US pasta and pesto manufacturer Armanino Foods has recorded an increase in full-year earnings, despite battling rising raw material prices as a result of the US drought.
Net profit amounted to US$2.88bn in the 12 months to the end of December, a 21% increase on the prior year period. Income from continuing operations before taxes was also up 21%, to $4.54bn.
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Sales climbed 13% to reach $27.96bn in the period.
“The severe drought in most of the United States during 2012 has resulted in higher costs for many of our raw material ingredients,” said CEO Edmond Pera. “We believe that our ability to hold prices down during this time period allowed us to continue to gain market share. We do not believe that our current price increase will materially affect sales, but will allow us to maintain our margins.”
