Sara Lee Corp. Earnings: Swung to a Profit
S&P 500 (NYSE:SPY) component Sara Lee Corp. (NYSE:SLE) reported its results for the third quarter. Sara Lee Corp is a global consumer-goods company, manufacturing and marketing a range of high-quality branded meats, bakery, and beverage products.
Sara Lee Corp Earnings Cheat Sheet for the Third Quarter
Results: Swung to a profit of $153 million (25 cents/diluted share) in the quarter. The Sara Lee Corp. had a net loss of $336 million or a loss 49 cents per share in the year earlier quarter.
Revenue: Fell to $230 million YoY.
Actual vs. Wall St. Expectations: SLE fell in line with the mean analyst estimate of 25 cents/share. Estimates ranged from 22 cents per share to 26 cents per share.
Quoting Management: “We are making great progress toward the creation of two solid, stand-alone companies,” said Sara Lee Executive Chairman, Jan Bennink. “We are focused on preparing both the Coffee company and the Meat company for strong and vibrant futures. Looking ahead, in North America we are pleased to announce that we signed an agreement to acquire Aidells Sausage Company. Aidells premium, high-potential products will enhance our North American meat portfolio. Also within North America, we will be evaluating our strategic options regarding the North American refrigerated dough business. Within the Coffee business, we are working on the strategic role and options relating to our International Bakery segment. These initial steps are part of the preparatory phase which will give each company the best platform for a strong and independent future.”
Competitors to Watch: Unilever plc (NYSE:UL), Bridgford Foods Corp. (NASDAQ:BRID), The Hain Celestial Group, Inc. (NASDAQ:HAIN), Lancaster Colony Corp. (NASDAQ:LANC), J&J Snack Foods Corp. (NASDAQ:JJSF), Kraft Foods Inc. (NYSE:KFT), Flowers Foods, Inc. (NYSE:FLO), Snyder S Lance Inc (NASDAQ:LNCE), Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR), and TreeHouse Foods Inc. (NYSE:THS)
Stock Performance: Shares of SLE are trading at $19.14 as of May 5, 2011 at 7:45 AM ET, unchanged from the previous close.