US pasta manufacturer American Italian Pasta has posted a fall in quarterly earnings due to charges relating to a recent acquisition.
The company, which is North America’s largest maker of dried pasta, reported net income for the fiscal second quarter to 31 March of US$8.9m, or 48 cents a share, compared to $10.1m, or 54 cents a share, a year earlier.
Excluding charges relating to its recent acquisition of Golden Grain/Mission Pasta from US food and beverage giant PepsiCo, the company said earnings were 61 cents per share for the quarter, in line with analysts’ estimates, reported Reuters.
Excluding the one-time charges, American Italian Pasta said earnings were boosted by stronger sales of pasta ingredients to institutional buyers and of private label brands at retail.
The company’s sales rose almost 16% to $164.2m, from $141.7m a year earlier.
Looking ahead, American Italian Pasta expects to record full fiscal year earnings of $2.50 to $2.56 per share.