PHOENIX (AP) — The Dial Corp. said Tuesday its third-quarter earnings fell 37 percent, largely due to restructuring charges and costs of splitting the company into two separately traded businesses.
The consumer products maker in August split into two companies: Dial, the $1.8 billion consumer products company, and Viad Corp., a $2.3 billion services business.
Earnings for the quarter ended Sept. 28 were $10.5 million, or 12 cents a share before restructuring charges and spinoff expenses, compared to $16.8 million, or 19 cents a share, in the same quarter a year ago.
Revenue was $350.5 million, up 14 percent from $308.1 million a year ago.
Dial announced last month it was slashing 250 jobs and eliminating some poorly performing products to free up resources for its big sellers, such as Dial soaps, Purex detergents, Armour Star food products and Renuzit air fresheners.
“We are continuing to take the tough actions needed to position Dial for future success,” Dial chairman and chief executive Malcolm Jozoff said. “We are aggressively streamlining our product lines and working hard to strengthen our product mix and operating efficiencies.”
Dial expects to save about $40 million annually from its restructuring moves.
For the first nine months of the year, Dial earned $51.8 million, or 57 cents a share, compared to $62.9 million, or 70 cents a share, a year ago. Revenues were $1.06 billion, up from $1.01 billion last year.
On the New York Stock Exchange, the company’s shares were unchanged at $13.50 each.