RYE, N.Y., Oct. 24, 2012 /PRNewswire/ -- Jarden Corporation (NYSE: JAH) today reported its financial results for the three and nine months ended September 30, 2012.
For the three months ended September 30, 2012:
- Reported net sales were $1.71 billion compared to $1.78 billion, for the same period in 2011;
- Organic net sales declined 1.8% or $32 million;
- Gross margin increased 40 basis points to 29.4% compared to gross margin of 29.0%, for the same period in 2011;
- Adjusted gross margin increased 80 basis points to 30.0% compared to adjusted gross margin of 29.2%, for the same period in 2011;
- Diluted earnings per share declined 3% to $1.00 per diluted share compared to $1.03 per diluted share, for the same period in 2011; and
- Adjusted diluted earnings per share increased 14% to $1.35 per diluted share compared to $1.18 per diluted share, for the same period in 2011.
- Reported net sales were $4.88 billion compared to $4.94 billion, for the same period in 2011;
- Organic net sales grew 1.5% or $73 million;
- Gross margin increased 80 basis points to 29.1% compared to gross margin of 28.3%, for the same period in 2011;
- Adjusted gross margin increased 80 basis points to 29.3% compared to adjusted gross margin of 28.5%, for the same period in 2011;
- Diluted earnings per share increased approximately 19% to $2.45 per diluted share compared to $2.06 per diluted share, for the same period in 2011; and
- Adjusted diluted earnings per share increased approximately 18% to $2.91 per diluted share compared to $2.46 per diluted share, for the same period in 2011.
James E. Lillie, Chief Executive Officer commented, "I am pleased with our performance in both the quarter and year to date. Our diversified business model allowed us to deliver strong earnings and cash flow in the quarter. We achieved this performance despite the well known topline challenges we forecasted stemming from the warm winter of 2011-12. Notwithstanding the year over year weather related revenue impact, we are pleased that our strong gross margin performance also led to expanded segment earnings margins, and we remain on track to exceed last year's strong cash flow performance in 2012. We expect that the healthy momentum across each of our business segments should result in continued strength in fiscal 2013, with growth in line with our stated long-term objectives."
Please see the schedule accompanying this release for a reconciliation of non-GAAP segment earnings, adjusted net income, adjusted basic and diluted earnings per share, adjusted gross margins, adjusted interest expense and organic net sales growth to the comparable GAAP measures.
The Company will be hosting a conference call at 9:45 a.m. (EDT) tomorrow, October 25, 2012, to further discuss its third quarter results. To listen to the call by telephone, please dial 888-254-3595 (domestic) or 913-312-0686 (international) and provide passcode: 9240069. The call will be simultaneously webcast at www.jarden.com. Supplemental information can be found in the For Investors section of the Company's website. A replay of the call and webcast will be available for three weeks shortly after completion of the live call. To access the replay, call 888-203-1112 (domestic) or 719-457-0820 (international) and provide passcode: 9240069 or visit www.jarden.com.
Jarden Corporation is a leading provider of a diverse range of consumer products with a portfolio of over 100 trusted, quality brands sold globally. Jarden operates in three primary business segments through a number of well recognized brands, including: Outdoor Solutions: Abu Garcia®, Aero®, Berkley®, Campingaz® and Coleman®, ExOfficio®, Fenwick®, Gulp!®, Invicta®, K2®, Marker®, Marmot®, Mitchell®, Penn®, Rawlings®, Shakespeare®, Stearns®, Stren®, Trilene®, Volkl® and Zoot®; Consumer Solutions: Bionaire®, Breville®, Crock-Pot®, FoodSaver®, Health o meter®, Holmes®, Mr. Coffee®, Oster®, Patton®, Rival®, Seal-a-Meal®, Sunbeam®, VillaWare® and White Mountain®; and Branded Consumables: Ball®, Bee®, Bernardin®, Bicycle®, Billy Boy®, Crawford®, Diamond®, Dicon®, Fiona®, First Alert®, First Essentials®, Hoyle®, Kerr®, Lehigh®, Lillo®, Loew Cornell®, Mapa®, NUK®, Pine Mountain®, Quickie®, Spontex® and Tigex®. Headquartered in Rye, N.Y., Jarden ranks #371 on the Fortune 500 and has over 23,000 employees worldwide. For in-depth information about Jarden, please visit www.jarden.com.
Note: This news release contains "forward-looking statements" within the meaning of the federal securities laws and is intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's earnings per share and adjusted diluted earnings per share, expected or estimated revenue, segment earnings, cash flow from operations, and reorganization and other non-cash charges, the outlook for the Company's markets and the demand for its products, consistent profitable growth, free cash flow, future revenues and gross, operating and EBITDA margin improvement requirement and expansion, organic net sales growth, bank leverage ratio, the success of new product introductions, growth in costs and expenses, the impact of commodities, currencies and transportation costs and the Company's ability to manage its risk in these areas, repurchase of shares of common stock from time to time under the Company's stock repurchase program, our ability to raise new debt, and the impact of acquisitions, divestitures, restructurings, and other unusual items, including the Company's ability to integrate and obtain the anticipated results and synergies from its consummated acquisitions. These projections and statements are based on management's estimates and assumptions with respect to future events and financial performance and are believed to be reasonable, though are inherently uncertain and difficult to predict. Actual results could differ materially from those projected as a result of certain factors. A discussion of factors that could cause results to vary is included in the Company's periodic and other reports filed with the Securities and Exchange Commission.