RYE, N.Y.-A significant gain in gross margin offset a meager increase in net sales to deliver a 12.6 percent rise in net income for Jarden in its fiscal second quarter.
Net income reached $83.2 million in the quarter, which ended on June 30. Gross margin rose 110 basis points to 29.6 percent, which helped Jarden to a record earnings per share of $1.46, up 40 percent from the second quarter of last year. Selling, general and administrative expenses rose 2.3 percent in dollars and 43 basis points as a percentage of sales, to 19.1 percent.
Net sales rose by just 0.1 percent. In its Consumer Solutions segment, which includes the company’s housewares products, net sales were up 3.5 percent, while operating earnings dropped 12.2 percent.
Martin Franklin, Jarden’s executive chairman, said the company met its financial goals in the quarter. Franklin said the company is planning an “extensive line of new product offerings,” which he said “should be a key driver of growth over the next several years.”