Newell Brands Inc. (NASDAQ:NWL) Q2 2020 Earnings Conference Call - Final Transcript
Jul 31, 2020 • 11:00 am ET
the timing of school and office reopenings.
This will have a negative gross margin mix impact on the business in Q3 as the Writing business has the highest gross margins in the company. Importantly, in Q2, we grew market share in everyday writing driven by pens and expect the business to recover strongly once the pandemic subsides. Stringent cost control measures remain in place with the savings from the organization restructuring program expected to contribute to back half results. And we expect a more normal tax rate in Q3 this year compared to the large tax benefit in the year ago third quarter. While visibility to the course of the pandemic and the pace and timing of an economic recovery is limited, we are taking the necessary actions, not just to manage the business through the immediate challenges, but to come out stronger afterwards with the turnaround efforts fully underway. I would like to join Ravi in thanking our employees, especially those on the front lines, whose unwavering dedication and tireless work is helping to propel the company forward in these unprecedented times.
Operator, let's open up for questions.