Jarden Corp. reported sales at its Outdoor Solutions segment fell 8.6 percent to $624.9 million from $684.1 million a year ago.
Segment operating income fell 47.4 percent to $19.1 million from $36.3 million. Excluding acquisition-related charges and other costs as well as depreciation and amortization, profits eased 26.9 percent to $40.4 million from $55.3 million.
Jarden's Outdoor Solutions brands include: Abu Garcia, AeroBed, Berkley, Campingaz and Coleman, Dalbello, ExOfficio, Fenwick, Gulp!, Invicta, K2, Marker, Marmot, Mitchell, Penn, Rawlings, Shakespeare, Squadra, Stearns, Stren, Trilene, Vkl, and Zoot.
Companywide, net sales came in flat at $1.73 billion compared with the first quarter 2015, but grew by 4.7 percent, or $82.2 million, in organic, currency-neutral terms.
"We have started the year with a solid performance, including 4.7 percent organic growth, driven by product innovation and continued momentum across our business. We reported first quarter revenue equal to last year's record results despite significant continued foreign exchange headwinds and delivered as adjusted earnings per share in-line with our 2015 plan and expectations," said Martin E. Franklin, Executive Chairman.
Jarden reported adjusted net income was $11.0 million, or 6 cents a share, compared with $25.7 million, or 13 cents, in the first quarter of 2014.
Jarden CEO James E. Lillie said strong inventory planning enabled the company to "muscle through the West Coast port issues. We believe that we are well positioned to deliver on our 2015 plan which includes organic sales growth in the 3-5 percent range and double digit adjusted earnings per share growth, on a currency neutral basis," he said.
