US chewing gum maker Wm Wrigley Jr has reported a rise in third-quarter earnings, boosted by strong sales growth.
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The company posted net earnings of US$125.7m, or 56 cents per share, for the third quarter to 30 September, compared to $113.1m, or 50 cents per share, for the year-ago period.
Net sales rose to $916.7m from $782.9m a year earlier. Sales growth was driven by worldwide shipment growth of 13% in the quarter, boosted by the Joyco acquisition that closed earlier this year. Translation of foreign currencies to a weaker US dollar contributed 4% to third-quarter sales increases.
Sales in North America were up 6% driven by positive mix and volume growth. In the US, the Orbit and Eclipse brands were particularly significant contributors to the sales growth; in Canada, strong volume helped drive an overall double-digit sales increase.
Ronald Waters, Wrigley’s chief operating officer said the company was pleased with the “solid” performance of the business, particularly the positive product mix in the US and volume gains abroad.
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By GlobalData“Progress with the integration of our Joyco acquisition continues as we are taking advantage of some selective early opportunities to launch Joyco brands through the Wrigley sales infrastructure,” Waters added.
