LENEXA, KAN. — Concurrent with the completion of the company’s acquisition Nov. 7 by The J.M. Smucker Co. for $5.6 billion, Hostess Brands, Inc., said its adjusted earnings in the third quarter were nearly unchanged from a year earlier.

Hostess net income in the third quarter ended Sept. 30 was $22.8 million, equal to 17¢ per share on the common stock, down sharply from $66.3 million, or 48¢ per share, in the third quarter last year. Results a year earlier were boosted by a $33 million gain from the receipt of insurance proceeds related to the Voortman Cookies Ltd. business. Profits in the 2023 quarter were depressed by $11.3 million in merger-related costs. Net sales were $352.8 million, up 1.9% from a year earlier. The gain reflected favorable price/mix and higher volume.

Adjusted net income was $32.4 million, up $0.2 million from the third quarter in 2022.

Adjusted EBITDA in the third quarter was $72.7 million, flat versus a year earlier. Adjusted EBTIDA margins were 20.6%, down 39 basis points.

Further breaking down its sales in the third quarter, Hostess said sweet baked foods revenue was up $8.1 million, or 2.6%, while cookie sales fell $1.5 million, or 3.9%.