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Pinnacle Foods reports stronger Q2 earnings

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Pinnacle Foods Inc., the Parsippany-based maker of Duncan Hines, Vlasic and other food products, on Wednesday announced its second-quarter earnings rose 22 percent on a pro forma basis from the same quarter in 2013.

Pinnacle, which was caught up in a summer merger battle involving Hillshire Brands and Tyson Foods, among others, said its own acquisition of the Wish-Bone brand helped net sales rise 8.6 percent from the previous year.

The company said in a news release that earnings rose to 30 cents per share in the quarter, reversing a year-ago loss of 28 cents per share; excluding one-time items, earnings rose 22 percent to 33 cents per share, from 27 cents per share in 2013.

"We continue to execute well in an increasingly challenging environment,” Pinnacle Foods CEO Bob Gamgort said in the release. “Our business model has proven to be resilient in a food industry characterized by weak growth and heavier promotional spending. We have been able to strike the right balance between investing in our brands, remaining price competitive and delivering strong earnings growth, and we are pleased that we delivered another quarter of market share growth."

Net sales in the quarter rose to $617.8 million, up 8.6 percent from $569 million in the second quarter of 2013. North American sales rose 11 percent, to $536.2 million, compared with $482.9 million a year earlier.


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