Pinnacle Foods Q3 Profit Increases; Tightens FY14 Adj. EPS Outlook - Quick Facts

(RTTNews) - Pinnacle Foods Inc. (PF) posted third-quarter net earnings were $135.96 million or $1.16 per share, compared to $40.69 million or $0.35 per share in the prior-year period.

Excluding items affecting comparability, on a pro forma basis, earnings per share totaled $0.41, up 17% from $0.35 per share last year. On average, 12 analysts polled by Thomson Reuters expected earnings per share of $0.41 for the quarter. Analysts' estimates typically exclude one-time items.

Net sales for the quarter increased 9.0% to $624.01 million, from $572.46 million in the comparable quarter last year, while eight analysts estimated revenues of $620.20 million for the quarter. Net sales increased due to the benefit of the Wish-Bone acquisition and growth of the base business.

For fiscal 2014, the firm tightened its adjusted earnings guidance range, from $1.70 - $1.75 per share to $1.71 to $1.74 per share, or growth of 13% to 14% versus last year. Twelve analysts project annual earnings of $1.74 per share.