MONTERREY, MEXICO — Operating income of Gruma USA was 1,334 million pesos ($70 million) in the third quarter ended Sept. 30, nearly unchanged from 1,337 million pesos in the third quarter of 2016. Sales were 9,400 million pesos ($500 million), up 212 million, or 2%, from 9,188 million pesos in the same period a year earlier. Sales volume was steady at 342,000 tonnes.
While overall sales were flat, tortilla sales grew 1%, partially affected by the effects of hurricanes in Texas and Florida. The company benefited from growth of its super soft flour tortillas and the nationwide launch of the company’s Street Taco tortilla, first introduced in September 2016. The storms led to higher operational costs, including increased use of temporary employees. Also weighing on profitability were higher costs in connection the company’s plant under construction in the Dallas area.
“Some of these costs will be eliminated once the new plant starts operations, and the former plant is closed,” Gruma said.
Gruma S.A.B. de C.V. majority net income was 1,659 million pesos ($88 million) in the third quarter, up 8% from 1,535 million pesos a year earlier. Sales were 17,135 million pesos ($911 million), down 0.4%. Volume was 993,000 tonnes, up 0.2% from 991,000 in the third quarter of 2016.