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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. said Monday that its first-quarter net income rose 28 percent, helped in part by growing 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 one-time gain from the sale of a corporate asset, net income was 50 cents per share.
Revenue rose 17 percent to $1.26 billion (euro920 million) from $1.08 billion in the year-ago quarter, beating Wall Street forecasts.
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, where the Chicago-based company is the No. 1 confectioner, sales grew 23 percent to $217 million (euro159.06 million) as volume grew 21 percent.
"Our results this quarter reflect solid execution in the marketplace, including the launch of several new products and strong support of our brands around the world," President and Chief Executive Officer Bill Perez said in a statement. "We anticipate maintaining our positive momentum through focused investment in our key geographies and upcoming product launches."
Wrigley plans to launch a new line of sugar-free gum this summer. Named "5," the gum will be the company's first new gum launch since it debuted its popular sugar-free Orbit in 2001.


Updated : 2021-05-15 21:36 GMT+08:00