Pinnacle Foods Reports Double Digit Net Earnings Growth 4Q, Full Year 2013

March 14, 2014

Pinnacle Foods Inc. reported double-digit growth in net earnings for both the fourth quarter and full year of fiscal 2013 ended Dec. 29, 2013, achieving the top of its earnings per share (EPS) guidance range. The company also provided its outlook for fiscal 2014, calling for another year of double-digit growth in net earnings and EPS.

Highlights of 2013 include growing consolidated net sales by approximately 0.6 percent and North America retail net sales by 2.1 percent, excluding the impact of a 53rd week in 2012; Gained market share in fiscal 2013, outpacing overall composite category performance and expanded adjusted gross margin by 190 basis points through continued strong productivity and favorable product mix; Delivered double-digit growth in EBIT and grew Adjusted EBITDA to $460 million, excluding items affecting comparability; Grew pro forma diluted EPS by 39 percent to $1.57, representing the top of the company's $1.53 to $1.57 guidance range, excluding items affecting comparability; Delivered cash flow from operations of $262 million, an improvement of approximately $60 million versus year-ago.

Commenting on the results, Pinnacle Foods Chief Executive Officer Bob Gamgort said in a prepared statement, "Our solid finish to the fourth quarter capped off an outstanding first year as a public company. Our ability to outpace the performance of our composite categories, combined with strong productivity and product mix, enabled us to deliver financial results that exceeded our long-term growth targets. In addition, our acquisition of the Wish-Bone business in the fourth quarter provides us with an important catalyst for growth in 2014 and beyond." Full report.