Jarden Results Break More Records in Second Quarter
July 28, 2011,
RYE, N.Y.--A 92 percent gain in net income and an 8.2 percent increase in net sales propelled Jarden to new records in its second quarter, which ended on June 30.
The company's bottom line totaled $73.9 million in the quarter, while net sales reached $1.7 billion. The sales growth was driven by strong performances from both its Consumer Solutions segment, in which its housewares brands reside, and in its Outdoor Solutions unit. Jarden's acquisition of Quickie, the cleaning-products manufacturer, also provided a booster to sales in its Branded Consumables segment.
In yesterday's conference call, Ian Ashken, Jarden's vice chairman and chief financial officer, said the company is on track to achieve its target of organic sales growth of from 3 to 5 percent. Ashken also said while Jarden doesn't believe the country will slide back into a recession, it also doesn't anticipate that the economic recovery will be "quick and painless."