Jarden Net Jumps 379 Percent in Fourth Quarter
RYE, N.Y.-In what the company described as record results for the fourth quarter and full year, Jarden reported net income in the final 2010 quarter of $46.7 million, up 379 percent over the fourth quarter of 2009.
Last year's fourth-quarter bottom line included a charge for costs related to a company reorganization and to the integration of acquisitions. Without this charge, Jarden's net would have been $31 million.
The company improved its profit largely on the back of a net-sales gain of 21 percent for the fourth quarter, to $1.7 billion. Selling, general and administrative expenses rose 24 percent in dollars and gained 48 basis points as a percentage of sales, to 18.9 percent.
Gross margin was flat at 27.3 percent.
For all of 2010, net income totaled $106.7 million, down 17 percent from fiscal 2009. Net sales were $6 billion, an increase of 17 percent. Martin Franklin, Jarden's chairman and chief executive officer, said the sales gain included organic sales growth of seven percent for both the year and the fourth quarter, ahead of the company's goal of three to five percent organic sales growth for both periods.