Penford income climbs 76% in quarter

by Eric Schroeder
Share This:

CENTENNIAL, COLO. — Strong sales in the company’s Food Ingredients unit helped drive a 76% gain in net income at Penford Corp. in the first quarter of fiscal 2012. The provider of renewable ingredient systems for industrial and food applications posted net income of $592,000 in the first quarter ended Nov. 30, 2011, equal to 5c per share on the common stock, up from $336,000, or 3c per share, in the same period a year ago.

Sales for the first quarter were $90,746,000, up 26% from $72,266,000.

For the first quarter, the Food Ingredients segment had operating income of $5,959,000, up 24% from $4,808,000 during the previous year’s first quarter. Sales for the segment were $25,924,000, up 41% from $18,336,000 during the previous year. Penford said revenue grew behind double-digit expansion in all of the company’s end market segments.

In the Industrial Ingredients segment, Penford posted income of $743,000, up sharply from $142,000 in the same period a year ago. Sales also were up sharply, rising 26% to $64,822,000 from $53,930,000. The increase in sales reflected higher corn prices that were passed through to customers, increased pricing from processing and manufacturing fees, higher ethanol volumes, and growth of specialty bio-products.

Comment on this Article
We welcome your thoughtful comments. Please comply with our Community rules.



The views expressed in the comments section of Food Business News do not reflect those of Food Business News or its parent company, Sosland Publishing Co., Kansas City, Mo. Concern regarding a specific comment may be registered with the Editor by clicking the Report Abuse link.