Pinnacle Foods Inc. Reports Consolidated Unaudited Earnings Results for the Second Quarter and Six Months Ended July 1, 2018; Reaffirms Earnings Guidance for the Year 2018
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.