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CPC International Earnings Rise 14 Percent

July 12, 1990

ENGLEWOOD CLIFFS, N.J. (AP) _ CPC International Inc. said Thursday its second-quarter earnings rose 14 percent, helped by the acquisition of three products in its European food division.

CPC, a U.S. food company that makes Hellman’s mayonnaise and Skippy peanut butter, said sales in Europe were up 24 percent, largely due to the acquisitions, made after the first half of 1989.

In the second quarter of 1990, profits totaled $94.98 million, or $1.23 a share, on revenue of $1.45 billion. That compared with earnings of $83.1 million, or $1.06 a share, on revenue of $1.26 billion in the same 1989 period.

The Englewood Cliffs-based company’s earnings for the first half of 1990 rose 15 percent to $173.9 million, or $2.24 a share, from $150.8 million, or $1.92 a share, from the first six months of 1989.

During the second quarter, CPC completed three acquisitions: the leading producer of jams in Portugal, marketed under the brand names of Mateus and Casa de Mateus; the assets of the Bee Hive brand corn syrup business in Canada; and the Poti line of fruit compote desserts in France.

CPC’s worldwide consumer foods business accounts for about 80 percent of its total sales. Its U.S. brands include Mazola corn oil, Knorr products and Karo syrup, which showed strong volume gains in the second quarter.

Mueller’s pasta volumes were slightly higher, while volumes of the Best Foods Baking Group were somewhat lower and margarine volumes continued to decline, the company said.

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