First quarter financial results at Jarden Corporation were a mixed bag as the company’s sales growth was offset by a net loss for the period ended March 31.
According to the company, organic net sales company wide were $1.73 billion, up 4.7% from the comparable quarter the previous year. Jarden reported a net loss of $55.5 million in the quarter, down from net income of $3.7 million in the first quarter of 2014.
“We reported first quarter revenue equal to last year’s record results despite significant continued foreign exchange headwinds and delivered as adjusted earnings per share in-line with our 2015 plan and expectations,” said Martin Franklin, the company’s executive chairman.
In its Consumer Solutions division, Jarden reported first quarter sales of $379.2 million, up from sales of $344 million in the comparable quarter in 2014. The division had net earnings of $15.7 million this year, down from net earnings of $25.5 million in the first quarter of 2014.
Company CEO James Lillie said the company’s first quarter results reflect the company’s 2014 inventory planning that enabled it to muscle through the West Coast port issues.
“We believe that we are well positioned to deliver on our 2015 plan which includes organic sales growth in the 3-5% range and double digit adjusted earnings per share growth, on a currency neutral basis,” he added.