Pinnacle Foods Reports 3Q Profit, Beats Estimates

PARSIPPANY, N.J. (AP) — Pinnacle Foods Inc. (PF) on Thursday reported a third-quarter profit of $52.4 million, after reporting a profit in the same period a year earlier.

The Parsippany, New Jersey-based company said it earned 44 cents per share. Earnings, adjusted for non-recurring costs, were 53 cents per share.

The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 52 cents per share.

The maker of Birds Eye frozen foods, Duncan Hines frosting and cake mixes and Vlasic pickles posted revenue of $758.8 million in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $776.7 million.

Pinnacle Foods shares have climbed 18 percent since the beginning of the year. The stock has climbed 14 percent in the last 12 months.