Jarden Corp. on Thursday announced a stock split and financial results for the third quarter.
The Rye-based company, whose brands include Yankee Candle, Rawlings and Bicycle playing cards, announced earnings per share of 87 cents per diluted share for the three-month period ending on Sept. 30, compared to 85 cents per diluted share for the same period in 2013. Jarden”™s reported net sales grew 19 percent, or $341 million, to a total $2.14 billion, compared to $1.8 billion for the same three-month period in 2013, and adjusted net income was $147.0 million, compared to $117.1 million for the same period in 2013.
According to Zacks Investment Research, analysts predicted $1.17 in earnings per share on $2.1 billion in revenue.
For the nine-month period ending Sept. 30, the corporation”™s earnings per share were $1.30 per diluted share, compared to $1.51 per diluted share for the same period in 2013. Net income was $164.4 million, compared to net income of $166.9 million for the same nine-month period in 2013. Reported net sales grew 13.8 percent, or $709 million, to $5.85 billion, compared with $5.14 billion for the same period in 2013.
“This quarter marks the first third quarter in our history in which our revenues have exceeded the $2 billion mark,” Jarden CEO James E. Lillie said in a company press release. “This performance has also resulted in the achievement of our highest third quarter cash flow from operations of $125 million and third-quarter adjusted diluted earnings of $1.17 per share. This quarter’s performance is indicative of our focus on achieving consistent, long-term, profitable growth.”
Jarden also announced that its board of directors approved a 3-for-2 stock split that will be effective Nov. 3. The additional shares are expected to be distributed on or about Nov. 24. After the split, Jarden will have approximately 192.4 million shares of common stock outstanding. The company most recently split its stock in March 2013, also a 3-for-2 split.
