US: Increased volume boosts American Italian profits
American Italian Pasta Co. booked strong year-to-date profits today (12 May), helped by helped by higher selling prices and increased volume.
First-half net income increased US$41.4m to $52.2m for the six months to 3 April.
Revenues increased $82.2m, or 33%, to reach $333.5m, led by a 37% increase in the retail market and a 20% increase in the institutional market.
Overall volume increased 12%.
"Clearly, our strategy and great execution by the entire AIPC employee team are paying off," said Jack Kelly, CEO of AIPC. "Volume was a key factor in our overall revenue growth, handily outpacing the industry's overall growth rate. Moving forward, we are well positioned to capitalise on what we believe will be a lasting upward trajectory in consumption, given pasta's value, versatility and nutritional benefits."
Revenues for the second quarter increased $22.7m, or 16%, to $162.3m, led by a 21% increase in the retail market and a 3% increase in the institutional market.
Net income increased $16.8m to reach $26.2m for the quarter.
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