Wednesday, June 25, 2008

Del Monte Foods' Profits Soar on Higher Prices

The food business is soaring high this year. Yet another major food company announced increased revenues AND profits.

Del Monte Foods Company reported growth in both its fourth-quarter and fiscal year-end earnings earlier this month.

As a leader of the Grocery Manufacturers Association, Del Monte Foods supports the GMA's campaign against biofuels. The GMA blames higher food costs on ethanol rather than higher energy, marketing and, apparently, PROFITS!

The company, headquartered in San Francisco CA, earned $50.4 million, or 25 cents per share, on sales of $1.04 billion for the quarter.

That's a 37 percent increase in earnings from the same quarter last year when Del Monte Foods earned $36.7 million, or 18 cents per share, on sales of $940.1 million.

For its fiscal year, Del Monte Foods earned $133.1 million or 66 cents per share on sales of $3.74 billion. Last year the company earned $112.6 million or 56 cents per share on sales of $3.41 billion.

The company also recently announced that it is considering selling its Starkist Seafood business.

Source: Del Monte Foods


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