Source AP ©

Wrigley net income jump in 3rd quarter

Gum and candy maker Wm. Wrigley Jr. Co. said Wednesday that third-quarter profit rose 11 percent, thanks to sales in Europe and Asia and weak dollar.

Quarterly earnings rose to $164.5 million (EUR115.6 million), or 59 cents per share, from $148 million (EUR104.01 million), or 53 cents per share, in the year-ago quarter. Excluding costs of a supply chain restructuring, net income was 59 cents per share, versus 55 cents per share a year ago.

Revenue rose 13 percent to $1.33 billion (EUR0.93 billion), from $1.18 billion (EUR0.83 billion) last year.

Analysts polled by Thomson Financial expected a profit of 60 cents per share on revenue of $1.31 billion (EUR0.92 billion).

The company said profits were driven by higher prices in the U.S. The weak dollar improved performance in Europe and Asia.

North American sales fell 2 percent to $436 million (EUR306.39 million) on a 14 percent volume decline due to a reduction in trade inventory levels.

International sales, excluding Asia, rose 24 percent to $675 million (EUR474.35 million) with volume growth of 13 percent