TORONTO – The ability to offset higher costs through price increases helped bakery goods and grocery giant George Weston Ltd. (TSX:WN) serve up a big increase in third-quarter earnings Tuesday that beat analyst expectations.
"Improved sales were driven by acquisitions and pricing," chairman Galen Weston Sr. told a conference call with analysts to discuss the company's results.
Weston said both operating income and operating margins were "significantly impacted" by higher commodity and food costs but were mitigated by a continued focus on cost reduction and productivity improvements, as well as pricing.
The Toronto-based company said net earnings attributable to shareholders soared 50 per cent to $264 million or $1.94 per share, compared with $176 million or $1.26 in the same 2010 period.
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