Jarden shares preliminary Q1 profit estimates
Jarden (NYSE: JAH) released preliminary first-quarter results, and its adjusted profit for the quarter is expected to beat analysts’ expectations. Jarden’s outdoor brands portfolio includes Coleman, K2 and Marmot, among others.
The company anticipates first-quarter adjusted profit of $0.21 to $0.23 per share on sales of $1.14 billion as compared to $1.22 billion in the prior year. Earnings are expected to be in the range of $90 million to $92 million.
Analysts expect earnings of $0.12 per share for the quarter. Adjusted earnings typically exclude one-time items as do analysts’ estimates.
Also, Jarden’s board approved an early termination date for the Stockholder Rights Plan, which was implemented on Nov. 19, 2008. The company’s board said it viewed the plan as a necessary measure in response to the unprecedented market volatility that existed at the time. As market conditions have shown signs of stability, the company said it believes that accelerating the termination date for the plan to Nov. 18, 2009, is in the best interest of its stockholders.
West Marine Q1 revenues down 10.9 percent
Citing a tough economy and lower comparable store sales, West Marine (Nasdaq:WMAR) said its net revenues dropped 10.9 percent for the first quarter.
For the quarter ended April 4, net revenues were $101.0 million versus $113.3 million a year ago. Comparable store sales decreased 6.8 percent hit by a $6.1 million decrease in sales and a $3.7 million decrease due to store closures in 2008.
CEO Geoff Eisenberg said in a statement, “Our first-quarter sales were right about where we expected. The boating equipment market continued to be challenged, and all of the well-documented macro-economic impacts on our industry negatively affected customer purchasing activities.”
Net revenues in the stores segment were $88.3 million, a decrease of $8.8 million, or 9.1 percent, compared to same period last year. Its wholesale Port Supply segment revenues were $6.8 million, a decrease of 24.9 percent, compared to the same period last year. Net revenues in the direct sales segment were $5.8 million, a decrease of 17.6 percent, compared to same period last year.
Firm initiates coverage on select industry players
On April 16, Longbow, a research firm, initiated coverage on various companies, including:
• Deckers (Nasdaq: DECK) with a “buy” rating
• Timberland (NYSE: TBL) with a “neutral” rating
• Under Armour (NYSE: UA) with a “sell” rating
• Wolverine (NYSE: WWW) with a “neutral” rating
Amer cancels ‘extraordinary’ general meeting
Amer Sports, parent of Salomon, Arc’Teryx and Suunto, said it has cancelled its Extraordinary General Meeting scheduled for April 28 after receiving notice of Novator Finland Oy’s cancellation of its demand for the meeting.
Amer will be reporting its first-quarter results on April 28.
–Compiled by Wendy Geister
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