US-based own-label food group Ralcorp Holdings has posted a leap in third-quarter sales but seen earnings hit by losses linked to its investment in Vail Resorts, a mountain resort operator.
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Ralcorp saw net sales leap 26% during the three months to the end of June, thanks mainly to recent acquisitions, including Bloomfield Bakers. Revenue reached US$583.5m.
However, net earnings slumped from $30.2m a year ago to $11.6m due to losses on contracts related to Vail Resorts, the leading mountain resort operator in the US.
Sales rose across Ralcorp’s food businesses, which cover sectors including cereals, frozen bakery products, dressings, sauces and candy.
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By GlobalData
