Jarden Corp., an appliance and consumer products maker, said Thursday its first-quarter profit more than tripled, helped by the acquisition of two outdoor sporting goods companies.
For the quarter ended March 31, net income soared to $4.7 million, or 6 cents per share, from $1.4 million, or 2 cents per share, in the prior-year quarter.
Excluding reorganization and acquisition charges, the company said it earned 22 cents per share.
Analysts polled by Thomson Financial expected profit of 20 cents per share.
Revenue rose 48 percent to $1.22 billion from $820.9 million in the first quarter of 2007. Analysts predicted revenue of $1.23 billion.
Most of the rise came from the company's outdoor division, where sales tripled. That division's sales were helped by the acquisition of Pure Fishing Inc. and outdoor sporting goods company K2 Inc. The acquisitions also helped offset higher costs, the company said.
Jarden makes products under brands such as Coleman, Crock-Pot and Mr. Coffee. Shares of the company fell 87 cents, or 3.7 percent, to $22.66 in early trading.
Terms & Conditions
RSS Headlines
Fool UK