Newell Brands Inc. (NASDAQ: NWL) posted third-quarter results that missed expectations as trade disruptions and reduced retailer inventories pressured sales. Shares tumbled more than 31% in intra-day trading on Friday.

The consumer products company, which makes Rubbermaid, Sharpie, and Coleman products, reported adjusted earnings of $0.17 per share, slightly below analyst expectations of $0.18. Revenue fell 7.2% year-over-year to $1.8 billion, missing forecasts of $1.88 billion. Core sales declined 7.4% from a year earlier.

Gross margin decreased to 34.1% from 34.9%, with management citing higher tariff-related costs. Excluding a temporary $24 million hit from one-time China tariffs, the company said gross margin would have improved by 55 basis points.

By segment, Home & Commercial Solutions—which includes Rubbermaid and Yankee Candle—saw core sales decline 9.8%, while Learning & Development, home to Sharpie and Paper Mate, reported a 5.6% drop.

Newell lowered its 2025 full-year outlook, now expecting net sales to decline 4.5%-5.0%, with normalized EPS between $0.56 and $0.60. For the fourth quarter, it forecast a 1%-4% revenue decline.