Pinnacle Foods Q2 GAAP Loss Widens; Ups FY EPS View Due To Wish-Bone Acquisition

(RTTNews) - Pinnacle Foods Inc. (PF) reported a wider GAAP net loss for the second quarter of fiscal 2013, as well as boosted its fiscal 2013 earnings outlook to reflect its recently-announced acquisition of Wish-Bone.

On a GAAP basis, the firm posted a wider net loss of $31.8 million, or $0.28 per share in the 2013 second quarter, versus a $10.6 million, or $0.13 per share loss, last year. Excluding items, pro forma basis net earnings for the period amounted to $33.7 million, or $0.29 per share. On average, 9 analysts polled by Thomson Reuters expected earnings per share of $0.27 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly consolidated net sales slid 3% year-on-year to $569.04 million, from $588.6 million reported a year back, driven by the company's Specialty Foods segment, including its planned exit of low-margin, unbranded businesses, and the impact of an earlier Easter in 2013. Analysts estimated revenues of $576.64 million for the quarter.

For 2013, Pinnacle Foods expects the addition of Wish-Bone, which it expects to close late in the third quarter or early in the fourth quarter of 2013, to be accretive to EPS in 2013 by $0.01 - $0.02. As such, the company raised its full year EPS guidance to $1.53 to $1.57, from the previous view of $1.49 to $1.55.