USA: Pinnacle Food Inc. increases Q3 sales
Pinnacle Foods Inc. has released its fiscal results for the third quarter ended 28th September 2014, reporting "strong growth in earnings".
Compared to the same period last year, net sales rose 9%, a result attributed by Pinnacle to the benefit of the company’s acquisition of Wish-Bone and the growth of the base business.
Net earnings and diluted earnings per share advanced approximately 17%, while net sales for North America Retail, which is comprised of the Birds Eye Frozen and Duncan Hines Grocery segments, increased approximately 10% versus the previous year, the company reported.
Bob Gamgort Chief Executive Officer at Pinnacle Foods commented: "We continue to execute well, delivering another quarter of volume and market share growth. Our gross margin performance remained solid, despite higher-than-anticipated inflation and a highly competitive pricing environment, due to improved mix and robust productivity. Our strong cash flow performance enabled us to pay down debt, as we continue to focus rigorously on allocating our capital to drive long-term shareholder value".
Source: Pinnacle Foods