Small electric appliance maker Jarden Corp. reported third quarter 2010 net sales increased 18.5%, with organic net sales growth of 7.3%, to $1.6 billion, compared to $1.4 billion for the same period in 2009. 3Q 2010 net income was $80.6 million, up from $73.7 million in 3Q 2009.
Third quarter net sales in Jarden's appliance business, the Consumer Solutions business segment, were $534.0 million, up from $510.3 million in 3Q 2009. Earnings were $75.0 million, down from $86.7 million.
For the first nine months of 2010, net sales increased 15.4%, with organic net sales growth of 6.5%, to $4.3 billion, compared to $3.8 billion for the same period in the previous year. Jarden recorded net income of $60.0 million in the first nine months of 2010, compared to net income of $127.5 million for the same period in 2009. Adjusted net income was $183.8 million for the nine months in 2010, compared to $152 million in 2009. The 2010 results include the Mapa Spontex acquisition since April 1, 2010.
Nine-month net sales in Jarden's Consumer Solutions appliance business were $1,252.5 million, compared to $1,218.4 million in the first nine months of 2009. Earnings were $164.5 million, down from $174.0 million.
"Our third quarter results, which were led by another solid performance in our Outdoor Solutions and Consumer Solutions segments, once again demonstrate that Jarden continues to execute well in the current macro environment," said Martin E. Franklin, Chairman and Chief Executive Officer of Jarden Corporation. "Overall organic sales for the quarter increased more than seven percent. Notably, we achieved record segment earnings as consumers continued to turn to Jarden's portfolio of leading brands and innovative products."
Mr. Franklin continued, "The business has performed exceptionally well year-to-date, growing in many of our existing categories, leveraging our brands into adjacent categories, and expanding our presence in under-penetrated geographies. Based on current trends within our businesses, we believe that organic top-line growth will continue in 2011 within our 3-5% long-term range. At the same time, we are focusing on enhancing our margins through continuous operational improvement initiatives, new product introductions and pricing to partially offset the cost increases experienced in 2010."
Jarden operates in three primary business segments - Outdoor Solutions, Consumer Solutions, and Branded Consumables - through a number of well-known brands. Appliance brands in the Jarden Consumer Solutions business segment include:
• Health o meter
• Mr. Coffee
• White Mountain
Jarden has over 25,000 employees worldwide.
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