UPDATE 2-Jarden profit tops view, sees 2010 sales growth
* Q3 adj EPS 93 cents; Wall Street view 81 cents
* Net sales fall 7 percent to $1.35 billion
* CEO sees organic sales growth of 2 to 4 pct in 2010
* Shares rise 4 percent (Adds CEO comment, forecasts, background, byline; updates share activity)
LOS ANGELES, Oct 28 (Reuters) - Jarden Corp (JAH.N) posted quarterly profit that beat analysts' estimates and said it expects organic sales to rise in 2010.
Shares of the U.S.-based maker of Crock-Pots and other household items rose 4 percent in after-hours trading.
Chief Executive Martin Franklin said he expects organic sales growth of 2 percent to 4 percent in 2010, if you take out swings in currency exchange and commodities prices.
He also expects Jarden to continue taking market share from competitors next year.
While the economy has improved versus a year ago, "we don't think there will be a dramatic upturn in the economy," Franklin told Reuters on Wednesday.
The owner of brands like Mr. Coffee, Sunbeam and Crock-Pot said third-quarter net income rose to $73.7 million from $63.8 million. Earnings per share were 83 cents compared with 83 cents a year earlier, when the company had fewer outstanding shares.
Excluding items, Jarden earned 93 cents a share, topping analysts' average estimate of 81 cents per share, according to Thomson Reuters I/B/E/S.
Jarden's selling, general and administrative expenses fell 8 percent in the quarter.
The company said net sales fell to $1.35 billion for the quarter and attributed the 7 percent year-over-year decline to the weak economy and the unfavorable impact of foreign currency exchange. Net sales were less than the $1.38 billion analysts had expected.
Net sales in its housewares segment, which includes products like toasters and coffee makers, were down 6 percent to $510.3 million, but operating earnings rose 4 percent to $79.3 million.
Sales of Jarden's Crock-Pot, Mr. Coffee and FoodSaver products have risen as consumers spend more time at home and look to stretch every dollar, executives said. Continued...
