Jarden Net Drops 14.5 Percent As Sales Jump 22 Percent
RYE, N.Y.--Net income for Jarden Corp. dropped 14.5 percent in the second quarter, to $38.4 million.
The company's bottom line suffered in spite of a 22 percent gain in second-quarter net sales, which totaled $1.5 billion. Selling, general and administrative expenses rose 14 percent in the quarter, and gross margin dropped 147 basis points to 26.6 percent.
Focusing on the positives from the quarter, Martin Franklin, Jarden's chairman and chief executive officer, said the gain in sales included "organic growth" of 8.7 percent. "For the second consecutive quarter, each segment produced year-over-year organic growth," Franklin said. He added that these increases occurred thanks to "shelf-space gains and strong sell-through on the back of a record level of new product introductions."