Newell Rubbermaid has registerd a fourth-quarter profit following a reduction in costs and lower raw materials prices.

The company reported earnings of $60.6 million for the quarter reversing a year-earlier loss of $256.7 million. Sales were down 2 percent to stand $1.42 billion from $1.45 billion.

While Venezuela accounts for only about 1 percent of overall sales, CEO Mark D. Ketchum, said that the country was a lucrative market the devaluation of its currency disproportionately affected earnings.