Article Date 13/09/2018

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Empire Company Reports Fiscal 2019 First Quarter Results

Source Cision NewsWire



Empire Company Limited announced its financial results for the first quarter ended August 4, 2018. For the quarter, the Company recorded adjusted net earnings, net of non-controlling interest, of $100.2 million ($0.37 per diluted share) compared to $87.5 million ($0.32 per diluted share) in the first quarter last year. 


In the fourth quarter of fiscal 2017, the Company launched Project Sunrise, a comprehensive three year transformation intended to simplify the organizational structure and reduce costs. The transformation is expected to result in at least $500 million in annualized benefits by fiscal 2020. The transformation is on track and benefits are tracking to management's expectations.

The Company realized approximately 20% of its target during fiscal 2018, and management anticipates up to a further 30% to be realized during fiscal 2019, principally during the second half of the year.





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