Pinnacle Foods 3Q Profit Jumps Fourfold
NEW YORK (AP) — NEWS: Pinnacle Foods said Wednesday its third-quarter net income jumped more than fourfold thanks to lower restructuring and refinancing costs and sales gains for its Duncan Hines business.
DETAILS: Pinnacle Foods Inc. said revenue from Duncan Hines frosting and cake mixes rose 4 percent and its Birds Eye frozen foods business also improved from last year. Specialty foods revenue decreased.
In the third quarter of 2012, the company reported $14 million in restructuring and refinancing charges.
NUMBERS: Pinnacle Foods said its net income rose to $40.7 million, or 35 cents per share, for the three months ended Sept. 29. That compared with $9.9 million, or 11 cents per share. Excluding one-time charges, the company said its net income rose to 36 cents per share from 27 cents per share.
Revenue rose 1 percent, to $572.5 million from $567.9 million.
FactSet says analysts, on average, expected 35 cents per share and $569 million in revenue for Pinnacle Foods, which went public in March.
FUTURE: The Parsippany, N.J., company is now forecasting net income of $1.53 to $1.57 per share, at the high end of its previous guidance.
Analysts expect $1.56 per share, on average.
STOCK: Shares of Pinnacle Foods gained 10 cents to $27.07 in morning trading.