clarinews@clarinet.com (01/19/90)
ST. LOUIS (UPI) -- Ralston Purina Co. said Thursday first-quarter earnings were $130.3 million, or $2.03 a share, down 35.7 percent from $202.7 million, or $2.99 a share, in the first quarter of 1989. However, revenues for the period rose to $1.88 billion from $1.68 billion a year ago. First-quarter results included a one-time gain from discontinued seafood operations, company officials said. The operating profit for the Human and Pet Foods Division decreased over the same period last year, with pet foods declining on higher advertising and promotion spending behind new products, and flat volume, company officials said. In the Cereal Division, operating profit was up on higher volume and margins, with volume growth coming particularly from the timing of introductions of new children's cereals. Operating profit for Ralston's Continental Baking subsidiary increased primarily on higher margins, partially offset by lower volume.