US meats and bakery company Hillshire Brands has raised its guidance for annual earnings despite booking a drop in first-half profits.

Earnings in the six months ended 29 December dropped 53.2% to US$118m, hurt by the loss of discontinued operations. Operating income, however, the company reported today (31 January), was up 44.2% to $228m.

Net sales in the period amounted to $1.06bn, a 0.7% increase on the prior-year period. Hillshire said its business responded well to increased marketing, advertising and promotional investment during the six months and has also benefited from deflationary input costs.

The company updated its fiscal 2013 guidance for adjusted diluted EPS to $1.60-$1.70, with “slightly positive” sales growth for the year.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData