Wm. Wrigley Jr. Co. reported third-quarter earnings fell short of Wall Street predictions for the second quarter in a row, declining by more than 5 percent, to $58.2 million, or 50 cents a share, from $61.6 million, or 53 cents a share, in the year-earlier period.
The Chicago-based maker of chewing gum said net sales in the quarter rose by more than 6 percent, to $431.4 million from $404 million. Counting investment and other income, total revenues increased by more than 3 percent, to $435.3 million from $421.6 million.
For the nine months, net income fell by more than 9 percent, to $177.4 million, or $1.53 a share, from $195.9 million, or $1.68 a share, in the 1994 period.
The company said that if last year’s nine-month net gain of $24.8 million, or 21 cents a share, from the Singapore property sale were excluded, the 1995 comparable period would show a 4 percent earnings increase of $6.3 million, or 6 cents a share.
Net sales increased by more than 8 percent, to $1.31 billion from $1.2 billion. Investment and other income totaled $11.4 million in the 1995 period; in the year-earlier period, investment and other income totaled $22.8 million, and there was a gain on the sale of Singapore property of $38.1 million.
Wrigley said total revenues increased more than 4 percent, to $1.32 billion from $1.26 billion.
