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Jarden Corp. said third-quarter profit fell 59%, hurt by costs related to an acquisition. The company, which makes products under brand names Sunbeam, Coleman, Mr. Coffee, and others, said quarterly net income fell to US$21.2 million, or $0.28 per share. Revenue rose 28% to $1.32 billion, from $1.03 billion last year.
Martin Franklin, Jarden's Chairman and CEO, cited the record $1.3 billion in sales the company posted for the quarter and said that Jarden achieved strong results in spite of pressure on sales from a difficult retail environment. "With positive cash flow during the quarter, we are on track to achieve our target of approximately $300 million of cash flow from operations in 2007," Franklin said. "We are maintaining a disciplined approach to margins in what we believe will continue to be an inflationary cost environment, coupled with a tight retail market."
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