Jarden Corp., the parent company of brands K2 and Völkl, announced that sales in its Outdoor Solutions segment climbed 11.1% to $772.8 million from $695.8 million in the year-ago quarter. In addition, the segment’s operating earnings improved 6% to $103.6 million from $97.7 million a year earlier.
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Jarden Corp. said sales in its Outdoor Solutions segment climbed 11.1 percent to $772.8 million from $695.8 million in the year-ago quarter. The segment’s operating earnings improved 6.0 percent to $103.6 million from $97.7 million a year earlier.
Brands in Jarden’s Outdoor Solutions segment include: Abu Garcia, Aero, Berkley, Campingaz and Coleman, ExOfficio, Fenwick, Gulp!, K2, Marker, Marmot, Mitchell, Penn, Rawlings, Shakespeare, Stearns, Stren, Trilene, Völkl and Zoot.
Overall, net sales increased 8 percent in the quarter ended June 30, to $1.7 billion compared to $1.5 billion for the same period in the previous year. For the three months ended June 30, 2011, net income reached $73.9 million, or 83 cents per diluted share, compared to net income of $38.4 million, or 43 cents, for the same period in 2010. On a non-GAAP basis, adjusted net income for the three months ended June 30, 2011 was $79.7 million, or 89 cents per share, compared to $75.4 million, or 84 cents, for the same period in 2010.
For the six months, sales increased 15 percent to $3.2 billion compared to $2.7 billion for the same period in the previous year. The company recorded net income of $92.9 million, or $1.04 per diluted share, compared to a net loss of $20.6 million, or 23 cents, in the six months ended June 30, 2010. On a non-GAAP basis, adjusted net income was $115.1 million, or $1.29 per share, for the six months, compared to $97.7 million, or $1.08, for the six months ended June 30, 2010.
The six months ended June 30, 2010 include the results from the Mapa Spontex acquisition since April 1, 2010.
“Jarden continued to deliver strong sales growth and record earnings in the second quarter,” said Martin E. Franklin, executive chairman. “We completed our long-term global strategic planning meeting last week and we believe that we are on track to achieve our goal of $5 adjusted earnings per share by the end of 2014. Our robust pipeline of new products across each of our operating segments, coupled with our authentic, trusted brands and dedicated workforce, lays the foundation for this future growth. I am excited about the future of our business and am proud to report that during 2011 we have won a significant number of industry product awards which can be viewed on our website.”
James E. Lillie, Chief Executive Officer commented, “Jarden successfully managed a volatile and difficult macroeconomic environment during the quarter and delivered strong top and bottom line performance. These results were driven by excellent sales in our Outdoor Solutions segment and a strong overall performance in our Consumer Solutions segment. Retail POS continued to improve in June, after a soft start to the quarter, and this positive momentum has continued through July, helped by favorable weather particularly in the United States.”
Besides Outdoor Solutions, Jarden operates a Consumer Solutions and Branded Consumables segments. Brands in the Consumer Solutions include: Bionaire, Crock-Pot, FoodSaver, Health o meter, Holmes, Mr. Coffee, Oster, Patton, Rival, Seal-a-Meal, Sunbeam, VillaWare and White Mountain. Brands in Branded Consumables include: Ball, Bee, Bicycle, Billy Boy, Crawford, Diamond, Dicon, Fiona, First Alert, First Essentials, Forster, Hoyle, Kerr, Lehigh, Leslie-Locke, Lillo, Loew Cornell, Mapa, NUK, Pine Mountain, Quickie, Spontex and Tigex.