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Newell Brands: Management comments at Conference Contradicts Press Release

As we noted in yesterdays report, Newell Brands Inc (NWL or the Company) uses accounting tricks
and likes to play games when talking to the street.

We want to highlight how the company played games with hurricane Harvey to hide deteriorating
fundamentals and how Polk admitted their misleading press release:

On September 6, NWL updated guidance to account for Hurricane Harvey. In the release, the company
made the following disclosure:

Company: Newell Brands

Ticker: NWL

Industry: Consumer
Discretionary

Stock Price as of
10/11/2017: $43.17

Because of the anticipated effects of Harvey, NWL lowered the low end of its Market Cap:$21.157bn
guidance by $.05 to $2.95 from $3.00. Doesnt seem material? Well it is because its
really about poor growth. Daily Volume: 4,026,369
(3 month avg.)
At a Barclays Investor conference the very next day, CEO Michael Polk said to
the crowd: Price Target: $19.16

Which is it? Harvey or the tepid growth? Just like the misleading OCF
detailed in our previous report, this is more gaming by NWL management.

So, of the .05 of guide down, .03 or 60% was purely due to deteriorating
business conditions! Management was just waiting for the chance to explain
their failure, and Harvey let them do it!