US chewing gum maker Wm Wrigley Jr has reported an 11% rise in second-quarter earnings, boosted by higher sales.
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The company posted net earnings of US$139.2m, or 62 cents per share, for the three months to 30 June, compared to $125.9m, or 56 cents per share, a year earlier.
Wrigley’s global sales for the second quarter rose to $958m, an increase of 21% from the same period a year ago. The company said sales were driven by strong volume growth and favourable mix in Wrigley’s business, as well as a 7% contribution from the Joyco acquisition. Translation of foreign currencies to a weaker US dollar contributed 3% to the second quarter sales increase.
“We are very pleased with the results of the quarter, during which our business demonstrated vigorous growth and we continued to invest for the future,” said chief operating officer Ron Waters.
“The Joyco integration is proceeding on track, and we are confident that this acquisition will accelerate our participation in the broader confectionery arena and contribute to stockholder value,” Waters added.
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By GlobalData
