Pinnacle Foods (NYSE:PF) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
Pinnacle Foods Earnings Cheat Sheet
Revenue: Was the same at $569 million as the year-earlier quarter.
Actual vs. Wall St. Expectations: Pinnacle Foods reported adjusted EPS income of $0.29 per share. By that measure, the company beat the mean analyst estimate of $0.27. It missed the average revenue estimate of $576.64 million.
Quoting Management: Pinnacle Foods Chief Executive Officer Bob Gamgort stated, “We delivered another quarter of strong earnings growth as we expanded gross margins through effective productivity programs and ongoing improvement in product mix. We held share across the composite of our categories; however, our net sales were impacted by overall category weakness, partially due to the earlier timing of Easter. Our strong earnings performance in the first half of 2013 has enabled us to strengthen investment spending in the back half to remain fully competitive in several key categories.”
Key Stats (on next page)…
Revenue decreased 7.17% from $612.98 million in the previous quarter. EPS decreased 14.71% from $0.34 in the previous quarter.
Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.36 to a profit $0.35. For the current year, the average estimate is a profit of $1.53, which is the same with that ninety days ago.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)