follow us:Google+ FacebookLinkedInTwitterRSS Feeds

advertisement

Pinnacle Foods reports stronger Q2 earnings

By

Back to Top Comments Email Print

Latest News

    advertisement

    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.

    ALSO ON NJBIZ:

    As officials react to announcement that Revel will close, A.C. mayor is critical of decision

    The 10 unfriendliest cities in the country: New Jersey puts two on the list — including No. 1

    EDA votes to approve more than $27M in Grow NJ incentives

    Share This Story On:
    Eric Strauss

    Eric Strauss

    Eric Strauss is the digital content editor for NJBIZ. He has been a reporter and editor for newspapers in New Jersey and Pennsylvania, as well as for a number of websites. You can contact him at erics@njbiz.com or @acerimrat on Twitter.

    advertisement

    Comments


    Be the first to comment.



    Please note: All comments will be reviewed and may take up to 24 hours to appear on the site.

    Post Comment
         View Comment Policy

    Advanced search
    Sponsored by
    advertisement
      
      
    advertisement
      
      
    advertisement
    Back to Top