US: Increased volume boosts American Italian profits

By: just-food.com | 12 May 2009

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.

Sectors: Baby food, Chilled foods

Companies: AIPC