US chewing gum manufacturer Wrigley has reported third-quarter net income of US$98.5m, or 44 cents a share, up 8% from last year’s third-quarter earnings of $91.5m, or 41 cents a share.
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The company’s profits for the period ending 30 September were at the low end of analysts’ expectations due to expensive advertising and costs incurred during Wrigley’s failed bid for US confectioner Hershey Foods.
Wrigley reported third-quarter sales up 19% to $699.5m, with strong gains in the US and Europe.
Overseas sales increased by 19%, aided by favourable currency rates, and worldwide shipments were up 8%.
The company said that its US sales were helped by its new products such as Orbit sugar-free tab gum and Eclipse Flash Strips.
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By GlobalData
