Wrigley 3Q net income up on strong international results

Gum and candy maker Wm. Wrigley Jr. Co. said Wednesday that third-quarter profit rose 11 percent on growth in Europe and Asia and because of a weak dollar.

Quarterly earnings rose to $164.5 million, or 59 cents per share, from $148 million, or 53 cents per share, in the year-ago quarter. Excluding costs of a supply chain restructuring, net income was 59 cents per share, versus 55 cents per share a year ago.

Revenue rose 13 percent to $1.33 billion, from $1.18 billion last year.

Analysts polled by Thomson Financial expected a profit of 60 cents per share on revenue of $1.31 billion.

Shares fell nearly 5 percent, or $3.28, to $63.57 at the open of trading.

The company said profits were driven by higher prices in the U.S. The weak dollar improved performance in Europe and Asia.

North American sales fell 2 percent to $436 million on a 14 percent volume decline due to a reduction in trade inventory levels.

International sales, excluding Asia, rose 24 percent to $675 million with volume growth of 13 percent