compared with $101 million in the prior year period. Normalized
EBITDA increased to $284 million compared with $258 million in the prior year period.
– Second quarter reported diluted earnings per share were $0.11 compared with $0.04 in the prior year period.
Normalized diluted earnings per share were $0.36 compared with $0.24 in the prior year period.
– Year-to-date operating cash flow was $64 million compared with $277 million in the prior year period.
– The company raised its full year 2024 outlook.

Second Quarter 2024 Operating Results
Net sales were $2.0 billion, a 7.8 percent decline compared with the prior year period, reflecting a core sales
decline of 4.2 percent, as well as the impact of unfavorable foreign exchange and business exits. Pricing ininternational markets to offset inflation and currency movements was a meaningful contributor to the company's
core sales performance.
Reported gross margin was 34.4 percent compared with 28.5 percent in the prior year period, as the impact fromproductivity savings, favorable mix and pricing more than offset the headwind from inflation and foreign exchange.
Normalized gross margin was 34.8 percent compared with 29.9 percent in the prior year period, which represents
the fourth consecutive quarter of year-over-year improvement.
Reported operating income was $163 million compared with $120 million in the prior year period. Reported
operating margin was 8.0 percent compared with 5.4 percent in the prior year period, largely reflecting benefits
from productivity savings, favorable mix and pricing, which more than offset the impact of lower net sales,
inflation and unfavorable foreign exchange. Normalized operating income was $219 million, or 10.8 percent ofsales, compared with $201 million, or 9.1 percent of sales, in the prior year period.
Net interest expense was $78 million compared with $76 million in the prior year period.
Reported tax provision was $39 million compared with $17 million in the prior year period. The normalized tax
benefit was $14 million compared with a provision of $16 million in the prior year period.
Reported net income was $45 million compared with $18 million in the prior year period. Normalized net income
was $151 million compared with $101 million in the prior year period. Normalized EBITDA was $284 million
compared with $258 million in the prior year period.
Reported diluted earnings per share were $0.11 compared with $0.04 in the prior year period. Normalized diluted
earnings per share were $0.36 compared with $0.24 in the prior year period.
An explanation of non-GAAP measures disclosed in this release and a reconciliation of these non-GAAP results tocomparable GAAP measures, if available, are included in the tables attached to this release.
Balance Sheet and Cash Flow
Year-to-date operating cash flow was $64 million compared with $277 million in the prior year period. The prioryear included significant contribution from working capital. Inventories have decreased by approximately $300
million versus the prior year period.
At the end of the second quarter, Newell Brands had debt outstanding of $5.0 billion and cash and cash
equivalents of $382 million, compared with $5.4 billion and $317 million, respectively, at the end of the second
quarter of 2023.
Second Quarter 2024 Operating Segment Results
The Home & Commercial Solutions segment generated net sales of $962 million compared with $1.1 billion in theprior year period, reflecting a core sales decline of 4.3 percent, as well as the impact of unfavorable foreignexchange and certain business exits. Core sales declined in all three businesses: Kitchen, Home Fragrance andCommercial. Reported operating income was $48 million, or 5.0 percent of sales, compared with operating loss of$21 million, or negative 2.0 percent of sales, in the prior year period. Normalized operating income was $71
million, or 7.4 percent of sales, compared with $23 million, or 2.2 percent of sales, in the prior year period.

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The Learning & Development segment generated net sales of $813 million, in-line with the prior year period, as
core sales growth of 1.5 percent was offset by the impact of unfavorable foreign exchange. Core sales increased
in both the Writing and Baby businesses. Reported operating income was $205 million, or 25.2 percent of sales,
compared with $188 million, or 23.1 percent of sales, in the prior year period. Normalized operating income was$212 million, or 26.1 percent of sales, compared with $199 million, or 24.5 percent of sales, in the prior year
period.
The Outdoor & Recreation segment generated net sales of $258 million compared with $333 million in the prioryear period, reflecting a core sales decline of 18.2 percent, as well as the impact of unfavorable foreign exchange
and certain business exits. Reported operating loss was $11 million, or negative 4.3 percent of sales, comparedwith operating income of $5 million, or 1.5 percent of sales, in the prior year period. Normalized operating loss
was $1 million, or negative 0.4 percent of sales, compared with normalized operating income of $14 million, or 4.2
percent of sales, in the prior year period.
Organizational Realignment Update
In January 2024, the company announced an organizational realignment, which is expected to strengthen thecompany’s front-end commercial capabilities, such as consumer understanding and brand communication, in
support of the Where to Play / How to Win choices the company unveiled in June of 2023 (the "RealignmentPlan"). In addition to improving accountability, the Realignment Plan should further unlock operational efficiencies
and cost savings, reduce complexity and free up funds for reinvestment. As part of the organizational realignment,
the company made several organizational design changes, which entailed: standing up a cross-functional brandmanagement organization, realigning business unit finance to fully support the new global brand management
model, further simplifying and standardizing regional go-to-market organizations, and centralizing domestic retailsales teams, the digital technology team, business-aligned accounting personnel, the Manufacturing Quality team,and the Human Resources functions into the appropriate center-led teams to drive standardization, efficiency andscale with a One Newell approach. The company will also further optimize Newell’s real estate footprint andpursue other cost reduction initiatives. These actions are expected to be substantially implemented by the end of2024. Once the organizational design changes are fully executed, the company expects to realize annualized
pretax savings in the range of $65 million to $90 million, net of reinvestment, with $55 million to $70 million
expected in 2024. Restructuring and related charges associated with these actions are estimated to be in therange of $75 million to $90 million and are expected to be substantially incurred by the end of 2024. During thefirst six months of 2024, the company incurred restructuring and related charges of $39 million related to theRealignment Plan.
Outlook for Third Quarter and Full Year 2024
The company initiated its outlook for third quarter 2024 and raised its full year 2024 outlook.

Net Sales
Core Sales
Normalized Operating Margin
Normalized EPS

6655 Peachtree Dunwoody Road
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Q3 2024 Outlook
6% to 4% decline
2% decline to flat
8.3% to 8.8%
$0.14 to $0.17

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Net Sales
Core Sales
Normalized Operating Margin
Normalized EPS

Previous Full Year 2024 Outlook
8% to 5% decline
6% to 3% decline
7.8% to 8.2%

Updated Full Year 2024 Outlook
7% to 6% decline
4% to 3% decline
8.0% to 8.2%

$0.52 to $0.62$0.60 to $0.65

The company also increased its outlook for full year 2024 operating cash flow to $450 million to $550 million fromthe previous range of $400 million to $500 million. The operating cash flow outlook continues to assume
approximately $150 million to $200 million in cash payments associated with restructuring and related initiatives.
The company has presented forward-looking statements regarding core sales, normalized operating margin andnormalized earnings per share. These non-GAAP financial measures are derived by excluding certain amounts,
expenses or income, from the corresponding financial measures determined in accordance with GAAP. The
determination of the amounts that are excluded from these non-GAAP financial measures is a matter ofmanagement judgement and depends upon, among other factors, the nature of the underlying expense or income
amounts recognized in a given period in reliance on the exception provided by item 10(e)(1)(i)(B) of Regulation SK. We are unable to present a quantitative reconciliation of forward-looking normalized operating margin or
normalized earnings per share to their most directly comparable forward-looking GAAP financial measures
because such information is not available, and management cannot reliably predict all of the necessarycomponents of such GAAP measures without unreasonable effort or expense. In addition, we believe suchreconciliations would imply a degree of precision that would be confusing or misleading to investors. The
unavailable information could have a significant impact on the company's future financial results. These nonGAAP financial measures are preliminary estimates and are subject to risks and uncertainties, including, among
others, changes in connection with quarter-end and year-end adjustments. Any variation between the company's
actual results and preliminary financial data set forth above may be material.
Conference Call
Newell Brands’ second quarter 2024 earnings conference call will be held today, July 26, at 9:30 a.m. ET. A link to
the webcast is provided under Events & Presentations in the Investors section of the company’s website atwww.newellbrands.com. A webcast replay will be made available in the Quarterly Earnings section of thecompany’s website.
Non-GAAP Financial Measures
This release and the accompanying remarks contain non-GAAP financial measures within the meaning ofRegulation G promulgated by the U.S. Securities and Exchange Commission (the "SEC") and includes areconciliation of non-GAAP financial measures to the most directly comparable financial measures calculated inaccordance with GAAP.
The company uses certain non-GAAP financial measures that are included in this press release, the additional
financial information and accompanying remarks both to explain its results to stockholders and the investmentcommunity and in the internal evaluation and management of its businesses. The company’s management
believes that these non-GAAP financial measures and the information they provide are useful to investors sincethese measures (a) permit investors to view the company’s performance and liquidity using the same tools thatmanagement uses to evaluate the company’s past performance, reportable segments, prospects for future
performance and liquidity, and (b) determine certain elements of management incentive compensation.
The company’s management believes that core sales provides a more complete understanding of underlying
sales trends by providing sales on a consistent basis as it excludes the impacts of acquisitions, divestitures, retailstore openings and closings, certain market and category exits, and changes in foreign exchange from year-over6655 Peachtree Dunwoody Road
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4year comparisons. The effect of changes in foreign exchange on reported sales is calculated by applying the prioryear average monthly exchange rates to the current year local currency sales amounts (excluding acquisitions
and divestitures), with the difference between the current year reported sales and constant currency sales
presented as the foreign exchange impact increase or decrease in core sales. The company’s management
believes that “normalized” gross margin, “normalized” operating income, “normalized” operating margin,"normalized EBITDA", “normalized” net income, “normalized” diluted earnings per share, “normalized” interest and“normalized” income tax benefit or expense, which exclude restructuring and restructuring-related expenses andone-time and other events such as costs related to the extinguishment of debt; certain tax benefits and charges;
impairment charges; pension settlement charges; divestiture costs; costs related to the acquisition, integrationand financing of acquired businesses; amortization of acquisition-related intangible assets; inflationary
adjustments; fire related loss, net of insurance recoveries; and certain other items, are useful because they
provide investors with a meaningful perspective on the current underlying performance of the company’s coreongoing operations and liquidity. “Normalized EBITDA” is an ongoing liquidity measure (that excludes non-cash
items) and is calculated as normalized earnings before interest, tax, depreciation, amortization and stock-based
compensation expense.
The company uses a "with" and "without" approach to calculate normalized income tax expense or benefit. At aninterim period, the company determines the year to date tax effect of the pretax items excluded from normalized
results by allocating the difference between the calculated GAAP and calculated normalized tax expense or
benefit.
The company defines "net debt" as short-term debt, current portion of long-term debt and long-term debt lesscash and cash equivalents.
While the company believes these non-GAAP financial measures are useful in evaluating the company’s
performance and liquidity, this information should be considered as supplemental in nature and not as a substitutefor or superior to the related financial information prepared in accordance with GAAP. Additionally, these nonGAAP financial measures may differ from similar measures presented by other companies.
About Newell Brands
Newell Brands (NASDAQ: NWL) is a leading global consumer goods company with a strong portfolio of wellknown brands, including Rubbermaid, Sharpie, Graco, Coleman, Rubbermaid Commercial Products, Yankee
Candle, Paper Mate, FoodSaver, Dymo, EXPO, Elmer’s, Oster, NUK, Spontex and Campingaz. Newell Brands isfocused on delighting consumers by lighting up everyday moments.
This press release and additional information about Newell Brands are available on the company’s website,www.newellbrands.com.
Investor Contact:
Sofya Tsinis
VP, Investor Relations

Media Contact:
Beth Stellato
Chief Communications Officer+1 (201) 610-6901
sofya.tsinis@newellco.com+1 (470) 580-1086
beth.stellato@newellco.com

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5Caution Concerning Forward-Looking Statements
Some of the statements in this press release and its exhibits, particularly those anticipating future financial
performance, business prospects, growth, operating strategies, the benefits and savings associated with theRealignment Plan, future macroeconomic conditions and similar matters, are forward-looking statements within
the meaning of the federal securities laws. These statements generally can be identified by the use of words orphrases, including, but not limited to, "guidance," "outlook," “intend,” “anticipate,” “believe,” “estimate,” “project,”“target,” “plan,” “expect,” “setting up,” "beginning to,” “will,” “should,” “would,” "could," “resume,” “remain
confident,” "remain optimistic," "seek to," or similar statements. We caution that forward-looking statements are
not guarantees because there are inherent difficulties in predicting future results. Actual results may differ
materially from those expressed or implied in the forward-looking statements, including impairment charges andaccounting for income taxes. Important factors that could cause actual results to differ materially from thosesuggested by the forward-looking statements include, but are not limited to:
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our ability to optimize costs and cash flow and mitigate the impact of soft global demand and retailer
inventory rebalancing through discretionary and overhead spend management, advertising and promotion
expense optimization, demand forecast and supply plan adjustments and actions to improve working capital;
our dependence on the strength of retail and consumer demand and commercial and industrial sectors of theeconomy in various countries around the world;
our ability to improve productivity, reduce complexity and streamline operations;risks related to our substantial indebtedness, potential increases in interest rates or changes in our credit
ratings, including the failure to maintain financial covenants which if breached could subject us to crossdefault and acceleration provisions in our debt documents;
competition with other manufacturers and distributors of consumer products;
major retailers’ strong bargaining power and consolidation of our customers;
supply chain and operational disruptions in the markets in which we operate, including as a result of
geopolitical and macroeconomic conditions and any global military conflicts, including those between Russia
and Ukraine and in the Middle East;changes in the prices and availability of labor, transportation, raw materials and sourced products, including
significant inflation, and our ability to offset cost increases through pricing and productivity in a timely
manner;our ability to effectively execute our turnaround plan, including the Realignment Plan and other restructuring
and cost saving initiatives;
our ability to develop innovative new products, to develop, maintain and strengthen end-user brands and torealize the benefits of increased advertising and promotion spend;
the risks inherent to our foreign operations, including currency fluctuations, exchange controls and pricing
restrictions;future events that could adversely affect the value of our assets and/or stock price and require additional
impairment charges;
unexpected costs or expenses associated with dispositions;the cost and outcomes of governmental investigations, inspections, lawsuits, legislative requests or otheractions by third parties, the potential outcomes of which could exceed policy limits, to the extent insured;
our ability to remediate the material weaknesses in internal control over financial reporting and to maintaineffective internal control over financial reporting;a failure or breach of one of our key information technology systems, networks, processes or related controls
or those of our service providers;the impact of U.S. and foreign regulations on our operations, including the impact of tariffs and environmental
remediation costs and legislation and regulatory actions related to product safety, data privacy and climatechange;the potential inability to attract, retain and motivate key employees;
changes in tax laws and the resolution of tax contingencies resulting in additional tax liabilities;
product liability, product recalls or related regulatory actions;
our ability to protect our intellectual property rights;
significant increases in the funding obligations related to our pension plans; and6655 Peachtree Dunwoody Road
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6•other factors listed from time to time in our SEC filings, including but not limited to our Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q and other filings.

The consolidated condensed financial statements are prepared in conformity with accounting principles generally
accepted in the United States (“U.S. GAAP”). Management’s application of U.S. GAAP requires the pervasive useof estimates and assumptions in preparing the condensed consolidated financial statements. The company
continues to be impacted by inflationary pressures, soft global demand, major retailers' focus on tight control overinventory levels, elevated interest rates and indirect macroeconomic impacts from geopolitical conflicts, which has
required greater use of estimates and assumptions in the preparation of our condensed consolidated financial
statements. Although we believe we have made our best estimates based upon current information, actual results
could differ materially and may require future changes to such estimates and assumptions, including reserves,which may result in future expense or impairment charges.
The information contained in this press release and the tables is as of the date indicated. The company assumes
no obligation to update any forward-looking statements as a result of new information, future events ordevelopments.

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NEWELL BRANDS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)(Amounts in millions, except per share amounts)

Three Months Ended June 30,
2024
2023
% Change
Net sales$

Cost of products sold

2,033

$

2,204

1,334

1,575

Gross profit

699

629

Selling, general and administrative expenses

520

476

Restructuring costs, net

10Impairment of goodwill, intangibles and other assets(7.8)%Six Months Ended June 30,
2024
2023
% Change
$

3,686

$

4,009

(8.1)%

2,483

2,898

11.1%

1,203

1,111

8.3%

9.2%

982

956

2.7%

22

36

60

6

11

6

11

163

120

179

84

Interest expense, net

78

76

148

144

Loss on extinguishment and modification of debt

—

—

1

—

Other expense, net

1

9

6

21

Income (loss) before income taxes

84

35

24

(81)

Income tax provision (benefit)

39

17

(12)

3

Operating income

35.8%

NM

Non-operating expenses:

Net income (loss)$

Weighted average common shares outstanding:
Basic
DilutedEarnings (loss) per share:
Basic
DilutedDividends per share* NM - NOT MEANINGFUL

45

$

18

NM
NM

$

36

$

(84)

415.2

414.2

415.0

414.0

418.2

415.3

417.9

414.0

$

0.11

$

0.04

$

0.09

$

(0.20)

$

0.11

$

0.04

$

0.09

$

(0.20)

$

0.07

$

0.07

$

0.14

$

0.30

NM
NM

NEWELL BRANDS INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)(Amounts in millions)
June 30, 2024
AssetsCurrent assets
Cash and cash equivalents
Accounts receivable, net
Inventories
Prepaid expenses and other current assets
Total current assets
Property, plant and equipment, net
Operating lease assets
Goodwill
Other intangible assets, net
Deferred income taxes
Other assets
Total Assets
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable
Other accrued liabilities
Short-term debt and current portion of long-term debt
Total current liabilities
Long-term debt
Deferred income taxes
Operating lease liabilities
Other noncurrent liabilities
Total liabilities
Total stockholders' equity
Total Liabilities and Stockholders' Equity

$

$

$

$

382
1,072
1,639
332
3,425
1,153
481
3,055
2,412
757
765
12,048

1,079
1,440
983

December 31, 2023

$

$

$

332
1,195
1,531
296
3,354
1,212
515
3,071
2,488
806
717
12,163

1,003
1,565
329

3,502
4,059
236
414
757

2,897
4,575
241
446
892

8,968

9,051

3,080
12,048

3,112
12,163$

NEWELL BRANDS INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)(Amounts in millions)
Six Months Ended June 30,
2024
2023
Cash flows from operating activities:
Net income (loss)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
Impairment of goodwill, intangibles and other assets
Deferred income taxes
Stock based compensation expense
Pension settlement charge
Other, net
Changes in operating accounts:
Accounts receivable
Inventories
Accounts payable
Accrued liabilities and other, net
Net cash provided by operating activities
Cash flows from investing activities:
Capital expenditures
Swap proceeds
Other investing activities, net
Net cash used in investing activities
Cash flows from financing activities:
Payments on short-term debt
Proceeds from short-term debt with original maturities greater than 90 days
Payments on short-term debt with original maturities greater than 90 days
Payments on current portion of long-term debt
Cash dividends
Equity compensation activity and other, net
Net cash provided by (used in) financing activities
Exchange rate effect on cash, cash equivalents and restricted cash
Increase in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash at beginning of period
Cash, cash equivalents and restricted cash at end of period
Supplemental disclosures:
Restricted cash at beginning of period
Restricted cash at end of period

$

$

$

36

$

(84)

164
6
14
33
—
(8)

159
11
4
20
5
(34)

84
(139)
80
(206)
64

(14)
282
(54)
(18)
277

(112)
17
11
(84)

(142)
23
25
(94)

(52)
431
(225)
—
(60)
(16)
78
(14)
44
361
405 $

(23)
—
—
(1)
(126)
(8)
(158)
2
27
303
330

29
23

16
13

$

NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)CERTAIN LINE ITEMS(Amounts in millions, except per share amounts)

Net sales
Cost of products sold
Gross profit$

Selling, general and administrative expenses
Restructuring costs, net
Impairment of goodwill, intangibles and other assets
Operating income
Non-operating expense
Income before income taxes
Income tax provision (benefit) [2]
Net income$

Diluted earnings per share **$Three Months Ended June 30, 2024
Restructuring
GAAP
Non-GAAP
andTransaction
MeasureMeasurerestructuringAcquisition
costs and other
Reportedrelated costs
amortization[1]
Normalized*
2,033
$
— $
— $
— $
2,033
1,334
(7)
—
(2)
1,325
699
7
—
2
708
34.4 %
34.8%
520
(3)
(25)
(3)
489
25.6 %
24.1%
10
(10)
—
—
—
6
(6)
—
—
—
163
26
25
5
219
8.0 %
10.8%
79
—
—
3
82
84
26
25
2
137
39
(19)
(20)
(14)
(14)
45
$
45 $
45 $
16 $
151
0.11

$

0.11

$

0.11

$

0.04

$

* Normalized results are financial measures that are not in accordance with GAAP and exclude the above normalized adjustments. See below for a discussion of these adjustments.
**Adjustments and normalized earnings per share are calculated based on diluted weighted average shares of 418.2 million shares for the three months ended June 30, 2024.
Totals may not add due to rounding.

[1] Transaction costs and other includes a $2 million loss related to Argentina devaluation and hyperinflationary adjustment; $1 million and $2 million related toaccelerated amortization and write-off of other assets, respectively, associated with integration projects and $3 million gain related to completed
divestitures. Includes $12 million of income tax expense that results from amortization of a prior year normalized tax benefit.
[2] The company uses a "with" and "without" approach to calculate normalized income tax expense or benefit. At an interim period, the company determines
the year to date tax effect of the pretax items excluded from normalized results by allocating the difference between the calculated GAAP and calculated
normalized tax expense or benefit.

0.36

NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)CERTAIN LINE ITEMS(Amounts in millions, except per share amounts)

Net sales
Cost of products sold
Gross profit$

Selling, general and administrative expenses
Restructuring costs, net
Impairment of goodwill, intangibles and other assets
Operating income
Non-operating (income) expense
Income before income taxes
Income tax provision (benefit) [2]

Three Months Ended June 30, 2023
Restructuring
GAAP
Non-GAAP
and
Acquisition
Transaction
MeasureMeasurerestructuringamortization and costs and other
Reportedrelated costs
impairment[1]
Normalized*
2,204
$
— $
— $
— $
2,204
1,575
(26)
—
(3)
1,546
629
26
—
3
658
28.5 %
29.9 %
476
9
(19)
(9)
457
21.6 %
20.7 %
22
(22)
—
—
—
11
—
(11)
—
—
120
39
30
12
201
5.4 %
9.1 %
85
—
—
(1)
84
35
39
30
13
117
17
9
6
(16)
16

Net income

$

18

$

30

$

24

$

29

$

101

Diluted earnings per share **

$

0.04

$

0.07

$

0.06

$

0.07

$

0.24

* Normalized results are financial measures that are not in accordance with GAAP and exclude the above normalized adjustments. See below for a discussion of these adjustments.
**Adjustments and normalized earnings per share are calculated based on diluted weighted average shares of 415.3 million shares for the three months ended June 30, 2023.
Totals may not add due to rounding.

[1] Transaction costs and other includes $7 million of costs related to completed divestitures; $5 million loss related to Argentina hyperinflationary adjustment;$5 million loss on pension settlement; $2 million related to expenses for certain legal proceedings; $4 million of fire-related recoveries and $2 million gain
due to changes in fair value of investment. Includes $14 million of income tax expense that results from amortization of a prior year normalized tax benefit.
[2] The company uses a "with" and "without" approach to calculate normalized income tax expense or benefit. At an interim period, the company determines
the year to date tax effect of the pretax items excluded from normalized results by allocating the difference between the calculated GAAP and calculated
normalized tax expense or benefit.

NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)CERTAIN LINE ITEMS(Amounts in millions, except per share amounts)

Net sales
Cost of products sold
Gross profit$

Selling, general and administrative expenses
Restructuring costs, net
Impairment of goodwill, intangibles and other assets
Operating income
Non-operating expense
Income before income taxes
Income tax provision (benefit) [2]

Six Months Ended June 30, 2024
Restructuring
GAAP
Non-GAAP
andTransaction
MeasureMeasurerestructuringAcquisition
costs and other
Reportedrelated costs
amortization[1]
Normalized*
3,686
$
— $
— $
— $
3,686
2,483
(15)
—
(6)
2,462
1,203
15
—
6
1,224
32.6 %
33.2 %
982
(8)
(50)
5
929
26.6 %
25.2 %
36
(36)
—
—
—
6
(6)
—
—
—
179
65
50
1
295
4.9 %
8.0 %
155
—
—
—
155
24
65
50
1
140
(12)
22
6
(25)
(9)

Net income

$

36

$

43

$

44

$

26

$

149

Diluted earnings per share **

$

0.09

$

0.10

$

0.11

$

0.06

$

0.36

* Normalized results are financial measures that are not in accordance with GAAP and exclude the above normalized adjustments. See below for a discussion of these adjustments.
**Adjustments and normalized earnings per share are calculated based on diluted weighted average shares of 417.9 million shares for the six months ended June 30, 2024.
Totals may not add due to rounding.

[1] Transaction costs and other includes an $8 million loss related to Argentina devaluation and hyperinflationary adjustment; $3 million and $2 million related
to accelerated amortization and write-off of other assets, respectively, associated with integration projects; $1 million loss on modification of debt; $9 million
release of a bad debt reserve due to a recovery of a receivable from an international customer and $4 million gain related to completed divestitures.
Includes $22 million of income tax expense that results from amortization of a prior year normalized tax benefit.
[2] The company uses a "with" and "without" approach to calculate normalized income tax expense or benefit. At an interim period, the company determines
the year to date tax effect of the pretax items excluded from normalized results by allocating the difference between the calculated GAAP and calculated
normalized tax expense or benefit.

NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)CERTAIN LINE ITEMS(Amounts in millions, except per share amounts)

Net sales
Cost of products sold
Gross profit$

Selling, general and administrative expenses
Restructuring costs, net
Impairment of goodwill, intangibles and other assets
Operating income
Non-operating (income) expense
Income (loss) before income taxes
Income tax provision (benefit) [2]

Six Months Ended June 30, 2023
Restructuring
GAAP
Non-GAAP
and
Acquisition
Transaction
MeasureMeasurerestructuringamortization and costs and other
Reportedrelated costs
impairment[1]
Normalized*
4,009
$
— $
— $
— $
4,009
2,898
(31)
—
(5)
2,862
1,111
31
—
5
1,147
27.7 %
28.6 %
956
1
(38)
(16)
903
23.8 %
22.5 %
60
(60)
—
—
—
11
—
(11)
—
—
84
90
49
21
244
2.1 %
6.1 %
165
—
—
(11)
154
(81)
90
49
32
90
3
22
11
(21)
15

Net income (loss)

$

(84)

$

68

$

38

$

53

$

75

Diluted earnings (loss) per share **$(0.20)

$

0.16

$

0.09

$

0.13

$

0.18

* Normalized results are financial measures that are not in accordance with GAAP and exclude the above normalized adjustments. See below for a discussion of these adjustments.
**Adjustments and normalized earnings per share are calculated based on diluted weighted average shares of 415.2 million shares for the six months ended June 30, 2023.
Totals may not add due to rounding.

[1] Transaction costs and other includes $10 million related to expenses for certain legal proceedings; $10 million related to Argentina hyperinflationary
adjustments; $7 million of costs related to completed divestitures; $5 million loss on pension settlement; $3 million of fire-related losses, net of recoveries;$2 million gain due to changes in fair value of investments and reversal of $1 million to true-up an indirect tax reserve for an international entity. Includes$23 million of income tax expense that results from amortization of a prior year normalized tax benefit.
[2] The company uses a "with" and "without" approach to calculate normalized income tax expense or benefit. At an interim period, the company determines
the year to date tax effect of the pretax items excluded from normalized results by allocating the difference between the calculated GAAP and calculated
normalized tax expense or benefit.

NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)FINANCIAL WORKSHEET - SEGMENT REPORTING(Amounts in millions)Three Months Ended June 30, 2024

Three Months Ended June 30, 2023

Year over year changes
Normalized

Net Sales

Home andCommercial
Solutions$

Reported
Operating
Income(Loss)

Reported
OperatingMarginNormalized
Items [1]Normalized
Operating
Income(Loss)

Normalized
OperatingMarginNet Sales

Reported
Operating
Income(Loss)

Reported
OperatingMarginNormalized
Items [2]Normalized
Operating
Income(Loss)Net Sales
Normalized
OperatingMargin962 $48

5.0 % $

23 $

71

7.4 %

$ 1,058 $(21)(2.0)% $

44 $

23

2.2 %

Learning andDevelopment

813

205

25.2 %

7212

26.1 %

813

188

23.1 %

11

199

Outdoor andRecreation

258

(11)

(4.3)%

10(1)(0.4)%

333

5

1.5 %

9

Corporate

—

(79)

—%

16

(63)

—%

—

(52)

—%

163

8.0 % $

56 $219

10.8 %

120

5.4 % $

$ 2,033 $$ 2,204 $$$Operating Income%$%(96) (9.1)% $48

NM24.5 %

—

—%

13

6.5 %

14

4.2 %

(75) (22.5)%

(15)

NM

17

(35)

—%

—

(28) (80.0)%

81 $

201

9.1 %

$

—%

(171) (7.8)% $18*NM - NOT MEANINGFUL[1] The three months ended June 30, 2024 normalized items consist of $26 million of restructuring and restructuring-related charges (including $6 million
impairment of other assets); $25 million of acquisition amortization costs; $2 million loss related to Argentina hyperinflationary adjustment; $1 million and $2
million related to accelerated amortization and write-off of other assets, respectively, associated with integration projects.
[2] The three months ended June 30, 2023 normalized items consist of $39 million of restructuring and restructuring-related charges; $19 million of acquisitionamortization costs; $11 million impairment of an indefinite-lived tradename in the Home and Commercial Solutions segment and other assets; $7 million of
costs related to completed divestitures; $3 million of Argentina hyperinflationary adjustment and $2 million related to expenses for certain legal proceedings.

9.0 %NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)FINANCIAL WORKSHEET - SEGMENT REPORTING(Amounts in millions)
Six Months Ended June 30, 2024

Six Months Ended June 30, 2023

Year over year changes
Normalized Operating

Net Sales

Reported
Operating
Income(Loss)

Reported
OperatingMarginNormalized
Items [1]Normalized
Operating
Income(Loss)

Normalized
OperatingMarginNet Sales

Reported
Operating
Income(Loss)

Reported
OperatingMarginNormalized
Items [2]Normalized
Operating
Income(Loss)Net Sales
Normalized
OperatingMarginHome andCommercial
Solutions$ 1,855 $64

3.5 % $

48 $

112

6.0 %

$ 2,029 $(58)(2.9)% $

77 $

19

0.9 %

Learning andDevelopment

1,372

299

21.8 %

17316

23.0 %

1,377

260

18.9 %

21

281

Outdoor andRecreation

459

(29)

(6.3)%

18(11)(2.4)%

603

4

0.7 %

23

Corporate

—

(155)

—%

33

(122)

—%

—

(122)

—%

179

4.9 % $

116 $

295

8.0 %

84

2.1 % $

$ 3,686 $$ 4,009 $$$Income (Loss)%$%(174) (8.6)% $93

NM20.4 %(5) (0.4)%

35

12.5 %

27

4.5 %(144) (23.9)%

(38)

NM

39

(83)

—%

160 $

244

6.1 %

—
$

—%

(323) (8.1)% $(39) (47.0)%
51* NM - NOT MEANINGFUL[1] The six months ended June 30, 2024 normalized items consist of $65 million of restructuring and restructuring-related charges (including $6 million
impairment of other assets); $50 million of acquisition amortization costs; $6 million loss related to Argentina hyperinflationary adjustment; $3 million and $2
million related to accelerated amortization and write-off of other assets, respectively, associated with integration projects; $9 million release of a bad debt
reserve due to a recovery of a receivable from an international customer and $1 million gain related to a completed divestiture.
[2] The six months ended June 30, 2023 normalized items consist of $90 million of restructuring and restructuring-related charges; $38 million of acquisitionamortization costs; $11 million impairment of an indefinite-lived tradename in the Home and Commercial Solutions segment and other assets; $10 million
related to expenses for certain legal proceedings; $7 million of costs related to completed divestitures; $5 million of Argentina hyperinflationary adjustment andreversal of $1 million to true-up an indirect tax reserve for an international entity.

20.9 %

NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)

CORE SALES GROWTH BY SEGMENT
Three Months Ended June 30, 2024
Acquisitions,
Divestitures
and Other, Net[2]

Net Sales(Reported)

Home and Commercial Solutions

Currency
Impact[3]

Six Months Ended June 30, 2024

Core Sales[1] [4]

Net Sales(Reported)

Acquisitions,
Divestitures
and Other, Net[2]

Currency
Impact[3]

Core Sales[1] [4](9.1)%

0.8 %

4.0 %

(4.3)%(8.6)%

0.8 %

3.5 %

(4.3)%

Learning and Development

—%

—%

1.5 %

1.5 %

(0.4)%

—%

2.0 %

1.6 %

Outdoor and Recreation(22.5)%

0.7 %

3.6 %

(18.2)%(23.9)%

0.8 %

4.0 %

(19.1)%

Total Company(7.8)%

0.6 %

3.0 %

(4.2)%(8.1)%

0.6 %

3.0 %

(4.5)%CORE SALES GROWTH BY GEOGRAPHY
Three Months Ended June 30, 2024

Net Sales(Reported)

Acquisitions,
Divestitures
and Other, Net[2]

Currency
Impact[3]

Six Months Ended June 30, 2024

Core Sales[1] [4]

Net Sales(Reported)

Acquisitions,
Divestitures
and Other, Net[2]

Currency
Impact[3]

Core Sales[1] [4]

North America(7.2)%

0.6 %

0.1 %

(6.5)%(8.0)%

0.5 %

0.1 %

(7.4)%

International(9.0)%

0.3 %

9.2 %

0.5 %

(8.1)%

0.4 %

9.0 %

1.3 %

Total Company(7.8)%

0.6 %

3.0 %

(4.2)%(8.1)%

0.6 %

3.0 %

(4.5)%[1] “Core Sales” provides a consistent basis for year-over-year comparisons in sales as it excludes the impacts of acquisitions, completed and planned divestitures(including the sale of the Millefiori business), retail store openings and closings, certain market and category exits, as well as changes in foreign currency.
[2] Divestitures include the sale of the Millefiori business, certain market and category exits and current and prior period net sales from retail store closures(consistent with standard retail practice).
[3] “Currency Impact” represents the effect of foreign currency on 2024 reported sales and is calculated by applying the 2023 average monthly exchange rates tothe current year local currency sales amounts (excluding acquisitions and divestitures) and comparing to 2024 reported sales.
[4] Totals may not add due to rounding.

NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)NORMALIZED EBITDA RECONCILIATION(Amounts in millions)Three Months Ended
June 30,2024
Net income (loss) [1]

$

2023
45

$

Six Months Ended
June 30,

Change
$

18 $

%
27

NM

2024
$

Change

2023
36

$

$
(84) $

Restructuring and restructuring-related costs

45

30

43

68

Acquisition amortization and impairment

45

24

44

38

Transaction costs and other (income) expense, net

16

29

26

53

Total normalized items, net of tax [1]

106

83

113

159

NORMALIZED NET INCOME [1]

151

101

149

75

Normalized income tax [1]

(14)

16

(9)

15

Interest expense, net [2]

78

76

148

144

Normalized depreciation and amortization [1] [3] [4]

52

56

106

113

17

Stock-based compensation [3]NORMALIZED EBITDA [5]

$

284

9
$

258 $

33
26

10.1%

$

427

%
120

NM

60

16.3%

20
$

367

$

*NM - NOT MEANINGFUL[1] Refer to “Reconciliation of GAAP and Non-GAAP Information (Unaudited) - Certain Line Items” for the three and six months ended June 30, 2024 and 2023 inthis release.
[2] Refer to “Condensed Consolidated Statements of Operations (Unaudited)” for the three and six months ended June 30, 2024 and 2023 in this release.
[3] Refer to "Consolidated Statement of Cash Flows (Unaudited) for the six months ended June 30, 2024 and 2023 in this release.
[4] Normalized depreciation and amortization excludes the amortization of acquired intangibles and accelerated depreciation costs associated with integration
projects and restructuring-related activities. For the three months ended June 30, 2024 and 2023, excludes $25 million and $19 million, respectively, ofamortization of acquired intangibles, and $2 million and $3 million, respectively, of accelerated depreciation and amortization associated with integration projects
and restructuring-related activities. For the six months ended June 30, 2024 and 2023, excludes $50 million and $38 million, respectively, of amortization of
acquired intangibles, and $8 million for both periods, of accelerated depreciation and amortization associated with integration projects and restructuring-related
activities.
[5] The Company defines Normalized EBITDA as earnings before interest, taxes, depreciation and amortization, adjusted for certain items and non-cash stockbased compensation expense.

NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)NET DEBT AND TRAILING 12-MONTHS NORMALIZED EBITDA RECONCILIATION(Amounts in millions)
June 30, 2024
NET DEBT RECONCILIATION:
Short-term debt and current portion of long-term debt
Long-term debt
Gross debt
Less: Cash and cash equivalents
NET DEBT [1]
Net loss [3]Restructuring and restructuring-related costs
Acquisition amortization and impairment
Transaction costs and other (income) expense, net
Total normalized items, net of tax [3]NORMALIZED NET INCOME
Normalized income tax [3]Interest expense, net [3]Normalized depreciation and amortization [3] [4]Stock-based compensation [3] [5]NORMALIZED EBITDA
[1]
[2]
[3]

[4]

[5]

$

$
$

$

December 31, 2023 [2]

983
4,059
5,042
382
4,660

$

(268)
128
382
162
672
404

$

(92)
287
220
63
882

$

$

June 30, 2023

329
4,575
4,904
332
4,572

$

(388)
153
376
189
718
330

$

(68)
283
227
50
822

$

$

597
4,753
5,350
317
5,033
(314)
85
471
106
662
348
(47)
265
226
9
801

The Company defines net debt as gross debt less the total of cash and cash equivalents. The Company believes net debt is meaningful to investors as it considers net debt and its
components to be an important indicator of liquidity and a guiding measure of capital structure strategy.
For the twelve months ended December 31, 2023, refer to “Reconciliation of GAAP and Non-GAAP Information (Unaudited) - Certain Line Items” for the twelve months ended December 31,
2023, on the Company’s Form 8-K furnished on February 9, 2024.
For the trailing-twelve months ended June 30, 2024, refer to “Reconciliation of GAAP and Non-GAAP Information (Unaudited) - Certain Line Items” for the three months ended June 30,
2024, March 31, 2024, December 31, 2023 and September 30, 2023 in this release and on the Company’s Forms 8-K furnished on April 26, 2024, February 9, 2024 and October 27, 2023,
respectively. For the trailing-twelve months ended June 30, 2023, refer to “Reconciliation of GAAP and Non-GAAP Information (Unaudited) - Certain Line Items” for the three months ended
June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022 in this release and on the Company’s Forms 8-K furnished on April 26, 2024, February 9, 2024 and October27, 2023, respectively.
For the trailing-twelve months ended June 30, 2024, normalized depreciation and amortization excludes the following items: (a) acquisition amortization expense of $88 million associatedwith intangible assets recognized in purchase accounting; and (b) $31 million of accelerated depreciation and amortization costs associated with integration projects and restructuring
activities. Refer to “Reconciliation of GAAP and Non-GAAP Information (Unaudited) - Certain Line Items” for the three months ended June 30, 2024, March 31, 2024, December 31, 2023 andSeptember 30, 2023 in this release and on the Company’s Forms 8-K furnished on April 26, 2024, February 9, 2024 and October 27, 2023, respectively. For the trailing-twelve months ended
June 30, 2023, normalized depreciation and amortization excludes the following items: (a) acquisition amortization expense of $70 million associated with intangible assets recognized inpurchase accounting; and (b) $12 million of accelerated depreciation costs associated with restructuring activities. Refer to “Reconciliation of GAAP and Non-GAAP Information (Unaudited) Certain Line Items” for the three months ended June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022 in this release and on the Company’s Forms 8-K furnished on
April 26, 2024, February 9, 2024 and October 27, 2023, respectively. Normalized depreciation and amortization excludes from GAAP depreciation and amortization for the twelve months
ended December 31, 2023, the following items: (a) acquisition amortization expense of $76 million associated with intangible assets recognized in purchase accounting; and (b) accelerated
depreciation and amortization costs of $31 million associated with restructuring activities. Refer to “Reconciliation of GAAP and Non-GAAP Information (Unaudited) - Certain Line Items” forthe twelve months ended December 31, 2023 on the Company’s Form 8-K furnished on February 9, 2024 for further information.
Represents the trailing-twelve months ended June 30, 2024, December 31, 2023 and June 30, 2023 non-cash expense associated with stock-based compensation.

NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)

CORE SALES OUTLOOK

Estimated net sales change (GAAP)
Estimated currency impact [1] and divestitures [2], net
Core sales change (NON-GAAP) [3]

Three Months Ending
September 30, 2024
(6)%
to
(4)%
~4%
(2)%
to
0%

Twelve Months Ending
December 31, 2024
(7)%
to
(6)%
~3%
(4)%
to
(3)%

[1] “Currency Impact” represents the effect of foreign currency on 2024 estimated sales and is calculated by applying the 2023 average monthly exchange
rates to the current year local currency sales amounts (excluding acquisitions and divestitures) and comparing to 2024 estimated sales.
[2] Divestitures include the sale of the Millefiori business, certain market and category exits and current and prior period net sales from retail store closures(consistent with standard retail practice).
[3] Totals may not add due to rounding.