CPC Earnings Drop 8 Percent
ENGLEWOOD CLIFFS, N.J. (AP) _ CPC International Inc. reported a drop in third-quarter earnings of about 8 percent, attributed to costs of preparing to spin off its corn refining business.
Net income for the quarter ended Sept. 30 was $136.6 million, down from $148.2 million in the same period last year. Net earnings per share were 93 cents, down from $1.
The declines reflected an $18.2 million post-tax charge for costs related to the spin-off, expected to be completed by year’s end.
Income from continuing operations was up, the company said, from $140.4 million to $146.4 million.
Worldwide sales from continuing operations were down 0.5 percent to $2.024 billion. The company said that was a result of the stronger U.S. dollar compared with European currencies.
``We continue on track for a solid year for CPC International as a whole and a strong year in our branded food business,″ said C. R. Shoemate, chairman and chief executive officer.
CPC’s consumer brands include Hellmann’s, Best Foods, Mazola, Skippy, Knorr and Entenmann’s.