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Wrigley profit rose in 1st-quarter, aided by international sales

Wrigley profit rose in 1st-quarter, aided by international sales

Gum and candy maker The Wm. Wrigley Jr. Co. on Monday said first-quarter net income rose 28 percent, helped by international sales.
Net income rose to $142.7 million (euro104.6 million), or 52 cents per share, for the three months ended March 31 from $111.9 million, or 40 cents per share, during the same period a year ago. Excluding a charge from supply chain restructuring and a gain from the sale of a corporate asset, net income for the latest quarter was 50 cents per share.
Revenue rose 17 percent to $1.26 billion (euro920 million) from $1.08 billion in the year-ago quarter.
Analysts polled by Thomson Financial expected net income of 47 cents per share on revenue of $1.18 billion (euro860 million). The earnings estimates typically exclude one-time items.
Results were helped by shipment growth in all regions, as well as the effect of a weaker dollar.
In Wrigley's Europe, Middle East, Africa and Asia division, sales rose 27 percent to $565 million (euro414.13 million) on volume growth of 14 percent. In North America, sales grew 3 percent to $414 million (euro303.45 million) as volume grew 4 percent. Orbit, Orbit White, and Eclipse gum had double-digit sales gains.
In Asia, sales grew 23 percent to $217 million (euro159.06 million) as volume grew 21 percent.


Updated : 2021-06-19 03:22 GMT+08:00