RBC Capital analysts provided their outlook on Newell Brands Inc. (NASDAQ:NWL) ahead of the Q1/23 earnings, scheduled to be reported tomorrow before the market opens.

The analysts expect Q1/23 adjusted EPS of ($0.03), generally in line with the Street estimate of ($0.04). Expectations for the quarter are muted due to the company's Q1 guide, which was materially lower than expectations (attributable to retailer inventory management and consumers diverting spend away from discretionary categories) and concerns over the macro environment.

According to the analysts, the above-average rain/snow on the West Coast may pressure the Outdoor & Recreation segment, and China's performance across industries in Q1 hasn't shined (brighter outlook looking forward). Overall, the analysts do not expect management to cut guidance for the full year as it was initially conservative.