US pasta and pesto maker Armanino Foods has reported higher annual revenues and profits on the back of sales in its domestic market. The company booked a net income of US$3.3m for 2013, up from $2.9m a year earlier.
The improved profits came as Armanino generated increased sales. Armanino said its net sales were up 6.6% in 2013 at $7.6m.
President and Ceo Edmond Pera pointed to a price increase Armanino put on products early in the year.
«We implemented a price increase in our principal products early in the year that allowed us to maintain margins in the face of commodity and ingredient cost inflation. This price increase, coupled with robust domestic sales, were significant factors behind the growth in our revenue and profits», Pera said.
Looking ahead, he added: «We believe that our sales pipeline remains strong. For that reason we are cautiously optimistic about our financial performance and financial position in 2014».