Jarden's 1st-qtr adjusted results beat estimates
Jarden's 1st-quarter adjusted results beat estimates, revenue rises 5.7 percent
NEW YORK (AP) -- Jarden Corp., the company behind Crock-Pot, Mr. Coffee, Coleman camping gear and other consumer brands, reported Wednesday that its first-quarter net income results beat Wall Street estimates absent one-time items.
The Rye, N.Y.-based company said that it lost $4.4 million, or 4 cents per share, for the period ended March 31. That compares with a profit of $35.1 million, or 27 cents per share, in the year-ago period.
Revenue rose 5.7 percent to $1.58 billion.
The most recent quarter includes a charge of $29 million related to the devaluation of the Venezuelan bolivar, a $17.1 million charge related to the early retirement of debt, and other items. Excluding them, the company earned $33.1 million, or 30 cents per share, in the period. That compares with an adjusted $40 million, or 31 cents per share, in the year-ago period.
Analysts had expected 23 cents on revenue of $1.56 billion, according to a survey by FactSet.
The company split its stock 3-for-2 last month. A stock split of that nature results in more stock outstanding after the move — and a lower stock price. The value of an existing investor's holding doesn't change, but lowering the price of an individual share makes a stock more affordable. That can appeal to small investors.
"The foundation for our positive sales growth remains our commitment to brand and product development spending, which in turn leads to innovative new products," said Martin E. Franklin, executive chairman, in a statement.
Shares rose more than 5 percent, or $2.30 to $45.30 in after-market trading after closing down 48 cents to $43 in regular trading. The results were released after the regular trading.
