Galaxy Nutritional Foods, the US natural and organic dairy firm, posted a “modest” operating income for its first quarter, despite rising costs.
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For the three months ended 30 June, the company reported operating income of US$227.7m up slightly from $226.1m for the same period last year.
Net income closed at $119,951, or $0.01 per basic and diluted share, on net sales of around $6m.
In the prior-year, the company reported net income of $150.9m or $0.01 per basic and diluted share, on net sales of approximately $5.9m.
“Given the significantly higher ingredient and transportation costs during the first quarter of this fiscal year versus the prior year, we managed to deliver a modest level of operating income while maintaining an acceptable level of consumer programs,” said Michael Broll, chief executive officer of Galaxy Nutritional Foods.
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By GlobalData“While commodity costs seem to have stabilized, we have not yet seen any signs of potential softening,” he added.
