Jarden Corp., the parent company of Coleman, K2, Marmot, Volkl and other outdoor brands, said it expects revenue for the first quarter of 2009 to be approximately $1.14 billion as compared to $1.22 billion in the prior year period.
Approximately two-thirds of the change was foreign exchange related. The first quarter segment earnings are expected to be in the range of $90 to $92 million, or 21 to 23 cents a share. That compares with earnings of 22 cents a year ago. The guidance is far ahead of Wall Street's consensus estimate of 12 cents a share.
Company Chairman and CEO Martin Franklin said the strong performance was “on the back” of organic growth in the consumer solution segment, while the other segments performed “in line with expectations.”
Jarden also announced that its Board earlier this month approved an early termination date for the Stockholder Rights Plan which was implemented on Nov. 19, 2008. The Board viewed the plan “as a necessary measure in response to the unprecedented market volatility that existed at the time.”
