Quaker Oats reported on Thursday that income from operations in its fiscal first quarter rose 4% on the back of increases in sales of beverages, hot cereals and grain-based snacks.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The cereal giant, which is due to come under the control of PepsiCo, said earnings in the quarter rose to US$196.5m from US$189.3m a year ago. Net sales rose to US$1.23bn from US$1.17bn. The company said it expects to post double-digit growth in second quarter sales and operating income.
Robert S. Morrison, chairman, president and CEO of Quaker, said: “Earnings for the quarter came in slightly better than our original expectations. We’re pleased with the increase in earnings, given that we were comparing against a very strong base period.”
“Importantly, category shares for many of our key US brands rose, including Gatorade thirst quencher, Quaker oatmeal, Quaker Chewy granola bars and rice snacks, Aunt Jemima products and Pasta Roni,” said Morrison.
The company expects its merger with PepsiCo to be completed by the end of the second quarter of 2001.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
