Pinnacle Foods Inc. announced unaudited consolidated earnings results for the quarter ended April 1, 2018 and reaffirms guidance for 2018. For the quarter, net sales were $778,832,000 compared to $766,074,000 for the same quarter a year ago. Operating income was $114,900,000 compared to $110,717,000 for the same quarter a year ago. Earnings before income tax was $74,019,000 compared to $30,492,000 for the same quarter a year ago. Net earnings attributable to Pinnacle Foods Inc. and subsidiaries common shareholders was $56,914,000 against $22,926,000 a year ago. This performance was almost entirely driven by the negative impact of items affecting comparability in the year-ago period and, to a lesser extent, the lower ETR. Basic and Diluted earnings per share attributable to Pinnacle Foods was $0.48 compared to $0.20 for the same quarter a year ago. Net cash provided by operating activities was $121,578,000 compared to $62,993,000 for the same quarter a year ago. Capital expenditures were $35,876,000 compared to $29,243,000 for the same quarter a year ago. Adjusted net earnings were $68,793,000 compared to $60,201,000 for the same quarter a year ago. Adjusted earnings per share were $0.57 compared to $0.50 a year ago. Adjusted EBITDA was $148,064,000 compared to $146,885,000 for the same quarter a year ago. Adjusted EBIT was $121,634,000 compared to $120,453,000 for the same period a year ago.

The company reaffirmed earnings guidance for 2018 adjusted diluted EPS in the range of $2.85 to $2.95. At the guidance mid-point, this outlook represents growth of 16% versus the comparable 52-week Adjusted diluted EPS of $2.50 in 2017. Underlying net sales are still expected to grow ahead of category trends, and the benefit of $11 million from lapping the AJ Recall will also drive growth. Significantly offsetting these positive drivers are the lapping in 2018 of the 2017 benefits from the 53rd week and the four months of sales from the exited AJ business. Adjusted net interest expense is still forecasted in the range of $123 million to $126 million, although it is now expected to be at the low-end of the range, linked to its recent refinancing activities. The Adjusted ETR for the year, including the impact of U.S. tax reform, is still estimated to improve to a range of 24% to 25%. Capital expenditures for the full year are still expected in the range of $155 million to $165 million.