American Italian Pasta Co. reported a strong quarter of earnings yesterday (11 February) helped by higher selling prices and overall volumes.
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For the period ended 2 January, net income reached US$26m, up from $1.4m in the same quarter a year ago.
Revenues for the 14-week first quarter increased $59.5m, or 53%, to $171.2m, led by a 56% increase in the retail market and a 43% increase in the institutional market.
Operating profit increased $24.3m to reach $32.5m. The figure increased as a percentage of revenues, to 19% for the first quarter of 2009, from 7% for the first quarter of 2008.
“While economic uncertainty and fluctuating commodity prices continue to pose challenges, we remain confident in our strategic plan and growth prospects going forward,” said Jack Kelly, president and CEO.
