KANSAS CITY — American Italian Pasta Co., the nation's largest dry pasta maker, says its second-quarter profits almost tripled as shoppers continued to scoop up pasta to cut their grocery bills.
The Kansas City-based company on Tuesday reported earning $26.2 million, or $1.21 per share, during the quarter. By comparison, it earned $9.4 million, or 50 cents per share, during the same period a year ago.
Revenue during the quarter rose 16 percent to $162.3 million as overall sales volume increased 10 percent. Retail sales were up 21 percent while sales to institutional customers, including restaurants and other food manufacturers, increased 3 percent.
Analysts surveyed by Thomson Reuters had expected per-share earnings of 75 cents on $163.4 million in revenue.