Jarden Corp reported preliminary results for the second quarter with organic growth expected to exceed the company's targeted range of 3-5 percent. Adjusted earnings per share are expected to be in line with Wall Street consensus estimates. The company provided the updated while commencing a secondary stock offering.
The company expects net sales of approximately $2.0 billion for the second quarter of 2015. The company's results for the quarter will not be final until earnings are fully announced on July 29th.
Jarden separately announced that it has commenced, subject to market and other conditions, an underwritten public offering of 14 million shares of its common stock, pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission. In connection with the offering, Jarden expects to grant the underwriters an option for a period of 30 days to purchase up to an additional 2,100,000 shares of common stock.
The company expects to use the net proceeds of the offering to fund a portion of the purchase price and related fees and expenses for the recently announced acquisition of Waddington Group, Inc.
Jarden operates in three primary business segments through a number of well recognized brands, including: Branded Consumables: Ball, Bee, Bernardin, Bicycle, Billy Boy, Crawford, Diamond, Envirocooler, Fiona, First Alert, First Essentials, Hoyle, Kerr, Lehigh, Lifoam, Lillo, Loew Cornell, Mapa, Millefiori, NUK, Pine Mountain, Quickie, Spontex, Tigex, Yankee Candle and YOU; Outdoor Solutions: Abu Garcia, AeroBed, Berkley, Campingaz and Coleman, Dalbello, ExOfficio, Fenwick, Greys, Gulp!, Hardy, Invicta, K2, Marker, Marmot, Mitchell, PENN, Rawlings, Shakespeare, Squadra, Stearns, Stren, Trilene, Volkl and Zoot; and Consumer Solutions: Bionaire, Breville, Cadence, Crock-Pot, FoodSaver, Health o meter, Holmes, Mr. Coffee, Oster, Patton, Rainbow, Rival, Seal-a-Meal, Sunbeam, VillaWare and White Mountain.
