NEW YORK (AFX) - Russian dairy and juice product maker Wimm-Bill-Dann Foods OJSC reported a surge in first-quarter earnings on Thursday, citing organic growth and improved margins.
Net income rose to $17.4 million, or 39 cents per share, from $2.9 million, or 7 cents per share, a year ago. Sales grew 18.4 percent to $385.7 million from $325.7 million last year.
Gross margins improved to 29.5 percent from 25.7 percent a year ago, despite ongoing pressure due to raw materials costs in beverages.
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