Jarden Reports Record 1Q Net Sales of $1.58 Billion
Small appliance maker Jarden Corp. (Rye, NY) said first quarter 2013 organic net sales were up 4.0% compared to the first quarter of 2012.
Net sales were $1.58 billion, up from $1.50 billion in 1Q 2012. Reported gross margin was 28.1% for both 1Q 2013 and 1Q 2012.
Net income was down, with the company reporting a loss of $4.4 million in 1Q 2013, from net income of $35.1 million in 1Q 2012. Adjusted net income was $33.1 million, down from $40 million in 1Q 2012.
Jarden Corp. has three main business segments. The Outdoor Solutions and Branded Consumables segments both primarily sell consumables.
The Consumer Solutions segment sells appliances under brand names such as Mr. Coffee, Oster, Rival, Seal-a-Meal, Sunbeam, Bionaire, Breville, Crock-Pot, and several others.
In 1Q 2013, Consumer Solutions reported net sales of $363.3 million, up from $347.9 million in 1Q 2012. Operating earnings in 1Q 2013 were $37.5 million, up from $36.5 million in 1Q 2012.
"Jarden's strong momentum from 2012 continued in the first quarter, with our 4% organic growth rate positioning us well to achieve our financial goals for 2013," said Jarden Executive Chairman Martin E. Franklin. "The foundation for our positive sales growth remains our commitment to brand and product development spending, which in turn leads to innovative new products. Jarden is unique in the composition and diversification of our brand and product portfolio, which we believe provide us with superior opportunities for consistent, profitable growth."
CEO James E. Lillie added, "Commodity cost increases continue to be relatively benign compared to the last several years, and we believe we can deliver an overall organic top-line sales increase of 3-5% for calendar 2013, while also driving year-over-year operating margin expansion."
Jarden is ranked as No. 371 on the Fortune 500 and has more than 25,000 employees worldwide.
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