Grupo Bimbo SAB said quarterly profit fell for a fourth consecutive quarter as the world’s largest bread maker absorbed higher wheat costs and expenses integrating Sara Lee’s North American bakery business.
Net income plunged 82 percent to 369.5 billion pesos ($28.4 million) from 2.05 billion pesos a year earlier, the Mexico City-based company said today after the close of trading. Quarterly revenue climbed 35 percent to 43.4 billion pesos.
Bimbo is on pace to post its fourth annual profit decline this year as the company integrates Sara Lee, which it acquired for $675 million a year ago. The breadmaker is facing higher wheat expenses after the worst U.S. drought in 56 years prompted futures to surge by almost 50 percent in a five-week span in July.
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