Third Quarter Cash Flow from Operations of over $75M
Adjusted Diluted Earnings per Share Increased 14% in the Third Quarter
RYE, N.Y., Oct. 24, 2012 /PRNewswire/ -- Jarden Corporation (NYSE: JAH) today reported its financial results for the three and nine months ended September 30, 2012.
For the three months ended September 30, 2012:
Reported net sales were $1.71 billion compared to $1.78 billion, for the same period in 2011;
Organic net sales declined 1.8% or $32 million;
Gross margin increased 40 basis points to 29.4% compared to gross margin of 29.0%, for the same period in 2011;
Adjusted gross margin increased 80 basis points to 30.0% compared to adjusted gross margin of 29.2%, for the same period in 2011;
Diluted earnings per share declined 3% to $1.00 per diluted share compared to $1.03 per diluted share, for the same period in 2011; and
Adjusted diluted earnings per share increased 14% to $1.35 per diluted share compared to $1.18 per diluted share, for the same period in 2011.
For the nine months ended September 30, 2012:
Reported net sales were $4.88 billion compared to $4.94 billion, for the same period in 2011;
Organic net sales grew 1.5% or $73 million;
Gross margin increased 80 basis points to 29.1% compared to gross margin of 28.3%, for the same period in 2011;
Adjusted gross margin increased 80 basis points to 29.3% compared to adjusted gross margin of 28.5%, for the same period in 2011;
Diluted earnings per share increased approximately 19% to $2.45 per diluted share compared to $2.06 per diluted share, for the same period in 2011; and
Adjusted diluted earnings per share increased approximately 18% to $2.91 per diluted share compared to $2.46 per diluted share, for the same period in 2011.
"In addition to the strong performance of the business so far this year, we acted opportunistically to strengthen our long-term capital position by completing a convertible note offering in September. The strong demand for the offering and its successful execution allowed Jarden to take advantage of positive market conditions to strengthen our balance sheet and ensure that we have cash readily available to pay down more expensive debt, or to take advantage of value creating opportunities that may arise in the future," said Martin E. Franklin, Executive Chairman. "As we continue to invest in our targeted growth initiatives, a number of these plans revolve around growing international sales. While the tuck-in acquisitions we completed during the third quarter are not meaningful from a financial perspective, they provide strong international operating platforms to support long-term growth in these markets."
James E. Lillie, Chief Executive Officer commented, "I am pleased with our performance in both the quarter and year to date. Our diversified business model allowed us to deliver strong earnings and cash flow in the quarter. We achieved this performance despite the well known topline challenges we forecasted stemming from the warm winter of 2011-12. Notwithstanding the year over year weather related revenue impact, we are pleased that our strong gross margin performance also led to expanded segment earnings margins, and we remain on track to exceed last year's strong cash flow performance in 2012. We expect that the healthy momentum across each of our business segments should result in continued strength in fiscal 2013, with growth in line with our stated long-term objectives."
Please see the schedule accompanying this release for a reconciliation of non-GAAP segment earnings, adjusted net income, adjusted basic and diluted earnings per share, adjusted gross margins, adjusted interest expense and organic net sales growth to the comparable GAAP measures.
The Company will be hosting a conference call at 9:45 a.m. (EDT) tomorrow, October 25, 2012