AEP Industries Inc earnings reports Third Quarter Fiscal 2011

AEP Industries Inc earnings reports Third Quarter Fiscal 2011 : Packaging company AEP Industries Inc. said Friday its fiscal third-quarter profit fell 33 percent, as higher costs and interest expense offset an increase in sales.

For the quarter ended July 31, AEP earned $2.5 million, or 43 cents per share, down from $3.7 million, or 55 cents per share, for the same quarter last year.

Sales rose 20 percent to $246.4 million from $204.9 million, on an increase in sales volumes coupled with higher selling prices mainly stemming from the pass through of higher resin costs.

Operating expenses rose 12 percent to $26.4 million, while interest expense rose 33 percent to $5.1 million as a result of higher interest rates, the company said.

South Hackensack, N.J.-based AEP makes a wide array of plastic packaging, from industrial bags and car covers to bibs and gloves. In morning trading the stock picked up 52 cents, or 2.1 percent, to $25.85. Read More Press Releases For the latest updates PRESS CTR + D or visit Stock Market news Today

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