The Wall Street Journal-20080205-Earnings Digest -- Food- Wm- Wrigley Jr- Co-

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Earnings Digest -- Food: Wm. Wrigley Jr. Co.

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Wm. Wrigley Jr. Co. said its fourth-quarter profit rose 20%, with stronger chewing gum sales in Europe and Asia offsetting weak U.S. demand. The Chicago maker of Extra, Eclipse, and Orbit gums has been benefiting from a weak U.S. dollar and price increases. It generates most of its sales outside the U.S. Sales rose 16%, with double-digit percentage gains in France, Germany, Poland, India and Russia. Sales in Asia rose 23%, helped by double-digit shipment growth in China. In North America, sales fell "slightly less" than 3% because of a double- digit decline in shipments. Wrigley has faced a reduction in U.S. trade inventory levels, or product in warehouses at retailers or distributors. The company also announced an $800 million stock buyback. That is in addition to the $254 million still available for purchase under Wrigley's existing share-repurchase program. The firm's market capitalization is about $16 billion. The company also raised its dividend to 33.5 cents a share, up from 29 cents. The dividend payouts will be made May 1 for shareholders of record April 15. In 4 p.m. New York Stock Exchange composite trading, Wrigley shares fell 87 cents, or 1.5%, to $56.99 yesterday.