US-based food group Pinnacle Foods has recorded a first-half net loss on the back of restructuring charges in the period.
In the six months to the end of June, the company reported a net loss of US$1.02m compared to earnings of $27.8m in the prior-year period. Pinnacle cited $21m in after-tax charges related to restructuring and refinancing as the reason for the drop.
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EBIT slid to $107m from $144m in the year-ago period, also a result of the charges.
Net sales of $1.21bn were broadly even with sales in the first six months of 2011, the company said, although sales in its North American retail businesses decreased by 1%.
Pinnacle Foods’ CEO, Bob Gamgort, said the company continues to face “an especially challenging industry environment, marked by high levels of input cost inflation and weak consumer demand”.
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