Vitamin maker Schiff Nutrition International Inc. said Wednesday its fiscal third-quarter profit jumped 59 percent as the company cut costs and higher sales of its branded products offset weakness in private label.
Profit for the three months ended Feb. 28 rose to $5.7 million, or 20 cents per share, from $3.6 million, or 13 cents per share.
Revenue rose 7 percent to $53.3 million from $49.9 million last year.
Analysts polled by Thomson Reuters, on average, predicted a profit of about 14 cents per share on revenue of $51.4 million.
The company said branded business, particularly its MegaRed krill oil, was partly offset by a decline in private label sales.
Schiff also said its board declared a special cash dividend of 50 cents per share, payable on April 14 to shareholders of record as of March 31.
In morning trading, shares of Schiff Nutrition rose $1.12, or 12 percent, to $10.22. Earlier the stock traded at a 52-week high of $11.