Consumer products maker Jarden Corp. (JAH), Wednesday reported higher profits in the third quarter as expense management overshadowed the impact of lower revenues that missed market view. Adjusted Earnings per share, however, came in ahead of Wall street expectations. Looking ahead, the company said it expects full year revenue ahead of its previous goals.
Rye, New York- based Jarden reported third-quarter net income of $73.7 million or $0.83 per share compared to $63.8 million or $0.83 per share last year.
Adjusted net income increased to $82.2 million from $74.9 million a year ago and the adjusted earnings per share decreased to $0.93 from $0.98 prior year.
On average, 8 analysts polled by Thomson Reuters expected the company to report a profit of $0.81 per share for the quarter. Analysts' estimates typically exclude special items. Third quarter net sales were $1.35 billion compared with $1.46 billion last year, hurt by overall retail weakness amidst "tough macro economic conditions", and a $44 million loss from foreign exchange fluctuations. Analysts expected revenue of $1.38 billion for the quarter.
Revenues from the Outdoor solutions segment dropped to $565.7 million from $620.1 million last year and consumer solutions also reported lesser revenues at $510.3 million compared with $542.7 million, while process solutions segment revenues remained almost flat near $224 million.
The owner of brands like Mr. Coffee, Seal-a-Meal and Bionaire, reported lower gross profit of $396.8 million compared with $415.8 last year despite cost-cutting initiatives proving effective in reducing direct expenses to $954.5 million compared with $1.04 billion year-ago.
For the nine months ended September 30, 2009, net income was higher at $127.5 million or $1.53 per share than $111.5 million or $1.46 per share, for the same period in 2008. Excluding items, net income increased to $152.0 million or $1.82 per diluted share from $146.2 million or $1.91 per diluted share last year. Net sales for the nine-month period decreased to $3.8 billion compared to $4.0 billion for the same period in the previous year.
On an optimistic note, the company added "Due to solid execution across our operating segments, we anticipate completing the full year 2009 ahead of the goals we set at the beginning of the year to generate revenue of approximately $5 billion and free cash flow in excess of $250 million." Analysts anticipate higher net sales at $5.13 billion for the one-year period.
JAH last traded at $25, losing 56 cents or 2.19% on 1.46 million shares as markets closed on Wednesday. In after-hours trading, shares gained a cent , up 4%.
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