Milling & Baking News - May 8, 2018 - 15

Financial Results

and starches, as well as solid results from
joint ventures in North America. Wheat
Milling was up from stronger margins, but
bioproducts were down in a pressured ethanol industry margin environment.
"We expect Carbohydrate Solutions to
continue to be impacted by weak ethanol
margins, leading to results in the second
quarter that will be lower than the equivalent period last year," Mr. Luciano said.

Gruma USA operating
income climbs 10% in
quarter; sales rise 3%
MONTERREY, MEXICO - Operating
income at Gruma USA in the first quarter
ended March 31 totaled 1,340 million pesos ($71.6 million), up 10% from 1,217 million pesos in the same period a year ago.
Net sales at Gruma USA increased 3%
in the first quarter of fiscal 2018 to 9,434
million pesos ($504 million) from 9,162
million pesos.
"The tortilla business grew 1% driven by the retail channel, where volume
benefited primarily from growth at core
products such as Super Soft flour tortillas; specialty products such as Street
Taco tortillas (a small tortilla especially
used for tacos); low-count corn tortillas;
and healthier alternatives (Carb Balance,
and gluten-free in
particular)," the company said. "On the
other hand, the food
service channel was
impacted by the company's decision to reduce supply of some
s.k.u.s (stock-keeping
GRUMA USA
units) based on profitability. Corn flour sales volume rose 1%
driven mostly by the retail channel in
connection with expanded distribution at
club formats, coupled with increased displays and promotions granted by large
retailers."
Gruma said operating margin at Gruma USA improved to 14.2% from 13.3%
during the first quarter.
Gruma said it incurred $33 million
in capital expenditures during the first
quarter with expenditures allocated in the
United States in connection with a new tortilla plant in Dallas and the expansion of
a tortilla plant in Florida.
Overall, majority net income at Gruma
S.A.B. de C.V. in the first quarter was 1,282
million pesos, unchanged from the same
period a year ago. EBITDA was 2,692 million pesos, down from 2,697 million pesos, while sales fell 1% to 17,532 million
pesos from 17,677 million pesos. MBN
bakingbusiness.com / world-grain.com

"As the rest of the year unfolds, we're expecting Starches and Sweeteners to continue to see good demand in an environment of tight industry utilization."
In the Nutrition segment, profit of $96
million was up 25% from $77 million in
the previous year's first quarter. Wild had
another quarter of double-digit profit increase versus the prior-year period, offset
by some weakness in Specialty Ingredients.

Animal Nutrition was up significantly
over the previous year's first quarter
with strong trade sales and a good product mix with strong margins.
"In Nutrition, we expect continuous
sales growth to help deliver improved
performance in the second quarter," Mr.
Luciano said. "From a seasonal perspective, the second quarter should be the
strongest quarter of the year." MBN

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Milling & Baking News

May 8, 2018 / 15


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Table of Contents for the Digital Edition of Milling & Baking News - May 8, 2018

http://www.nxtbook.com/sosland/mbn/2019_06_04
http://www.nxtbook.com/sosland/mbn/2019_05_21
http://www.nxtbook.com/sosland/mbn/2019_05_07
http://www.nxtbook.com/sosland/mbn/2019_04_23
http://www.nxtbook.com/sosland/mbn/2019_04_09
http://www.nxtbook.com/sosland/mbn/2019_03_26
http://digitalmbn.bakingbusiness.com/sosland/mbn/2019_03_12
http://digitalmbn.bakingbusiness.com/sosland/mbn/2019_02_26
http://digitalmbn.bakingbusiness.com/sosland/mbn/2019_02_12
http://digitalmbn.bakingbusiness.com/sosland/mbn/2019_01_29
http://digitalmbn.bakingbusiness.com/sosland/mbn/2019_01_15
http://digitalmbn.bakingbusiness.com/sosland/mbn/2019_01_01
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_12_18
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_12_04
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_11_20
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_11_06
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_10_23
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_10_09
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_09_25
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_09_11
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_08_24
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_08_14
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_07_31
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_07_17
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_07_03
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_06_19
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_06_05
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_05_22
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_05_08
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_04_24
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_04_10
http://digitalmbn.bakingbusiness.com/sosland/mbn/2018_03_27
http://www.nxtbook.com/sosland/mbn/2018_03_13
http://www.nxtbook.com/sosland/mbn/2018_02_27
http://www.nxtbook.com/sosland/mbn/2018_02_13
http://www.nxtbook.com/sosland/mbn/2018_01_30
http://www.nxtbook.com/sosland/mbn/2018_01_16
http://www.nxtbook.com/sosland/mbn/2018_01_02
http://www.nxtbook.com/sosland/mbn/2017_12_19
http://www.nxtbook.com/sosland/mbn/2017_12_05
http://www.nxtbook.com/sosland/mbn/2017_11_21
http://www.nxtbook.com/sosland/mbn/2017_11_07
http://www.nxtbook.com/sosland/mbn/2017_10_24
http://www.nxtbook.com/sosland/mbn/2017_10_10
http://www.nxtbook.com/sosland/mbn/2017_09_26
http://www.nxtbook.com/sosland/mbn/2017_09_12
http://www.nxtbook.com/sosland/mbn/2017_08_29
http://www.nxtbook.com/sosland/mbn/2017_08_15
http://www.nxtbook.com/sosland/mbn/2017_08_01
http://www.nxtbook.com/sosland/mbn/2017_07_18
http://www.nxtbook.com/sosland/mbn/2017_07_04
http://www.nxtbook.com/sosland/mbn/2017_06_20
http://www.nxtbook.com/sosland/mbn/2017_06_06
http://www.nxtbook.com/sosland/mbn/2017_05_23
http://www.nxtbook.com/sosland/mbn/2017_05_09
http://www.nxtbook.com/sosland/mbn/2017_04_25
http://www.nxtbook.com/sosland/mbn/2017_04_11
http://www.nxtbook.com/sosland/mbn/2017_03_28
http://www.nxtbook.com/sosland/mbn/2017_03_14
http://www.nxtbook.com/sosland/mbn/2017_02_28
http://www.nxtbook.com/sosland/mbn/2017_02_14
http://www.nxtbook.com/sosland/mbn/2017_01_31
http://www.nxtbook.com/sosland/mbn/2017_01_17
http://www.nxtbook.com/sosland/mbn/2017_01_03
http://www.nxtbook.com/sosland/mbn/2016_12_20
http://www.nxtbook.com/sosland/mbn/2016_12_06
http://www.nxtbook.com/sosland/mbn/2016_11_22
http://www.nxtbook.com/sosland/mbn/2016_11_08
http://www.nxtbook.com/sosland/mbn/2016_10_25
http://www.nxtbook.com/sosland/mbn/2016_10_11
http://www.nxtbook.com/sosland/mbn/2016_09_27
http://www.nxtbook.com/sosland/mbn/2016_09_13
http://www.nxtbook.com/sosland/mbn/2016_08_30
http://www.nxtbook.com/sosland/mbn/2016_08_16
http://www.nxtbook.com/sosland/mbn/2016_08_02
http://www.nxtbook.com/sosland/mbn/2016_07_19
http://www.nxtbook.com/sosland/mbn/2016_07_05
http://www.nxtbook.com/sosland/mbn/2016_06_21
http://www.nxtbook.com/sosland/mbn/2016_06_07
http://www.nxtbook.com/sosland/mbn/2016_05_24
http://www.nxtbook.com/sosland/mbn/2016_05_10
http://www.nxtbook.com/sosland/mbn/2016_04_26
http://www.nxtbook.com/sosland/mbn/2016_04_12
http://www.nxtbook.com/sosland/mbn/2016_03_29
http://www.nxtbook.com/sosland/mbn/2016_03_15
http://www.nxtbook.com/sosland/mbn/2016_03_01
http://www.nxtbook.com/sosland/mbn/2016_02_16
http://www.nxtbook.com/sosland/mbn/2016_02_02
http://www.nxtbook.com/sosland/mbn/2016_01_19
http://www.nxtbook.com/sosland/mbn/2016_01_05
http://www.nxtbook.com/sosland/mbn/2015_12_22
http://www.nxtbook.com/sosland/mbn/2015_12_08
http://www.nxtbook.com/sosland/mbn/2015_11_24
http://www.nxtbook.com/sosland/mbn/2015_11_10
http://www.nxtbook.com/sosland/mbn/2015_10_27
http://www.nxtbook.com/sosland/mbn/2015_10_13
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http://www.nxtbook.com/sosland/mbn/2015_09_15
http://www.nxtbook.com/sosland/mbn/2015_09_01
http://www.nxtbook.com/sosland/mbn/2015_08_18
http://www.nxtbook.com/sosland/mbn/2015_08_04
http://www.nxtbook.com/sosland/mbn/2015_07_21
http://www.nxtbook.com/sosland/mbn/2015_07_07
http://www.nxtbook.com/sosland/mbn/2015_06_23
http://www.nxtbook.com/sosland/mbn/2015_06_09
http://www.nxtbook.com/sosland/mbn/2015_05_26
http://www.nxtbook.com/sosland/mbn/2015_05_12
http://www.nxtbook.com/sosland/mbn/2015_04_28
http://www.nxtbook.com/sosland/mbn/2015_04_014
http://www.nxtbook.com/sosland/mbn/2015_03_31
http://www.nxtbook.com/sosland/mbn/2015_03_17
http://www.nxtbook.com/sosland/mbn/mbn/2015_03__03
http://www.nxtbook.com/sosland/mbn/2015_02_17
http://www.nxtbook.com/sosland/mbn/2015_02_03
http://www.nxtbook.com/sosland/mbn/2015_01_20
http://www.nxtbook.com/sosland/mbn/2015_01_06
http://www.nxtbook.com/sosland/mbn/2014_12_23
http://www.nxtbook.com/sosland/mbn/2014_12_09
http://www.nxtbook.com/sosland/mbn/mbn_2014_11_25
http://www.nxtbook.com/sosland/mbn/2014_11_11
http://www.nxtbook.com/sosland/mbn/2014_10_28
http://www.nxtbook.com/sosland/mbn/2014_10_14
http://www.nxtbook.com/sosland/mbn/2014_09_30
http://www.nxtbook.com/sosland/mbn/2014_09_16
http://www.nxtbook.com/sosland/mbn/2014_09_02
http://www.nxtbook.com/sosland/mbn/214_08_19
http://www.nxtbook.com/sosland/mbn/2014_08_01
http://www.nxtbook.com/sosland/mbn/2014_07_22
http://www.nxtbook.com/sosland/mbn/2014_07_08
http://www.nxtbook.com/sosland/mbn/2014_06_24
http://www.nxtbook.com/sosland/mbn/2014_06_10
http://www.nxtbook.com/sosland/mbn/2014_05_27
http://www.nxtbook.com/sosland/mbn/2014_05_13
http://www.nxtbook.com/sosland/mbn/2014_04_29
http://www.nxtbook.com/sosland/mbn/2014_04_15
http://www.nxtbook.com/sosland/mbn/2014_04_01
http://www.nxtbook.com/sosland/mbn/2014_03_18
http://www.nxtbook.com/sosland/mbn/2014_03_04
http://www.nxtbook.com/sosland/mbn/2014_02_18
http://www.nxtbook.com/sosland/mbn/2014_02_04
http://www.nxtbook.com/sosland/mbn/2014_01_21
http://www.nxtbook.com/sosland/mbn/2014_01_07
http://www.nxtbook.com/sosland/mbn/2013_12_24
http://www.nxtbook.com/sosland/mbn/2013_12_10
http://www.nxtbook.com/sosland/mbn/2013_11_26
http://www.nxtbook.com/sosland/mbn/2013_11_12
http://www.nxtbook.com/sosland/mbn/2013_10_29
http://www.nxtbook.com/sosland/mbn/2013_10_15
http://www.nxtbook.com/sosland/mbn/2013_10_01
http://www.nxtbook.com/sosland/mbn/2013_09_17
http://www.nxtbook.com/sosland/mbn/2013_09_03
http://www.nxtbook.com/sosland/mbn/2013_08_20
http://www.nxtbook.com/sosland/mbn/2013_08-06
http://www.nxtbook.com/sosland/mbn/2013_07_23
http://www.nxtbook.com/sosland/mbn/2013_07_09
http://www.nxtbook.com/sosland/mbn/2013_06_25
http://www.nxtbook.com/sosland/mbn/2013_06_11
http://www.nxtbook.com/sosland/mbn/2013_05_28
http://www.nxtbook.com/sosland/mbn/2013_05_14
http://www.nxtbook.com/sosland/mbn/2013_04_30
http://www.nxtbook.com/sosland/mbn/2013_04_16
http://www.nxtbook.com/sosland/mbn/2013_04_02
http://www.nxtbook.com/sosland/mbn/2013_03_19
http://www.nxtbook.com/sosland/mbn/2013_03_05
http://www.nxtbook.com/sosland/mbn/2013_02_19
http://www.nxtbook.com/sosland/mbn/2013_02_05
http://www.nxtbook.com/sosland/mbn/2013_01_22
http://www.nxtbook.com/sosland/mbn/2013_01_08
http://www.nxtbook.com/sosland/mbn/2012_12_25
http://www.nxtbook.com/sosland/mbn/2012_12_11
http://www.nxtbook.com/sosland/mbn/2012_11_27
http://www.nxtbook.com/sosland/mbn/2012_11_13
http://www.nxtbook.com/sosland/mbn/2012_10_30
http://www.nxtbook.com/sosland/mbn/2012_10_16
http://www.nxtbook.com/sosland/mbn/2012_10_02
http://www.nxtbook.com/sosland/mbn/2012_09_18
http://www.nxtbook.com/sosland/mbn/2012_09_04
http://www.nxtbook.com/sosland/mbn/2012_08_21
http://www.nxtbook.com/sosland/mbn/2012_08_07
http://www.nxtbook.com/sosland/mbn/2012_07_24
http://www.nxtbook.com/sosland/mbn/2012_07_10
http://www.nxtbook.com/sosland/mbn/2012_06_26
http://www.nxtbook.com/sosland/mbn/2012_06_12
http://www.nxtbook.com/sosland/mbn/2012_05_29
http://www.nxtbook.com/sosland/mbn/2012_05_15
http://www.nxtbook.com/sosland/mbn/2012_05_01
http://www.nxtbook.com/sosland/mbn/2012_04_17
http://www.nxtbook.com/sosland/mbn/2012_04_03
http://www.nxtbook.com/sosland/mbn/2012_03_20
http://www.nxtbook.com/sosland/mbn/2012_03_06
http://www.nxtbook.com/sosland/mbn/2012_02_21
http://www.nxtbook.com/sosland/mbn/2012_02_07
http://www.nxtbook.com/sosland/mbn/2012_01_24
http://www.nxtbook.com/sosland/mbn/2012_01_10
http://www.nxtbook.com/sosland/mbn/2011_12_27
http://www.nxtbook.com/sosland/mbn/2011_12_13
http://www.nxtbook.com/sosland/mbn/2011_11_29
http://www.nxtbook.com/sosland/mbn/2011_11_15
http://www.nxtbook.com/sosland/mbn/2011_11_01
http://www.nxtbook.com/sosland/mbn/2011_10_18
http://www.nxtbook.com/sosland/mbn/2011_10_04
http://www.nxtbook.com/sosland/mbn/2011_09_20
http://www.nxtbook.com/sosland/mbn/2011_09_06
http://www.nxtbook.com/sosland/mbn/2011_08_23
http://www.nxtbook.com/sosland/mbn/2011_08_09
http://www.nxtbook.com/sosland/mbn/2011_07_26
http://www.nxtbook.com/sosland/mbn/2011_07_12
http://www.nxtbook.com/sosland/mbn/2011_06_28
http://www.nxtbook.com/sosland/mbn/2011_06_14
http://www.nxtbook.com/sosland/mbn/2011_05_31
http://www.nxtbook.com/sosland/mbn/2011_05_17
http://www.nxtbook.com/sosland/mbn/2011_05_03
http://www.nxtbook.com/sosland/mbn/2011_04_19
http://www.nxtbook.com/sosland/mbn/2011_04_05
http://www.nxtbook.com/sosland/mbn/2011_03_22
http://www.nxtbook.com/sosland/mbn/2011_03_08
http://www.nxtbook.com/sosland/mbn/2011_02_22
http://www.nxtbook.com/sosland/mbn/2011_02_08
http://www.nxtbook.com/sosland/mbn/2011_01_25
http://www.nxtbook.com/sosland/mbn/2011_01_11
http://www.nxtbook.com/sosland/mbn/2010_12_28
http://www.nxtbook.com/sosland/mbn/2010_12_14
http://www.nxtbook.com/sosland/mbn/2010_11_30
http://www.nxtbook.com/sosland/mbn/2010_11_16
http://www.nxtbook.com/sosland/mbn/2010_11_02
http://www.nxtbook.com/sosland/mbn/2010_10_19
http://www.nxtbook.com/sosland/mbn/2010_10_05
http://www.nxtbook.com/sosland/mbn/2010_09_21
http://www.nxtbook.com/sosland/mbn/2010_09_07
http://www.nxtbook.com/sosland/mbn/2010_08_24
http://www.nxtbook.com/sosland/mbn/2010_08_10
http://www.nxtbook.com/sosland/mbn/2010_07_27
http://www.nxtbook.com/sosland/mbn/2010_07_13
http://www.nxtbook.com/sosland/mbn/2010_06_29
http://www.nxtbook.com/sosland/mbn/2010_06_15
http://www.nxtbook.com/sosland/mbn/2010_06_01
http://www.nxtbook.com/sosland/mbn/2010_05_18
http://www.nxtbook.com/sosland/mbn/2010_05_04
http://www.nxtbook.com/sosland/mbn/2010_04_20
http://www.nxtbook.com/sosland/mbn/2010_04_06
http://www.nxtbook.com/sosland/mbn/2010_03_23
http://www.nxtbook.com/sosland/mbn/2010_03_09
http://www.nxtbook.com/sosland/mbn/2010_02_23
http://www.nxtbook.com/sosland/mbn/2010_02_09
http://www.nxtbook.com/sosland/mbn/2010_01_26
http://www.nxtbook.com/sosland/mbn/2010_01_12
http://www.nxtbook.com/sosland/mbn/2009_12_29
http://www.nxtbook.com/sosland/mbn/2009_12_15
http://www.nxtbook.com/sosland/mbn/2009_12_01
http://www.nxtbook.com/sosland/mbn/2009_11_17
http://www.nxtbook.com/sosland/mbn/2009_11_03
http://www.nxtbook.com/sosland/mbn/2009_10_20
http://www.nxtbook.com/sosland/mbn/2009_10_06
http://www.nxtbook.com/sosland/mbn/2009_09_22
http://www.nxtbook.com/sosland/mbn/2009_09_08
http://www.nxtbook.com/sosland/mbn/2009_08_25
http://www.nxtbook.com/sosland/mbn/2009_08_11
http://www.nxtbook.com/sosland/mbn/2009_07_28
http://www.nxtbook.com/sosland/mbn/2009_07_14
http://www.nxtbook.com/sosland/mbn/2009_06_30
http://www.nxtbook.com/sosland/mbn/2009_06_16
http://www.nxtbook.com/sosland/mbn/2009_06_02
http://www.nxtbook.com/sosland/mbn/2009_05_19
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http://www.nxtbook.com/sosland/mbn/2009_04_08
http://www.nxtbook.com/sosland/mbn/2009_04_07
http://www.nxtbook.com/sosland/mbn/2009_03_24
http://www.nxtbook.com/sosland/mbn/2009_03_10
http://www.nxtbook.com/sosland/mbn/2009_02_24
http://www.nxtbook.com/sosland/mbn/2009_02_10
http://www.nxtbook.com/sosland/mbn/2009_01_27
http://www.nxtbook.com/sosland/mbn/2009_01_13
http://www.nxtbook.com/sosland/mbn/2008_12_30
http://www.nxtbook.com/sosland/mbn/2008_12_16
http://www.nxtbook.com/sosland/mbn/2008_12_02
http://www.nxtbook.com/sosland/mbn/2008_11_18
http://www.nxtbook.com/sosland/mbn/2008_11_04
http://www.nxtbook.com/sosland/mbn/2008_10_21
http://www.nxtbook.com/sosland/mbn/2008_10_07
http://www.nxtbook.com/sosland/mbn/2008_09_23
http://www.nxtbook.com/sosland/mbn/2008_09_09
http://www.nxtbook.com/sosland/mbn/2008_08_26
http://www.nxtbook.com/sosland/mbn/2008_08_12
http://www.nxtbook.com/sosland/mbn/2008_07_29
http://www.nxtbook.com/sosland/mbn/2008_07_15
http://www.nxtbook.com/sosland/mbn/2008_07_01
http://www.nxtbook.com/sosland/mbn/2008_06_17
http://www.nxtbook.com/sosland/mbn/2008_06_03
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