US food group Smart Balance has swung to a second-quarter profit on the back of rising sales, the company said today (6 August).
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Smart Balance booked net income of US$1m for the three months to the end of June, compared to a loss of $2.5m a year ago.
Net sales jumped 21.2% to $58.2m thanks to success in pushing through price increases. Volumes rose 13%. Smart Balance’s bottom line was also boosted by lower interest costs and a one-time tax benefit.
Smart Balance sees its case shipments rising by 10% during the second half, thanks, in part, to the launch of a namesake sour cream.
“Our second half plans reflect both flexibility and prudence as we strongly support our current products, work on expanding into new categories for the future, and meet our financial commitments as we set the stage for 2010,” said chairman and CEO Stephen Hughes. “In addition to the launch of sour cream, we expect to make progress on several new initiatives by the end of the year.”
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