Milling & Baking News - January 8, 2013 - 18

Stock Market Review 

With 17.3% jump, grain-based shares close 2012 at record high
the previous two years. Hain’s share unchanged. Two other companies — price performance leading into 2010 Year-end close for Post Holdings Inc. and Mondelez In- was unimpressive. The stock was the Grain-Based Foods Share ternational, Inc. — did not trade for worst performer in 2009 and did not grow in earlier years at a pace commenthe full year. Index with change from Donut retailers did particularly well surate with the company’s position as a previous year, 2001-2012 in 2012, accounting for the top and leader in the “hot” segments of natural third best performances. Consistent and organic foods and beverages. Point Per cent More recently, improved financial with the company’s improving earnYear Close change change ings results, shares of Krispy Kreme controls appear to continue to lift prof2012 14117.69 2,083 17.3% Doughnuts, Inc., Winston-Salem, itability. In its first quarter ended Sept. 2011 12034.78 727 6.4% 2010 11307.96 958 9.3% N.C., rose impressively in 2012. The 30, earnings were up 40% from the 2009 10350.06 1,203 13.2% 47% share price gain followed a de- year before. 2008 9146.77 -2,511 -21.5% Irwin D. Simon, founder, president cline of 6.3% in 2011 but a 137% surge 2007 11657.58 115 1.0% and c.e.o., said Hain’s profit growth in 2010. 2006 11542.79 1,856 19.2% Krispy Kreme reported third-quar- reflected good results in the United 2005 9687.18 -1165 -10.7% ter gains in revenues and earnings States and beyond. 2004 10852.64 1,390 14.7% “Our increased scale provided us and in response raised its fiscal out2003 9,462.92 -487 -4.9% look for 2013. Adjusted net income the leverage for improved operating 2002 9,918.02 287 3.0% of $8,344,000, or 13c per share, com- efficiencies across our global portfo2001 9,662.41 336 3.6% pared with adjusted net income of lio enabling us to deliver solid results $4,748,000, or 7c per share, in the pre- from all of our segments,” he said. up 35% versus a 29% gain in 2011 “At the same time, our cash conver- during the company’s five months of vious year’s third quarter. In June, James Morgan, chairman, sion cycle improved to 66 days com- trading after the July 26 i.p.o. In its most recent quarter, Dunkin’ president and chief executive officer, pared to 83 days during the first quarreported sales growth of 5% while net said expanding beverage sales will be ter last year.” In the aftermath of the company’s income more than tripled in the third the key for continued growth at the successful 2011 initial public offer- quarter behind an “asset-light, nearly company. “While our business model is very ing, the 2012 performance of Dunkin’ 100% franchised model.” “The third quarter marked our fifth different from theirs (Starbucks and Brands, Inc., Canton, Mass., was imDunkin’ Donuts) in many ways, there pressive. Dunkin' shares in 2012 were quarter as a public company and our fifth consecutive quaris clearly a significant ter with double-digit adsales and profit opportuGrain-Based Foods Share Index justed earnings-per-share nity if we can leverage dogrowth,” said Nigel Tranut sales with an add-on performance in 2012 vis, c.e.o. of Canton-based coffee or other beverage Dunkin’ Brands, when purchase,” Mr. Morgan High Low Close Change % change third-quarter results were said. “If we are going to ADM $33.98 $24.38 $27.39 -$0.98 -3.5% given Oct. 25. “We continue succeed on this front we Bridgford $11.31 $6.04 $6.81 -$2.79 -29.1% to leverage our asset-light, know that our beverage Bunge $74.00 $56.20 $72.69 $16.36 29.0% nearly 100% franchised lineup, and particularly Campbell Soup $37.16 $31.22 $34.89 $1.72 5.2% model to drive strong shareour coffee, needs to better ConAgra $31.12 $23.64 $29.50 $3.14 11.9% Dunkin’ Brands $37.02 $24.35 $33.18 $8.62 35.1% holder returns. complement the world’s Flowers Foods $24.20 $18.39 $23.27 $4.35 23.0% Innovation is “kind of the greatest donuts. To get General Mills $41.88 $36.75 $40.42 -$0.02 0% lifeblood” of the Dunkin’ there we are in the process Hain Celestial $73.72 $33.72 $54.22 $17.08 46.0% brand, and as such is the of upgrading our coffee Ingredion $66.66 $45.30 $64.43 $12.75 24.7% key factor driving the busiblends and specialty bevJ & J Snack Food $65.60 $46.73 $63.88 $11.44 21.8% ness, Paul Carbone, chief erage products such as Kellogg $57.21 $46.33 $55.85 $5.17 10.2% financial officer of Dunkin’ chillers, espressos and hot Krispy Kreme $9.72 $5.86 $9.38 $3.00 47.0% Brands Group, Inc., told chocolate so that we can MGP Ingredients $6.76 $2.98 $3.42 -$1.63 -32.3% participants at the NASoffer our customers beverMondelez $42.54 $24.50 $25.45 -$11.81 -31.7% DAQ OMX International age/donut combinations Panera Bread Co. $175.26 $135.15 $158.83 $19.66 14.1% Investor Program held Dec. that are second to none.” PepsiCo $73.66 $62.15 $68.43 $2.52 3.8% 5 in London. Also the second best Post Holdings $36.12 $25.34 $34.25 NA NA Shares of Bunge Ltd. retop grain-based foods perRalcorp Holdings $89.86 $59.28 $89.65 $4.89 5.8% bounded smartly in 2012, former in 2011 and 2010, Seaboard $2,698 $1,805 $2,529.88 $517.88 25.7% jumping 29% from the year shares of Hain Celestial J.M. Smucker $89.39 $70.50 $86.24 $7.88 10.1% before after dropping 13% Group, Inc. rose 46% in Snyder’s-Lance $27.09 $21.64 $24.12 $1.75 7.8% in 2011. In early December, 2012, coming on the heels s = stock split during year Bunge said it had reached of jumps of 36% and 59%
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Milling & Baking News - January 8, 2013

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