Jarden Outdoor Solutions (JOS), which owns Abu Garci, Coleman, K2, Rawlings and other sporting goods brands, generated sales of $694.9 million in the first quarter ended March 31, up 3.7 percent from the first quarter a year ago, according to its parent company Jarden Corp.
Operating earnings reached $56.2 million, down slight from $57.8 million in the first quarter of 2012. JOS brand portfolio includes Abu Garcia, Aero, Berkley, Campingaz and Coleman, ExOfficio, Fenwick, Gulp!, Invicta, K2, Marker, Marmot, Mitchell, Penn, Rawlings, Shakespeare, Stearns, Stren ,Trilene, Volkl and Zoot.
Commodity cost increases continue to be relatively benign compared
JARDEN CORPORATION | ||||||||||||||||||||||||
NET SALES AND OPERATING EARNINGS BY SEGMENT (Unaudited) | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Outdoor Solutions | Consumer Solutions | Branded Consumables | Process Solutions | Intercompany Eliminations (a) | Total Operating Segments | Corporate/ Unallocated | Consolidated | |||||||||||||||||
Quarter ended March 31, 2013 | ||||||||||||||||||||||||
Net sales | $ | 694.9 | $ | 363.3 | $ | 443.7 | $ | 97.6 | $ | (18.8) | $ | 1,580.7 | $ | — | $ | 1,580.7 | ||||||||
Segment earnings (loss) | $ | 71.2 | $ | 45.1 | $ | 56.1 | $ | 14.9 | $ | — | $ | 187.3 | $ | (58.7) | $ | 128.6 | ||||||||
Adjustments to reconcile to reported operating earnings(loss): | ||||||||||||||||||||||||
Fair market value adjustment to inventory | (1.5) | — | (3.5) | — | — | (5.0) | — | (5.0) | ||||||||||||||||
Venezuela devaluation-related charges | — | — | — | — | — | — | (29.0) | (29.0) | ||||||||||||||||
Depreciation and amortization | (13.5) | (7.6) | (12.8) | (2.8) | — | (36.7) | (1.0) | (37.7) | ||||||||||||||||
Operating earnings (loss) | $ | 56.2 | $ | 37.5 | $ | 39.8 | $ | 12.1 | $ | — | $ | 145.6 | $ | (88.7) | $ | 56.9 | ||||||||
Outdoor Solutions | Consumer Solutions | Branded Consumables | Process Solutions | Intercompany Eliminations (a) | Total Operating Segments | Corporate/ Unallocated | Consolidated | |||||||||||||||||
Quarter ended March 31, 2012 | ||||||||||||||||||||||||
Net sales | $ | 670.1 | $ | 347.9 | $ | 402.6 | $ | 91.8 | $ | (17.0) | $ | 1,495.4 | $ | — | $ | 1,495.4 | ||||||||
Segment earnings (loss) | $ | 71.6 | $ | 43.6 | $ | 52.1 | $ | 12.0 | $ | — | $ | 179.3 | $ | (41.8) | $ | 137.5 | ||||||||
Adjustments to reconcile to reported operating earnings(loss): | ||||||||||||||||||||||||
Depreciation and amortization | (13.8) | (7.1) | (11.4) | (3.0) | — | (35.3) | (0.6) | (35.9) | ||||||||||||||||
Operating earnings (loss) | $ | 57.8 | $ | 36.5 | $ | 40.7 | $ | 9.0 | $ | — | $ | 144.0 | $ | (42.4) | $ | 101.6 | ||||||||