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Weaker dollar, international sales help Wrigley 1Q profit

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April 28, 2008

CHICAGO—Wm. Wrigley Jr. Co., which is selling itself to candy company Mars for $23 billion, says its first-quarter profit was boosted by a weaker dollar and strong sales in Eastern Europe and Asia.

The Chicago-based chewing gum maker says quarterly profit rose 18 percent to $168.6 million, or 61 cents per share, from $142.7 million, or 52 cents per share last year. Analysts polled by Thomson Financial expected a profit of 55 cents per share.

Revenue rose 16 percent to $1.45 billion from $1.25 billion last year. Wall Street expected revenue of $1.39 billion.

Volume grew in most regions outside North America, but fell 10 percent in North America, hurt by lower volume of Altoids and Lifesavers. However, North America sales rose 5 percent to $533 million.

© Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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