US meats and bakery company Hillshire Brands swung to a profit in the first quarter of the financial year.
For the three months ended 29 September, Hillshire earned US$53m compared to a net loss of $218m a year earlier, the company reported today (1 November).
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Operating profit amounted to $87m versus $27m in the comparable period last year.
Net sales, however, fell 1.4% to $1.01bn. Stripping out the impact of its businesses sold in the past year, sales would have grown 2%.
Hillshire said it still expects fiscal 2013 earnings of $1.40 to $1.55 per share.
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