US food manufacturer Pinnacle Foods saw its second-quarter earnings grow on the back of its acquisition of Birds Eye Foods in late 2009.
For the quarter ended 27 June, the company saw its net profit climb 461.3% to US$14.2m.
The company posted $576.8m net sales for the quarter, up on the $408.8m it posted for the same period of 2009. EBIT reached $70.4m against $38.8m in the same period of the previous year.
Pinnacle said that, once the Birds Eye acquisition was excluded from the numbers, its net sales for the quarter were down 7.4% on the year.
Net sales in its North American retail businesses were down 5%, while net sales in its speciality food division dropped 17%.
Pinnacle CEO Robert Gamgort said, “Operating in a challenging marketplace, we are pleased with our ability to deliver strong earnings and cash performance.”
For the first six months of 2010, net earnings were $18.1m compared with $0.4m for the same period a year ago. Net sales grew to $1.23bn compared to $836.2m in the first half of 2009.
