Profits surge at Jarden during 1Q
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- April
- 22
Jarden Corp., the Rye-based consumer products company, said that profits soared 89 percent during the first quarter as the company’s diversfied lineup of home-oriented products such as matches, clothespins and toothpicks continued to sell well during the recession.
Analysts have speculated that such common household items may be more resistant to a downturn compared to big-ticket items that consumers can more easily delay buying.
Martin E. Franklin, chairman and chief executive officer, said that the better than expected sales and and earnings growth “supported our view that Jarden’s diversified portfolio of primarily market leading brands is better positioned to weather the current economic environment than many of our competitors.”
Jarden recently ranked No. 442 on Fortune 500 list of the largest U.S. companies, up 50 spots from the previous year.
Jarden, whose products also include Coleman camping gear, Rawlings baseball equipment and Ball home canning jars, reported net income of $8.9 million, or 12 cents a share, up from net income of $4.7 million, or 6 cents a share, a year earlier.
Net sales decreased 6.4 percent to $1.1 billion, with most of the decrease due to foreign exchange rate fluctuations.
In a seperate announcement, Jarden said that that it will sell 12 million shares of common stock in a public offering underwritten by Barclays Capital. The company said that it plans to use the proceeds from the sale for general corporate purposes, including debt reduction.
This entry was posted
on Wednesday, April 22nd, 2009 at 1:33 pm by Jay Loomis.
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