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Jarden Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 5, 2012 04:11PM

Jarden Corp. (JAH) filed Quarterly Report for the period ended 2012-09-30. Jarden Corporation has a market cap of $3.96 billion; its shares were traded at around $50.24 with a P/E ratio of 12.7 and P/S ratio of 0.6. The dividend yield of Jarden Corporation stocks is 0.2%. Jarden Corporation had an annual average earning growth of 18.1% over the past 10 years.



Highlight of Business Operations:

Cost of sales decreased $62.8 million, or 5.0%, to $1.2 billion for the three months ended September 30, 2012 versus the same prior year period. The decrease is primarily due to foreign currency translation (approximately $30 million) and approximately $30 million related to the net impact on cost of sales of lower sales, partially offset by improved margins, primarily driven by manufacturing improvement projects, stable commodity prices and new products and product mix. Cost of sales as a percentage of net sales for the three months ended September 30, 2012 and 2011 was 70.6% and 71.0%, respectively.

Operating earnings for the three months ended September 30, 2012 in the Outdoor Solutions segment decreased $17.3 million, or 20.7%, versus the same prior year period, primarily due to a gross profit decrease (approximately $28 million), primarily due to the gross margin impact of lower sales and the impact of the fair market value adjustments to inventory related to the tuck-in acquisitions; and an increase in reorganization costs (approximately $6 million), partially offset by a decrease in SG&A (approximately $16 million). Operating earnings for the three months ended September 30, 2012 in the Consumer Solutions segment decreased $2.6 million, or 3.9%, versus the same prior year period, primarily due to an increase in SG&A (approximately $6 million), partially offset by a gross profit increase (approximately $3 million). Operating earnings for the three months ended September 30, 2012 in the Branded Consumables segment increased $1.9 million, or 3.3%, versus the same prior year period, primarily due to a slight decrease in net operating expenses. Operating earnings in the Process Solutions segment for the three months ended September 30, 2012 increased $5.3 million, or 115%, versus the same prior year period, primarily due to an increase in gross profit (approximately $7 million), primarily due to improved margins.

Cost of sales decreased $85.7 million, or 2.4%, to $3.5 billion for nine months ended September 30, 2012 versus the same prior year period. The decrease is primarily due to foreign currency translation (approximately $65 million) and approximately $15 million related to the net impact on cost of sales of lower sales, partially offset by improved margins, primarily driven by manufacturing improvement projects, stable commodity prices and new products and product mix. Cost of sales as a percentage of net sales for the nine months ended September 30, 2012 and 2011 was 70.9% and 71.7%, respectively.

Operating earnings for the nine months ended September 30, 2012 in the Outdoor Solutions segment decreased $27.8 million, or 11.7%, versus the same prior year period, primarily due to a gross profit decrease (approximately $25 million), primarily due to the gross margin impact of lower sales and an increase in reorganization costs (approximately $6 million), partially offset by a decrease in SG&A (approximately $3 million). Operating earnings for the nine months ended September 30, 2012 in the Consumer Solutions segment decreased $4.2 million, or 2.8%, versus the same prior year period, primarily due to an increase in SG&A (approximately $13 million), partially offset by a gross profit increase (approximately $9 million), primarily due to improved margins. Operating earnings for the nine months ended September 30, 2012 in the Branded Consumables segment increased $27.1 million, or 20.7%, versus the same prior year period, primarily due to a gross profit increase (approximately $25 million), primarily due to improved margins. Operating earnings in the Process Solutions segment for the nine months ended September 30, 2012 increased $11.6 million, or 64.4%, versus the same prior year period, primarily due to an increase in gross profit, primarily due to improved margins and the gross margin impact of higher sales.

Net cash used in investing activities was $222 million and $88.0 million for the nine months ended September 30, 2012 and 2011, respectively. Cash used for the acquisition of businesses, net of cash acquired and earnout payments for the nine months ended September 30, 2012 increased $142 million over the same period in 2011. For the nine months ended September 30, 2012, capital expenditures were $76.9 million versus $79.4 million for the same prior year period. The Company expects to maintain capital expenditures at an annualized run-rate in the range of approximately 2.0% to 2.5% of net sales.

Read the The complete Report



Stocks Discussed: JAH,
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