Small appliances OEM Jarden Corp. reported second quarter 2013 net sales of $1.76 billion, up from $1.68 billion in 2Q 2012, for growth of 3.9%.
Net sales growth in the quarter was 5%; organic sales growth was approximately 4%.
Reported gross margin was 29.2%, compared to 29.6% in 2Q 2012.
Net income was $76.4 million, from $83.2 million in 2Q 2012.
Adjusted net income was $95.7 million, from $88.0 million in 2Q 2012.
In the first half of 2013, Jarden's organic net sales were up 3.9%. Reported net sales were $3.34 billion, from $3.17 billion in the first half of 2012.
Reported gross margin was 28.7% in the first half of 2013, compared to 28.9% in 1H 2012.
Net income in 1H 2013 was $72.0 million, from $118.3 million in 1H 2012. Adjusted gross margin declined about 10 basis points to 28.8% in 1H 2013, compared to gross margin of 28.9% in 1H 2012.
Adjusted net income was $128.8 million in the first half of 2013, from $128.0 million in the first half of 2012.
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 Bionaire, Crock-Pot, FoodSaver, Mr. Coffee, Oster, Rival, Sunbeam, and others.
"Jarden delivered a solid second quarter with strong organic sales growth, particularly in our Consumer Solutions and Branded Consumables segments. This top line strength supported approximately 16% growth in our adjusted earnings per share," said Executive Chairman Martin E. Franklin. "Our diversified portfolio of category leading consumer brands continues to provide a powerful platform from which to execute our growth strategies and deliver consistent, profitable growth. Our performance during the first half keeps us firmly on the path to deliver our 2013 top and bottom line guidance."
CEO James E. Lillie said that the diversity of Jarden businesses enabled it to deliver strong results in 2Q 2013, even as volatile weather conditions impacted sales and reorders in some higher margin categories.
"While we remain focused on delivering our 2013 financial goals, we are also working towards our next three to five year plan to continue to drive shareholder value," Lille added. "This past week our senior management teams from around the world attended our annual long range strategic planning meeting. Our businesses are focused on growth, innovation, margin and working capital improvements while investing in processes, people and products to help ensure our continued long-term success."
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