Pinnacle Foods has booked higher earnings on increased sales and lower interest expenses.
The US food group said today (14 May) that EBIT rose 11.7% in the first quarter to 30 March. Sales increased 5% in the period. Gains were underpinned by a strong performance from its Duncan Hines grocery segment, which saw sales and EBIT rise by 16.6% and 45% respectively.
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Net earnings rose 64% thanks to lower interest charges as well as the improved operating performance.
The group, which entered into a takeover agreement to Hillshire Brands earlier this week, said that it expects the transaction to close in September. The deal is pending regulatory approval and shareholder backing.
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