Tasty Baking said today (31 October) that it had swung into the red during the third quarter due to higher ingredients prices and costs linked to the move to a new manufacturing site.
Go deeper with GlobalData
The US firm booked a third-quarter net loss of US$1.4m for the three months to 27 September. A year earlier, Tasty Baking posted a profit of $210,000.
The results included post-tax charges of $1m in severance costs related to the company’s planned move from Hunting Park Avenue in Philadelphia to the Philadelphia Navy Yard, about 12 miles away.
The results also included $800,000 in post-tax depreciation expenses related to the move. Last year, the company’s results included a charge of $900,000, also related to the move.
Tasty Baking also absorbed $2.3m in higher ingredients and packaging costs.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataDuring the quarter, sales rose marginally from $42.5m last year to $42.8m.
President and CEO Charles Pizzi said he was “pleased” with the company’s “overall performance”.
He added: “Route net sales had positive growth and our continued focus on cost containment and improved operating efficiency has yielded favourable results.”
Tasty Baking produces products under the name Tastykake.
