Jarden Net More Than Doubles in Q4, Rises 19.1 Percent for Fiscal Year
RYE, N.Y.-With sales and margins rising, Jarden finished its fiscal year with a fourth-quarter gain of 130.8 percent in net income, to $48.7 million.
The bottom-line total for the quarter, which ended on Dec. 31, brought Jarden's net profit for its fiscal year to $243.9 million, up 19.1 percent from the prior fiscal year. Net sales for the quarter were $1.8 billion, an increase of 4.7 percent over last year's fourth quarter. For the year, net sales were $6.7 billion, an increase of 0.5 percent.
The company's profit also received a boost from a 132 basis-point pickup in gross margin, which was 27.9 percent in the quarter. Selling, general and administrative expenses increased 16.9 percent in dollars and 207 basis points as a percentage of sales, to 19.8 percent.
Martin Franklin, Jarden's executive chairman, said the sales total for the year is a new record for the company, which also set records in segment earnings and earnings per share. "Looking forward, we believe there are many exciting opportunities for Jarden to continue to deliver long-term growth and expand profitability based on the strength of our diversified portfolio of leading brands, new product introductions and the hard work and dedication of our employees," Franklin said.