US pasta and pesto manufacturer Armanino Foods of Distinction booked an increase in sales and profits for 2011, but warned that margins were squeezed during the fourth quarter.
For the 12 months to the end of December, sales rose 8.5% to US$24.8m. Net income inched up to $2.4m, from $2.3m and EPS rose 7.5% to 7 cents a share.
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However, the company conceded that sales gains slowed during the fourth quarter, rising 3.3%, while net income fell to $487,434, compared to $562,584 a year earlier.
“Although our sales have grown annually in each quarter of 2011, our profitability in the fourth quarter was adversely affected principally by higher raw material costs. We are managing our margins accordingly, cognizant that we are in a highly competitive environment,” president and CEO Edmond Pera said.
