Jarden 2nd-quarter net income dips

Jarden net income dips in second-quarter but adjusted results beat expectations

Associated Press

RYE, N.Y. (AP) -- Jarden Corp., which makes a diverse array of products including the Crock-Pot slow cooker, Mr. Coffee coffee maker and Coleman camping gear, said Thursday that its second-quarter net income fell 8 percent as the company faced one-time costs that offset higher sales.

Net income for the three months ended June 30 fell to $76.4 million, or 71 cents per share, from $83.2 million, or 72 cents per share, last year. Excluding one-time items, such as restructuring costs and a loss on early extinguishment of debt, its adjusted earnings totaled 88 cents per share. Analysts expected 87 cents per share, according to FactSet.

Revenue rose 5 percent to $1.76 billion from $1.68 billion last year, matching analyst expectations.

Sales of its branded consumables, which includes Ball jars and Bee and Bicycle playing cards, and its consumer solutions division, which includes Mr. Coffee and Sunbeam kitchen products, were particularly strong.

Shares fell 10 cents to $44.93 in midday trading, closer to the high end of the stock's 52-week range of $29.25 to $49.28.

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