American Italian Pasta reports lower profits

American Italian Pasta Co., the country’s leading dry pasta maker, on Wednesday said second-quarter profits declined 68 percent because of high transportation costs and poor sales of its branded pasta.

For the quarter ending April 1, the Kansas City, Mo.-based company reported earnings of $2.38 million, or 13 cents per share, compared with $7.56 million, or 41 cents per share, in the same period a year ago. Revenues for the quarter declined 11.7 percent to $100 million.

Shares of American Italian were down $2.04, or 7.70 percent, to $24.44 in trading Wednesday on the New York Stock Exchange. The stock has traded in a 52-week range of $18.69 to $34.75.

Consolidation

Interstate Bakeries to close plant, cut jobs

Interstate Bakeries Corp., maker of Twinkies and Wonder Bread, said Wednesday it planned to close its plant in Miami and streamline operations throughout Florida and Georgia, costing about 600 jobs.

Closing the plant will cost 480 jobs. Consolidating routes, depots and thrift stores in the two states will eliminate an additional 120 positions, officials said.

The bankrupt Kansas City, Mo., company says the changes, expected to be completed by July 15 and requiring bankruptcy court approval, are part of the company’s search for ways to cut costs and increase profits.

Aviation

Boeing shares take off on upbeat outlook

Boeing Co.’s first-quarter earnings skidded 14 percent as expenses mounted, but the aerospace firm reported solid results Wednesday from its military and commercial airplane businesses. That helped send the company’s stock to its highest level since 2001.

Boeing shares rose 66 cents to $59.66 Wednesday on the New York Stock Exchange after reaching $60.05, their highest intraday price in nearly four years. The stock has doubled in less than two years as Boeing bounces back from the post-2001 aviation slump and continues to rake in defense contracts.

Restaurant

Applebee’s profits up

Applebee’s International Inc., the nation’s largest casual dining chain, on Wednesday said restaurant profits increased 6.5 percent during the company’s first quarter, beating Wall Street estimates.

For the three months ending March 27, the Overland Park-based company reported earnings of $31.6 million, or 38 cents per share, compared to earnings of $29.7 million, or 35 cents per share, in the same period a year ago.

Applebee’s released its earnings after the market closed but shares rose 3 cents to $25.97 on the Nasdaq stock exchange. Shares were down 48 cents to $25.49 in after-hours trading.