As more quarterly results released for Top 100 Food Processing companies, they went on revealing the influences of the pandemic, especially the shift to home-cooking using major pantry requirements.
Hostess Brands noticed an increment of 6.3% in the sales, to $256.2 million, year after year for the quarter which ended on June 30. Net profit was $17.4 million increasing by about 4.2%.
Trends apparently affected by the ongoing pandemic include strong growth among Hostess core brands, but reduced the revenue for private firms and non-core-branded commerce, and an increment in multipack sales but a decrement in single-serve.
Hostess, however, was capable of keeping up with the growth in point-of-sale revenue, which grew up by 9.2% for branded products in spite of the decreased traffic in convenience stores and other point-of-sale agencies.
Flowers Foods with a 5.1% increase over the same quarter last year, saw sales of $1.02 billion, and gained net income of $5.79 million, increased by 9% as compared to the last year.
CEO A. Ryals McMullian informed that Flowers attempted to shift to branded products away from private label to satisfy the consumption trends brought about by the global epidemic. “We are actively working to maintain and broaden that favorable mix going forward through our portfolio optimization initiatives,” McMullian said to the stock analysts.
B&G Foods witnessed a surge of 38% in year-over-year sales for the quarter, to $512.5 million, and net income jump of 145% calculating to $44.9 million.
B&G, with brands like Green Giant vegetables (sales up by 45%), Cream of Wheat hot cereal and Dash seasonings is in a fine position to get benefitted from the prevalent cook-at-home trend.
The company intents to capitalize by extending its offering of Green Giant Veggie Tots like carb-replacement products which rolled out in 2016.
Post Holdings observed a drop in its sales by 7.1% stumbling to $1.3 billion, and operating profit drop by 13% dropping to $172.1 million.
Sales in the Post Consumer Brands sector were witnessed to be up 11%, and there was an increment of 7% in frozen retail products whereas in food the service including egg and potato products, sales plunged up by 41%.
“We expect our food service volume recovery to be highly correlated with the degree restrictions which are imposed on mobility and gathering due to the pandemic.”, CFO Jeff Zadoks informed the analysts.