US food group Ralcorp Holdings has booked falling third-quarter profits after acquisition costs and a drop in sales ate into earnings.
The company, which made four acquisitions during the three months to 30 June, posted net earnings of US$53m, against $74.8m a year earlier.
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Ralcorp said it had incurred $12.8m in costs related to its planned $1.2bn acquisition of American Italian Pasta Co.
The group also reported a 3% fall in net sales to $962.4m as fierce competition in the US cereals category hit both Ralcorp’s branded and own-label cereal portfolio.
