Market Commentary and Intraday News

Jarden 2Q net income rises

329 days ago

(AP:RYE, N.Y.) Jarden Corp., which makes products ranging from coffee makers to paint brushes and skis, said Tuesday that its net income rose 13 percent on demand for its household products.

Jarden's consumer brands include Mr. Coffee, Crock-Pot, Rawlings and K2, among many others. The company's wide variety of products also includes camping stoves, electric blankets and condoms. Jarden CEO James E. Lillie said the key to the quarter was Jarden's diversified product line.

"Our strong sales performance in our branded consumables and consumer solutions segments reflects the advantages of Jarden's diversified business model, where the inevitable seasonal fluctuations in certain businesses in any particular quarter can typically be mitigated by the general positive momentum across many of our businesses," he said.

Net income for the April to June period totaled $83.2 million, or $1.08 per share. That compares with net income of $73.9 million, or $1.14 per share, a year ago. Adjusted to exclude amortization of intangible assets and a tax benefit, earning totaled $1.14 per share. Analysts expected $1.10 per share, according to FactSet.

Revenue was nearly flat at $1.68 billion. Analysts expected $1.67 billion.

Shares of Jarden rose 8 cents to $43.52 in midday trading.

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