Thursday May 1st, 2014 - 1:19PM
Jarden Corporation today reported net income gains to $3.7 million for the first quarter, compared to net loss of $4.4 million for the first quarter of 2013. The company reported adjusted net income of $25.1 million, compared to $33.1 million for the year earlier quarter.
Organic sales grew $8.7 million, or 0.6%. Gross margins increased to 29.7%, compared to 28.1% for the first quarter of 2013.
"We began the year solidly, reporting record first quarter revenues, positive organic growth, and continued expansion in gross margins, giving us good momentum in our seasonally smallest quarter of the year. We believe that we are well positioned to achieve our annual guidance expectations," said Martin E. Franklin, Executive Chairman. "We grew organically driven by product innovation and category expansion, while the quarter also saw progress toward our capital management objectives with stock repurchase activity as well as our announced and completed $690 million private offering of 1⅛ % Senior Subordinated Convertible Notes due 2034."
Net sales for the quarter were $1.73 billion, compared to $1.58 billion for the same period in 2013.
"We are pleased to report a positive start to the year and believe we are well positioned to deliver on our 2014 plan which includes organic growth in the 3%-5% range,” said James E. Lillie, CEO. “We are particularly pleased with our performance considering the number of customer store closings that occurred in the first quarter as a result of the extreme weather."