Jarden Corporation has reported its financial results for its second quarter ended June 30, 2014. For the second quarter, organic net sales grew 3.1% or $54.1 million. Reported net sales grew 12.3% or $216 million to $1.98 billion, compared to $1.76 billion for the same period in 2013.
Reported gross margin was 30.5% compared to 29.2% for the same period in 2013. Net income decreased to $52.1 million, compared to net income of $76.4 million for the same period in 2013. Adjusted net income was $113.4 million, compared to $95.7 million for the same period in 2013.
“We are progressing on the year with another quarter of solid performance. In the quarter, we posted positive organic growth in all segments and continued expansion in gross margins, giving us good momentum as we enter the important back half of the year,” said Martin Franklin, Jarden’s executive chairman. “The broad based organic growth experienced this quarter was primarily driven by the success of our initiatives, product innovation, geographic expansion, and category extension.”
James Lillie, Jarden’s CEO, commented, “We are very pleased with our progress year-to-date. Posting second quarter organic growth of over 3% and a trailing twelve-month organic growth rate of 3.4% further affirms our comfort with our goal of 3% to 5% average annual organic revenue growth. Jarden’s diversification continued to serve us well and the seasonally appropriate spring weather aided the continued sell-through of many of our products.”