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Jarden Reports 2Q Sales Up 3.7%
Aug 7, 2012
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Small appliance maker Jarden Corp. said organic net sales grew 3.7% in the three months ending June 30, 2012. Net sales were $1.67 billion, the same as in the same quarter of the previous year. Gross margin increased 110 basis points to 29.6% compared to gross margin of 28.5% for the same period in 2011. Net income was $83.2 million, up from $73.9 million during the same period in 2011. Adjusted net income increased to $88.0 million, up from $79.7 million for the same period in 2011.

For the six months ending June 30, 2012, organic net sales were up 3.3%. Net sales were $3.17 billion, up slightly from $3.16 billion for the same period in 2011. Gross margin increased 82 basis points to 28.9% compared to adjusted gross margin of 28.1% for the same period in 2011. Net income was $118 million, up from $92.9 million for the same period in 2011. Adjusted net income increased to $128 million up from $115 million for the same period in 2011.

"It is a pleasure to report that Jarden continued to deliver on its financial goals during the second quarter, while generating our second highest cash flow from operations for any second quarter," said Executive Chairman Martin E. Franklin.

Jarden operates in three primary business segments: Outdoor Solutions, Branded Consumables, and its appliance business, Consumer Solutions. Consumer Solutions sells appliances under several brand names such as Crock-Pot, FoodSaver, Mr. Coffee, Oster, Rival, Sunbeam, and others.

Jarden Consumer Solutions' three-month net sales were $403.0 million, up from $389.2 million in the same three-month period of 2011. Three-month segment earnings were $53.4 million, up from $51.0 million in the previous year's quarter. Operating earnings were $44.8 million, up from $43.5 million.

Jarden Consumer Solutions' six-month net sales were $750.9 million, up from $736.0 million in the first half of the previous year. Six-month segment earnings were $97.0 million, compared to $97.6 million in the previous year. Operating earnings in the segment were $81.3 million, compared to $82.9 in the segment in the first half of 2011.

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