Pinnacle Foods Q1 Profit Rises, Tops View; Backs FY14 EPS Forecast - Quick Facts

(RTTNews) - Pinnacle Foods Inc. (PF) Wednesday reported first-quarter net earnings of $40.7 million or $ 0.35 per share compared with $24.8 million or $0.29 per share in the year-ago period.

Excluding items affecting comparability, on a pro forma basis, net earnings stood at $42.3 million or $0.36 per share. On average, 11 analysts polled by Thomson Reuters expected earnings per share of $0.35 for the quarter. Analysts' estimates typically exclude one-time items.

During the quarter, the firm's net sales rose 5.1 percent to $644.0 million from last year's $613.0 million, primarily reflecting a 7.4 percent benefit from Wish-Bone acquisition. Analysts estimated revenues of $649.30 million for the quarter.

Looking ahead, for the full year 2014, the group continues to expect adjusted earnings per share in the range of $1.70 - $1.75, while analysts project earnings of $1.74 per share.