Jarden Reports Second Quarter Results
Tuesday July 24th, 2012 - 10:41AM
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For the three months ended June 30, Jarden Corp. reported that organic net sales grew 3.7%, while reported net sales were $1.67 billion, the same as in the second quarter of last year. The company noted that its adjusted diluted earnings came in at $1.14 compared to 89 cents for the same period in 2011, and adjusted net income increased to $88 million compared to $79.7 million for the prior year's second quarter.
Before adjustments for unique charges, diluted earnings per share were $1.08 compared to 83 cents for the same period in 2011. Net income increased to $83.2 million versus $73.9 million for the same period in 2011.
Gross margin increased 110 basis points to 29.6% compared to the same period in 2011.
"Jarden continued to deliver on its financial goals during the second quarter, while generating our second highest cash flow from operations for any second quarter," said Martin Franklin, executive chairman.
James Lillie, Jarden CEO, commented, "We delivered strong organic growth during the quarter, marking our 11th consecutive quarter of achieving organic growth. Our strong sales performance in our Branded Consumables and Consumer Solutions segments reflects the advantages of Jarden's diversified business model... This top-line performance, coupled with significant gross margin expansion, allowed us to report record second quarter earnings. We look forward to carrying our positive momentum into the second half of the year."
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