SunOpta income rises 41% in quarter
July 29, 2008
by FoodBusinessNews.net Staff
TORONTO — SunOpta, Inc. posted earnings of $1,486,000, equal to 2c per share on the common stock, for the quarter ended March 31, up 41% from $1,055,000, also equal to 2c per share, during the same quarter of the previous year.
Revenue for the quarter was $230,444,000, up 26% from $183,500,000 during the same quarter of the previous year.
"The results of the first quarter reflect strong growth and operating earnings in the company’s core operations and incorporate the impact of the turnaround efforts in the Berry Operations and the costs to date of the company’s independent investigation," said Steve Bromley, president and chief executive officer. "These results are consistent with our expectations for the first quarter, and based on this we reconfirm our preliminary annual revenue guidance for 2008 of in excess of $1 billion and preliminary net earnings guidance in the range of 25c to 30c per diluted common share."
The SunOpta Food Group posted an operating income of $6,228,000, up 65% from $3,781,000 during the same quarter of 2007. The company attributed the increase to strong results in the SunOpta Grains and Foods Group, which had an 87% increase in segment operating income due to strong sales and margins of non-G.M.O. and organic grains and grain-based ingredients and growth in packaged soymilk products.