Revenue, profit slip at gadget giant Jarden
RYE, N.Y. -- Jarden Corp., the company behind a smorgasbord of household products like Mr. Coffee machines, Coleman camping gear and Sunbeam can openers, saw its shares fall Thursday after saying third-quarter profit and revenue slipped compared with a year ago.
Net income was $77 million, down from $91 million a year ago. On a per-share basis, earnings were $1 per share, down from $1.03, Jarden said late Wednesday.
After stripping out one-time charges, earnings were $1.35 per share, up from $1.18 a year ago. That beat the $1.30 that analysts polled by FactSet had expected. Analysts usually strip out one-time items when making their predictions.
In a news release, Jarden gave few details on its one-time costs, except to say they were related to reorganizing international manufacturing facilities and costs for making acquisitions.
Revenue was $1.7 billion, down about 4 percent from a year ago. The results were roughly in line with analysts' expectations.
In a statement, Chairman Martin Franklin praised the company's "strong performance," and said it was strengthening its balance sheet so it could pay down its more expensive debt or "take advantage of value creating opportunities that may arise in the future," a hint that the company might be interested in making more acquisitions. Franklin said the company's growth plans are closely connected to boosting international sales.
Jarden's shares slipped more than 6 percent in morning trading, losing $3.35 to $49.30.