Jarden Corp. today reported organic net sales growth of 4% to $1.58 billion, up from $1.5 billion for the first quarter of 2012. The company’s net income, after one-time charges, declined to a loss of $4.4 million versus net income of $35.1 million for the comparable year earlier period.
The most recent quarter includes a charge of $29 million related to the devaluation of the Venezuelan bolivar, a $17.1 million charge related to the early retirement of debt, and other items. The company’s adjusted net income was $33.1 million for the quarter, compared to $40 million for the first quarter of 2012.
“Jarden’s strong momentum from 2012 continued in the first quarter, with our 4% organic growth rate positioning us well to achieve our financial goals for 2013,” said Martin E. Franklin, Executive Chairman of Jarden Corp. “The foundation for our positive sales growth remains our commitment to brand and product development spending, which in turn leads to innovative new products. Jarden is unique in the composition and diversification of our brand and product portfolio, which we believe provide us with superior opportunities for consistent, profitable growth.”
In announcing its results, the company reported adjusted gross margin increased approximately 30 basis points to 28.4%, compared to gross margin of 28.1% for the same period in 2012.
“It is gratifying that our strategies and disciplined execution continue to yield results consistent with our long term financial goals,” said James E. Lillie, Jarden CEO. “Commodity cost increases continue to be relatively benign compared to the last several years, and we believe we can deliver an overall organic top-line sales increase of 3-5% for calendar 2013, while also driving year-over-year operating margin expansion.”