Jarden Corporation reported that sales at its Outdoor Solutions segment reached $670.6 million in the third quarter ended Sept. 30, 2013, down 2.0 percent from the third quarter of 2013. Segment earnings dipped 6.8 percent to $66.9 million, or 13.4 percent of revenues.
CEO James E. Lillie said broad based business strength drove the company’s top line performance and SG&A control drove the overall EBITDA margin expansion in the quarter.
JARDEN CORPORATION NET SALES AND OPERATING EARNINGS BY SEGMENT (Unaudited) (in millions) |
|||||||||||||||||||||||
Outdoor |
Consumer |
Branded |
Process |
Intercompany |
Total |
Corporate/ Unallocated |
Consolidated |
||||||||||||||||
Three months ended September 30, 2013 |
|||||||||||||||||||||||
Net sales |
$ |
670.6 |
$ |
537.4 |
$ |
511.1 |
$ |
102.4 |
$ |
(20.7) |
$ |
1,800.8 |
$ |
— |
$ |
1,800.8 |
|||||||
Segment earnings (loss) |
$ |
89.7 |
$ |
81.2 |
$ |
88.4 |
$ |
11.5 |
$ |
— |
$ |
270.8 |
$ |
(21.2) |
$ |
249.6 |
|||||||
Adjustments to reconcile to reported operating earnings(loss): |
|||||||||||||||||||||||
Reorganization costs |
(1.4) |
(1.6) |
— |
— |
— |
(3.0) |
— |
(3.0) |
|||||||||||||||
Fair market value adjustments to inventory |
(5.9) |
— |
— |
— |
— |
(5.9) |
— |
(5.9) |
|||||||||||||||
Acquisition and integration related costs |
(0.8) |
— |
(0.9) |
— |
— |
(1.7) |
(5.1) |
(6.8) |
|||||||||||||||
Depreciation and amortization |
(14.7) |
(8.4) |
(12.6) |
(2.8) |
— |
(38.5) |
(1.1) |
(39.6) |
|||||||||||||||
Operating earnings (loss) |
$ |
66.9 |
$ |
71.2 |
$ |
74.9 |
$ |
8.7 |
$ |
— |
$ |
221.7 |
$ |
(27.4) |
$ |
194.3 |
Outdoor |
Consumer |
Branded |
Process |
Intercompany |
Total |
Corporate/ Unallocated |
Consolidated |
|||||||||||||||||
Three months ended September 30, 2012 |
||||||||||||||||||||||||
Net sales |
$ |
657.6 |
$ |
509.6 |
$ |
459.0 |
$ |
97.6 |
$ |
(17.9) |
$ |
1,705.9 |
$ |
— |
$ |
1,705.9 |
||||||||
Segment earnings (loss) |
$ |
96.2 |
$ |
79.0 |
$ |
72.3 |
$ |
12.9 |
$ |
— |
$ |
260.4 |
$ |
(25.1) |
$ |
235.3 |
||||||||
Adjustments to reconcile to reported operating earnings(loss): |