Jarden Net Climbs 9.4 Percent in Q3
RYE, N.Y.--Third-quarter net income for Jarden Corp. totaled $80.6 million, 9.4 percent ahead of the bottom line in last year's third quarter.
The company accomplished this on a gain in net sales of 18.5 percent, to $1.6 billion. Martin Franklin, Jarden's chairman and chief executive officer, said the sales pickup was led by a "solid performance" from both the company's Consumer Solutions segment (which includes its housewares offerings) and its Outdoor Solutions business.
Jarden's gross margin in the quarter fell 78 basis points to 28.6 percent, and selling, general and administrative expenses rose 18.3 percent. Franklin said based on the third-quarter results, Jarden should see a sales gain for all of 2010 of 3 to 5 percent. "At the same time," he added, "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."