SOUTH HACKENSACK, N.J. (AFX) - AEP Industries Inc., which makes plastic packaging products, on Monday posted a sharp rise in fiscal third-quarter profit as sales climbed and the company booked a tax gain.
For the quarter ended July 31, earnings surged to $20.1 million, or $2.28 per share, from $4.7 million, or 54 cents per share, in the year-earlier quarter.
The recent quarter included an income tax benefit of $7.5 million, while the year-ago quarter included a $7.3 million income tax provision.
Sales grew 17 percent to $208.9 million from $179.4 million last year, as unit prices jumped 10 percent and volume rose 5 percent. Positive foreign exchange rates boosted revenue by $2.1 million.
Shares of AEP Industries fell 26 cents to end at $43.92 on the Nasdaq.
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