Wrigley 2Q profit rises 21 percent By ASHLEY M. HEHER, AP Business Writer

Wrigley 2Q profit rises 21 percent By ASHLEY M. HEHER, AP Business Writer
2 hours, 30 minutes ago



CHICAGO - Gum and candy maker Wm. Wrigley Jr. Co. said Monday its second quarter net income climbed 21 percent, helped by international growth and a weaker dollar.

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Quarterly profit for the period ending June 30 rose to $169.8 million, or 61 cents per share. That's up from $140.6 million, or 51 cents per share, in the year-ago period. Results included a penny-per-share charge related to supply chain restructuring.

Revenue rose 14 percent to $1.38 billion from $1.21 billion last year, beating Wall Street forecasts.

Analysts polled by Thomson Financial expected a profit of 59 cents per share on revenue of $1.34 billion. The earnings estimates typically exclude one-time items.

"Our focused investments in key geographies — in terms of product innovation and brand support — are producing excellent results," Wrigley President and Chief Executive Officer Bill Perez said in a statement. "All major regions contributed to our growth in the quarter, particularly Europe and Asia."

The Chicago-based company said shipments rose worldwide, driven in part by a 23 percent sales growth in Europe and Asia. North America net sales grew 3 percent to $452 million, but volume fell 1 percent due to price increases.

A third of revenue growth was due to the weaker dollar.

Wrigley's top-selling Orbit and Eclipse gum continued performed well in the U.S., the company said.

Its shares rose 21 cents to $57.33 in morning trading on Monday.