MEXICO: Bimbo posts 9% rise in Q3 net income
Mexican bakery and confectionery company Grupo Bimbo has posted a 9% rise in third-quarter net income as price increases offset higher commodity costs.
Net income increased to MXN1.36bn (US$102.7m) from MXN1.25bn a year earlier, while net sales rose 12% to MXN20.6bn from MXN18.3bn in the same period last year.
Operating income rose 7.9% in the quarter to reach MXN2.07bn as a result of "gains in every region".
Higher average product prices and the containment of costs and expenses helped to offset some pressure from higher raw material prices, the company said, which limited the decline in operating margin to only 0.4%, reaching 10.1%.
Escalation in the price of wheat flour, particularly in the first two months of the quarter, led to a rise in raw material costs. As a result, gross margin in the quarter declined by 2.3% to MXN51.7m from MXN54m in the previous year.
Mexico-based bakery giant Grupo Bimbo has seen first-quarter earnings jump by 26% on the back of higher sales from the company's US acquisition last year....
Bimbo Bakeries USA, the wholly-owned subsidiary of Grupo Bimbo, has appointed Brian O'Neill to its advisory board....
Mexico-based bakery giant Grupo Bimbo has seen fourth-quarter earnings jump by over 31% on the back of higher sales....
Food processor and distributor George Weston saw its fourth-quarter earnings more than double yesterday (24 February), boosted by the sale of its dairy and bottling operations and higher grocery sales...
- Unilever 2016 investor day - the top takeaways
- The key questions for digital strategists in 2017
- Wessanen's move for Spain's Biogran - analysis
- Have food promotions reached tipping point?
- Burger King, Jollibee: foodservice focus, Nov 2016
- General Mills jobs to go in business revamp
- Verlinvest, China Resources invest in Oatly
- B&G acquires pasta sauce group Victoria Fine Foods
- Japan's Nagatanien buys Chaucer Food Group
- Tyson sets up US$150m investment fund