Pinnacle Foods Reports 3 Percent Sales Increase In Fourth Quarter 2012

Pinnacle Foods Finance LLC announced its financial results for the fourth quarter and fiscal year ended Dec. 30, 2012. Net sales for the quarter increased 3 percent versus a year-ago to $705 million, and net earnings in the quarter were $44 million, after giving effect to approximately $10 million of after-tax charges, primarily related to restructuring. For 2012, net sales of $2.48 billion were essentially even with year-ago, and net earnings were $53 million, after giving effect to approximately $51 million of after-tax charges, principally related to restructuring and refinancing.

Commenting on the results, Pinnacle Foods chief executive officer Bob Gamgort said, in a prepared statement, "We posted solid performance in the fourth quarter by delivering a 3 percent increase in adjusted [earnings before interest, taxes, depreciation and amortization (EBITDA)]. In a food industry environment that is showing some signs of improving, we generated share growth on more than half of our portfolio, driving 4 percent net sales growth on our North America retail business. Further, we expanded gross margin, excluding restructuring, as inflation moderated and our productivity initiatives accelerated."

Loading