Armanino sales strengthen in Q3

Armanino sales strengthen in Q3

Armanino Foods of Distinction has revealed its sales and earnings accelerated in the third quarter as the US food maker benefited from delayed sales from the second quarter.

Net third-quarter sales for the period to 30 September increased to US$9.4m, up 11% from last year. Pre-tax income from continuing operations rose 15% to $1.8m while net income was up 20% to $1.2m. 

President and CEO Edmond Pera said Armanino  saw growth across all its core products. Sales were also lifted by deals that were delayed from the second quarter. 

"Financial performance in both our US and Asian markets was strong this quarter. We achieved higher quarterly sales with existing customers across all of our core products. As we stated in last quarter's report, timing delays in closing several domestic deals affected sales in the Q2. Those same Q2 delayed sales were booked in Q3 and were part of the growth in our sales this quarter," Pera said. 

In the first nine months of the year, sales increased 6% to $27.1m. Income from continuing operations was up 5% and net earnings were up 8%, rising to $5.3m and $3.3m respectively. 

Pera said Armanino is increasing its production capacity. "This project is expected to help us double our plant capacity, and increase production efficiencies," he said. 

Pera added the maker of Italian foods is "cautiously optimistic" about the remainder of this year. "We continue to work on several significant domestic relationships that we are trying to close before year end. We remain guarded on our outlook, with our Asian markets due to continued weak economic conditions in that part of the world. Our current sales pipeline and cash position remain strong."