Pinnacle Foods Inc. reported consolidated unaudited earnings results for the second quarter and six months ended July 1, 2018. For the quarter, the company reported net sales of $741,761,000 as compared to $744,608,000 for the same period last year. . Net sales in the second quarter of 2018 decreased 0.4% This performance reflected net price realization of 1.4%, favorable foreign currency exchange of 0.1% and the negligible net impact from the AJ Exit3, more than offset by a 1.5% impact from the phasing of Easter and lower volume/mix of 0.5% Operating income was $103,246,000 as compared to $43,529,000 for the same period last year. Earnings before interest and taxes was $104,048,000 as compared to $44,020,000 for the same period last year. Earnings before income taxes was $73,880,000 as compared to $15,526,000 for the same period last year. Net earnings was $56,256,000 as compared to $18,618,000 for the same period last year. Net earnings attributable to Pinnacle Foods Inc. and subsidiaries common was $56,317,000 as compared to $18,669,000 for the same period last year. Basic and diluted net earnings per share attributable to Pinnacle Foods Inc. and subsidiaries common shareholders was $0.47 as compared to $0.16 for the same period last year. Adjusted Net Earnings was $70,800,000 as compared to $63,242,000 for the same period last year. Adjusted Earnings Per Share was $0.59 as compared to $0.53 for the same period last year. Adjusted EBIT was $120,707,000 as compared to $114,216,000 for the same period last year. Adjusted EBITDA was $120,707,000 as compared to $114,216,000 for the same period last year. Earnings before interest and taxes (EBIT) more than doubled to $104.0 million, or 14.0% of net sales, compared to $44.0 million, or 5.9% of net sales, in the prior-year period. This performance largely reflected the strong gross profit growth as well as the favorable impact of items affecting comparability versus the prior-year period.

For the six months, the company reported net sales of $1,520,593,000 as compared to $1,510,682,000 for the same period last year. Operating income was $218,146,000 as compared to $154,246,000 for the same period last year. Earnings before interest and taxes was $219,749,000 as compared to $155,228,000 for the same period last year. Earnings before income taxes was $147,899,000 as compared to $46,018,000 for the same period last year. Net earnings was $113,170,000 as compared to $41,767,000 for the same period last year. Net earnings attributable to Pinnacle Foods Inc. and subsidiaries common was $113,231,000 as compared to $41,595,000 for the same period last year. Diluted net earnings per share attributable to Pinnacle Foods Inc. and subsidiaries common shareholders was $0.94 as compared to $0.35 for the same period last year. Net cash provided by operating activities was $214,750,000 as compared to $120,348,000 for the same period last year. Capital expenditures was $60,333,000 as compared to $49,355,000 for the same period last year. Adjusted Net Earnings was $139,593,000 as compared to $123,443,000 for the same period last year. Adjusted Earnings Per Share was $1.16 as compared to $1.03 for the same period last year. Adjusted EBIT was $242,341,000 as compared to $234,669,000 for the same period last year. Adjusted EBITDA was $296,134,000 as compared to $287,527,000 for the same period last year.

The Company reaffirms 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.