Pinnacle Foods beats by $0.01, beats on revs; reaffirms FY18 EPS guidance
- Reports Q1 (Mar) earnings of $0.57 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.56; revenues rose 1.7% year/year to $778.83 mln vs the $767.94 mln Capital IQ Consensus.
- Gross profit in the first quarter of 2018 decreased 2.0% versus year-ago to $206.4 million, or 26.5% of net sales, compared to gross profit of $210.6 million, or 27.5% of net sales, in the prior year period.
- Co reaffirms guidance for FY18, sees EPS of $2.85-2.95, excluding non-recurring items, vs. $2.89 Capital IQ Consensus Estimate.
- 'Looking forward, we expect gross margin growth starting in Q2 and continuing over the balance of the year and we continue to have conviction in our EPS guidance for the year