Jarden Announces Preliminary Fourth Quarter And Full Year 2014 Results
Provides Initial 2015 Guidance
MIAMI, Jan. 20, 2015 /PRNewswire/ -- Jarden Corporation (NYSE: JAH) today announced its preliminary results for the fourth quarter and the full year ended December 31, 2014.
While the audit of the Company's 2014 results will not be completed until earnings are fully announced, the Company expects net sales of at least $2.4 billion for the fourth quarter of 2014, driven by strong organic growth. The Company also expects adjusted earnings per share to meet or exceed the current Wall Street analysts' consensus estimate, with strong sales counterbalancing the significant negative impact of foreign currency in the quarter. Full year 2014 adjusted earnings per share are similarly expected to meet or exceed the consensus estimate, before giving effect to the favorable impact of tax credits and other changes enacted in December 2014 resulting in a lower effective tax rate. The Company expects organic net sales growth for the full year to be at the higher end of its long-term average target range of 3-5%.
For 2015, the Company anticipates organic net sales growth to be within its long-term average target range of 3-5%. Including the negative impact of current foreign currency rates, the Company expects to deliver adjusted earnings per share in 2015 in the range of $2.75-$2.90.
Martin E. Franklin, Executive Chairman, commented, "We delivered our strongest organic growth performance for 2014 in Q4 and anticipate that the positive momentum from 2014 will continue into 2015, despite the foreign currency headwinds being experienced by many of our international businesses."
James E. Lillie, Chief Executive Officer, stated, "The downward price volatility in the commodity markets has many tangential implications for consumer products companies, but we believe the most important will be the increase in the real purchasing power of consumers during 2015, which in turn provides our businesses the opportunity for additional growth. We look forward to reporting our final 2014 financial results, as well as a more detailed outlook for 2015, on our scheduled quarterly conference call."
The Company will discuss its fourth quarter and full year 2014 results and its outlook for 2015 on the Company's year-end conference call, currently scheduled for Thursday, February 12th at 8:30 a.m. (Eastern Time). The Company will release its financial results for the fourth quarter and full year 2014 before the markets open. Jarden will host a webcast/dial-in conference call to discuss its financial results at 8:30 a.m. Eastern Time on the same day.
The dial-in for the live conference call is 800-344-6698 (domestic) or 785-830-7979 (international) and the passcode is 8716011. The call will be simultaneously webcast at www.jarden.com. A replay of the call and webcast will be available for three weeks shortly after completion of the live call. The replay dial-in is 888-203-1112 (domestic) or 719-457-0820 (international) and the passcode is 8716011 or visit www.jarden.com to access the replay of the webcast.
Note: This news release contains "forward-looking statements" within the meaning of the federal securities laws and is intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's expected, anticipated or estimated net sales, earnings per share and adjusted earnings per share, cash flow from operations, organic net sales growth, the impact of commodities costs and foreign currency movements, as well as expectations about foreign currency trends, and the Company's effective tax rate, as well as the impact of changes to tax laws and regulations. These projections and statements are based on management's estimates and assumptions with respect to future events and financial performance and are believed to be reasonable, though are inherently uncertain and difficult to predict. Actual results could differ materially from those projected as a result of certain factors. A discussion of factors that could cause results to vary is included in the Company's periodic and other reports filed with the Securities and Exchange Commission.
Note: Adjusted earnings per share is calculated based on GAAP earnings per share but excluding the impact of certain restructuring, non-operational and non-cash charges and credits. At this time, management is not able to estimate the aggregate impact, if any, of these items in 2015 and therefore is not able to provide a corresponding GAAP equivalent for its adjusted earnings per share guidance.
About Jarden Corporation
Jarden Corporation is a leading provider of a diverse range of consumer products with a portfolio of over 120 trusted, quality brands sold globally. Jarden operates in three primary business segments through a number of well recognized brands, including: Branded Consumables: Ball®, Bee®, Bernardin®, Bicycle®, Billy Boy®, Crawford®, Diamond®, Dicon®, Fiona®, First Alert®, First Essentials®, Hoyle®, Kerr®, Lehigh®, Lifoam®, Lillo®, Loew-Cornell®, Mapa®, NUK®, Pine Mountain®, ProPak®, Quickie®, Spontex®, Tigex® and Yankee Candle®; Consumer Solutions: Bionaire®, Breville®, Crock-Pot®, FoodSaver®, Health o meter®, Holmes®, Mr. Coffee®, Oster®, Patton®, Rival®, Seal-a-Meal®, Sunbeam®, VillaWare® and White Mountain®; and Outdoor Solutions: Abu Garcia®, AeroBed®, Berkley®, Campingaz® and Coleman®, ExOfficio®, Fenwick®, Greys®, Gulp!®, Hardy®, Invicta®, K2®, Madshus®, Marker®, Marmot®, Mitchell®, PENN®, Rawlings®, Ride®, Sevylor®, Shakespeare®, Stearns®, Stren®, Trilene®, Volkl®, Worth® and Zoot®. Headquartered in Florida, Jarden ranks #356 on the Fortune 500 and has over 30,000 employees worldwide. For further information about Jarden, please visit www.jarden.com.
SOURCE Jarden Corporation
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