ST. LOUIS Gains from the recently acquired Harvest Manor Farms helped drive
stronger sales and earnings at Ralcorp Holdings, Inc. in the first quarter. Net
income in the quarter ended Dec. 31 totaled $67,200,000, equal to $1.20 per
share on the common stock, up 3% from $65,500,000, or $1.17 per share, in the
same period a year ago.
Net sales for the quarter were $991,900,000, up 2% from $968,200,000 last year.
Ralcorp said sales received a $53,800,000 boost from Harvest Manor Farms, which
was acquired in March 2009. Excluding sales from the acquisition, total base
business sales fell 3% year over year.
For the first quarter, Cereals had profit contribution of $73,300,000 on sales
of $440,800,000, down from $74,100,000 and $449,300,000, respectively, in the
same period a year earlier. Ralcorp attributed the decrease to volume declines
and lower net selling prices, partially offset by the effects of product mix.
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