Rye-based Jarden Corp. reported financial results for the quarter and year ended Dec. 31, 2008. For the quarter, net sales fell 8 percent to $1.4 billion, compared to $1.5 billion for the same period in 2007. Jarden recorded a net loss of $170 million, or $2.28 a share, for the fourth quarter compared to a net loss of $11.2 million, or 15 cents a share, for the same period a year earlier. For the year, net sales increased 16 percent to $5.4 billion compared to $4.7 billion in the previous year. Jarden recorded a net loss of $58.9 million, or 78 cents a share, for the year compared to net income of $28.1 million, or 38 cents a diluted share, for the same period in 2007.
White Plains based ITT Corp. reported 2008 fourth quarter revenue of $2.9 billion and income from continuing operations of $176 million, or 96 cents a share. For the year 2008, ITT reported record revenues of $11.7 billion and income from continuing operations of $775 million, or $4.23 a share. Excluding special items, income rose to $741 million, or $4.04 a share, representing 23 percent earnings growth year-over-year. Free cash flow, representing cash from operations less capital expenditures, for the year topped $871 million, a 112 percent conversion of income from continuing operations.
