Smart Balance moves to 3Q profit on higher sales
The Associated PressSmart Balance Inc., maker of butter-like spreads, said Thursday it moved to a profit in the third quarter on higher sales as it sold a greater volume of its products.
Smart Balance sells cooking oils, mayonnaise, peanut butter and other products that appeal to those watching their fat and cholesterol.
The company, based in Paramus, N.J., earned $1.3 million, or 2 cents per share, in the quarter that ended Sept. 30. That compares with a loss of $1.6 million, or 3 cents per share, a year earlier.
The latest results beats a penny per share prediction of analysts surveyed by Thomson Reuters. The company was helped by lower financing costs offset by higher operating costs.
Revenue rose 4 percent to $59.8 million from $57.5 million. Analysts had expected $61.1 million.
Smart Balance sales volume was up 9 percent to give the revenue a boost.
The company also said it plans to expand distribution of its enhanced milk products.
Shares of Smart Balance rose 7 cents to $5.58 in afternoon trading.