US meats and bakery company Hillshire Brands has moved to a profit in its third quarter and said it now expects full-year earnings at the higher end of its forecast.
In the three months to the end of March, the company made a net profit of US$93m. This compared to a loss of $3m last year, the company reported today (2 May). Last year the company’s profit was hit by the loss of discontinued operations.
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Operating profit in the period was up 20.4% to $65m, while sales dropped 1.2% to $924m. This was a result of lower revenue in the firm’s foodservice division.
“Our efforts to stabilise challenged businesses progressed, but clearly our work here is not done. Overall, we are pleased with our efforts to date. In fact, we now expect full year EPS to be at the high end of our previous guidance,” said CEO Sean Connolly.
The company said it expects fiscal 2013 adjusted diluted EPS to be at the high end of the previous guidance range of $1.60 – $1.70.
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