Kansas City-based Hostess Brands reported a higher profit in the first quarter, its first earnings report since a public stock offering in April.
The maker of Twinkies said it earned $24.2 million, or 15 cents a share, in January, February and March. Some of the company’s large shareholders sold shares to the public in April after Gores Holdings Inc. acquired control of the company in November and took its name.
Comparable earnings from a year earlier were $12.3 million, or 8 cents a share, after accounting for Hostess’ acquisition in November by Gores. The sellers retained some of their shares and sold shares to the public in the April offering.
Revenues in the quarter were $184.5 million, compared with $160.2 million a year earlier. Hostess said $168.4 million of its revenues came from its sweet-baked goods segment. Revenues from its other businesses involve bread and buns, in-store bakery products, frozen retail and licensing.
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The company said it expects revenues for the year to reach $781 million and profits to total $98 million.