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Rogers Sugar Q2 Adjusted Earnings Rise 15%

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-- Rogers Sugar (RSI.TO) second-quarter adjusted earnings rose 15% even as revenue fell, the company said after trade on Thursday.

Adjusted earnings, which excludes most one-time items, rose to $18.6 million, or $0.14 per share, from $16.2 million, or $0.13, in the prior-year period. The increase reflected stronger contributions from the Sugar segment, partially offset by lower contributions from the Maple segment, the company said.

Revenue fell to $280.6 million from $338.2 million over the same period. The decrease was largely driven by a lower average price for Raw #11 futures and lower sales volume.

Rogers Sugar also reported that sugar sales volume totaled 175,000 tonnes in the second quarter, down 23,000 tonnes, or 12%, from the same period last year, mainly reflecting lower export sales.

The company will pay a regular quarterly dividend of $0.09 per share, on July 15.

Rogers Sugar closed up $0.11 to $6.63 on the Toronto Stock Exchange.

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