Del Monte Foods income up 30% in quarter
December 2, 2010
SAN FRANCISCO — Del Monte Foods Co. overcame lower sales to post a 30% gain in earnings during the second quarter.
For the quarter ended Oct. 31, the company had income of $81.1 million, equal to 42c per share on the common stock, which compared with income of $62.6 million, or 31c per share, during the same quarter of the previous year. Sales for the quarter were $940.9 million, down 2% from $958.9 million during the same quarter of the previous year.
In its Consumer Products segment the company had operating income of $74.4 million, up 3% from $72.5 million during the same quarter of the previous year. Sales for the segment were $507.7 million, down 5% from $536.8 million.
For the six months ended Oct. 31, Del Monte income totaled $140.5 million, or 72c per share, up 16% from $121.2 million, or 61c per share, during the same period of the previous year. Sales for the six months were $1,745.5 million, down 2% from $1,772.6 million.