CHICAGO - Sara Lee Corp. posted an 82 percent increase in third-quarter earnings yesterday on higher sales prices and the weak dollar.
However, still-soaring commodity prices limited the gains and disappointed Wall Street.
Shares fell 90 cents, or 6.1 percent, to $13.86.
Sara Lee reported a 10 percent increase in revenue, led by strong international sales. But profits were pressured by the high costs that have plagued food manufacturers.
The results, including net earnings of $211 million, fell short of analyst estimates. Sara Lee said that fiscal 2008 earnings and revenues also would come in below expectations.
Earnings for the quarter amounted to 30 cents a diluted share and were up from $116 million or 16 cents a share, a year ago. Adjusted earnings rose to 22 cents a share from 13 cents a share, but were 2 cents below the consensus estimate of analysts surveyed by Thomson Financial.
Revenue increased to $3.24 billion from $2.94 billion, led by international sales that leaped 18 percent compared with a 4 percent gain in North America.
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