Empire Company Reports Fiscal 2019 First Quarter Results
Source Cision NewsWire
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.
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.