The curtain has officially closed on 2013, and by any definition, it was a sensational year for America’s candy makers. Sales were up. Profits were high. And companies announced numerous expansion projects.
Now based on new data by Yahoo!Finance, we realize just how profitable things have been. Confectioners check in at an amazing 12.3% profit margin through Dec. 31, up from an already healthy 10.7% in 2012 and compared to 6.9% for other major food manufacturers.
To put Big Candy’s eye-popping profitability into perspective, below is a sampling of other industries from Yahoo!Finance’s
|Industry||Net Profit Margin|
|Property and Casualty Insurance||9.3%|
|Aerospace and Defense||7.3%|
|Major Oil Companies||6.2%|
|Major Auto Makers||3.9%|
|Health Care Plans||3.6%|
|Resorts and Casinos||1.4%|
Seems the head of the National Confectioners Association wasn’t kidding when he told one press outlet: “A lot of people think that it’s oil and energy that drives this economy, but it’s candy, it’s chocolate that’s doing well in this economy.”
Here’s hoping 2014 is equally as successful for confectioners and they continue their undeniable record of success. Who knows, maybe their lobbyists will even stop misleading lawmakers and journalists into believing U.S. sugar policy has caused candy companies financial harm.