- Pinnacle Foods (PF +0.4%) reports net sales rose 19.3% in Q3, primarily due to 19.0% benefit from the Boulder Brands acquisition, as well as higher net price realization of 0.2% and increased volume/mix of 0.1%.
- North America Retail net sales grew 0.8% to $558.5M,reflecting increased volume/mix of 0.5% and higher net price realization of 0.3%.
- Segment sales: Birds Eye Frozen: $308.94M (+4.1%); Duncan Hines Grocery: $249.55M (-3%); Specialty Foods: $79.41M (-3.4%); Boulder Brands: $120.93M.
- Gross profit rate expanded 230 bps to 30.1%.
- Adjusted gross profit rate up 120 bps to 30.2%.
- Adjusted EBIT margin rate increased 70 bps to 17.7%.
- FY2016 Guidance: Boulder Brands net sales: $460M to $480M; Interest expense: ~$140M; Adjusted Diluted EPS: $2.13 to $2.15; Diluted share count: ~118; Capex: $110M to $120M.
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