US wholesale baker Interstate Bakeries has said its quarterly profit dropped by more than half as earnings were hit by higher ingredients and energy costs.
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Interstate Bakeries posted profit of US$11.2m, or 25 cents a share, for the first quarter to 23 August, compared to $27.1m, or 60 cents a share, in the year-ago period. The results included 1 cent per share in restructuring costs.
Analysts had been expecting the company, which makes Wonder Bread and Hostess snack cakes, to earn 23 cents a share, reported Reuters.
