Pinnacle Foods Q3 Profit Jumps - Quick Facts

(RTTNews) - Pinnacle Foods Inc. (PF), Wednesday reported a surge in its third-quarter profit, as revenues increased , mirroring growth in North America Retail, driven by the Duncan Hines Grocery segment. The results also reflected a lower interest expense than last year.

Net earnings for the three-month period were $40.6 million or $0.35 per share, versus $9.8 million or $0.11 per share last year. Excluding items affecting comparability, on a pro-forma basis, the company recorded earnings per share of $0.36.

On average, ten analysts polled by Thomson Reuters expected the company to report earnings per share of $0.35 for the quarter. Analysts' estimates typically exclude one-time items.

Net sales increased to $572.4 million, from prior year's $567.9 million. Analysts expected the company to generate revenues of $563.16 million for the quarter. Cost of products sold also decreased to $415.05 million, from $438.5 million a year earlier. Interest expense were $19.5 million, compared with $44.4 million a year before.

Looking ahead, the company said it now expects pro-forma earnings for the fiscal 2013 to be at the high end of its previous range of $1.53 to $1.57 per share. Analysts expect the company to report earnings of $1.56 for the year.