Penford Q2 Profit Rises - Quick Facts

(RTTNews) - Penford Corp. (PENX) reported second-quarter net income of $1.24 million or $0.10 per share, compared to $1.19 million or $0.10 per share, previous year.

Analysts polled by Thomson Reuters expected the company to report profit per share of $0.12 for the quarter. Analysts' estimates typically exclude special items.

Sales decreased to $106.11 million from $110.08 million, prior year. Consolidated sales declined primarily because lower corn and by-product prices reduced revenues, the company said.

Gross margins improved in both divisions despite the difficult winter manufacturing situation. Consolidated operating income increased 15% on higher volumes, better results from ethanol operations and an improving total product mix.