Pinnacle Foods has said it now expects full-year earnings to come in at the “high end” of its target range, following a jump in third-quarter profits at the US food group.
The company said yesterday (13 November) it now anticipates full-year earnings per share at the upper end of its previously announced guidance range of US$1.53 to $1.57. During the third quarter, the group booked a 38% jump in comparable earnings per share, which rose to $0.36 a share.
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Third-quarter adjusted EBITDA on a pro-forma basis advanced 11% to $107.9m, boosted by a 220 basis point increase in gross margin, due to favourable product mix and productivity. The company has focused its resources behind its largest brands, as it looks to rejuvenate iconic names including Birds Eye.
Total sales increased 0.8% to $572.5m as higher branded sales offset a decline in revenue at the group’s speciality food unit.
Shares in Pinnacle edged up in New York yesterday, climbing from an open of $27 to close at $27.36.
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