US: Galaxy Nutritional posts “modest” Q1 results
Galaxy Nutritional Foods, the US natural and organic dairy firm, posted a "modest" operating income for its first quarter, despite rising costs.
For the three months ended 30 June, the company reported operating income of US$227.7m up slightly from $226.1m for the same period last year.
Net income closed at $119,951, or $0.01 per basic and diluted share, on net sales of around $6m.
In the prior-year, the company reported net income of $150.9m or $0.01 per basic and diluted share, on net sales of approximately $5.9m.
"Given the significantly higher ingredient and transportation costs during the first quarter of this fiscal year versus the prior year, we managed to deliver a modest level of operating income while maintaining an acceptable level of consumer programs," said Michael Broll, chief executive officer of Galaxy Nutritional Foods.
"While commodity costs seem to have stabilized, we have not yet seen any signs of potential softening," he added.
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