Jarden Net Falls in Q4, Fiscal Year
February 13, 2014,
RYE, N.Y.-Despite a record-breaking sales total, Jarden posted a 24 percent drop in fourth-quarter net income, to $37 million.
This brought the bottom-total for the housewares giant to $203.9 million, down 16.4 percent, for its fiscal year ending on Dec. 31. Net sales in the quarter reached a record $2.2 billion, up 21.8 percent. For the year, net sales rose 9.9 percent to $7.4 billion.
The decline in fourth-quarter profit was due to decreases in gross margin and increases in selling, general and administrative expenses. Gross margin fell 62 basis points to 27.3 percent. SG&A rose 23.5 percent in dollars and 28 basis points as a percentage of sales, to 20 percent. In addition, Jarden's provision for income taxes rose 67.4 percent.