Pinnacle Foods 3Q Profit Jumps Fourfold

Pinnacle Foods said its third-quarter net income jumped more than fourfold thanks to lower restructuring and refinancing costs and sales gains for its Duncan Hines business. The company said revenue from Duncan Hines frosting and cake mixes rose 4 percent.

NEW YORK (AP) — NEWS: Pinnacle Foods said Wednesday its third-quarter net income jumped more than fourfold thanks to lower restructuring and refinancing costs and sales gains for its Duncan Hines business.

DETAILS: Pinnacle Foods Inc. said revenue from Duncan Hines frosting and cake mixes rose 4 percent and its Birds Eye frozen foods business also improved from last year. Specialty foods revenue decreased.

In the third quarter of 2012, the company reported $14 million in restructuring and refinancing charges.

NUMBERS: Pinnacle Foods said its net income rose to $40.7 million, or 35 cents per share, for the three months ended Sept. 29. That compared with $9.9 million, or 11 cents per share. Excluding one-time charges, the company said its net income rose to 36 cents per share from 27 cents per share.

Revenue rose 1 percent, to $572.5 million from $567.9 million.

FactSet says analysts, on average, expected 35 cents per share and $569 million in revenue for Pinnacle Foods, which went public in March.

FUTURE: The Parsippany, N.J., company is now forecasting net income of $1.53 to $1.57 per share, at the high end of its previous guidance.

Analysts expect $1.56 per share, on average.

STOCK: Shares of Pinnacle Foods gained 10 cents to $27.07 in morning trading.

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