UPDATE: Pinnacle Foods Q3 Earnings Meet Street View

Pinnacle Foods

reported in-line earnings for the third quarter and narrowed its earnings forecast for the full year. The Parsippany, New Jersey-based company posted a quarterly profit of $136 million, or $1.16 per share, versus a year-ago profit of $40.7 million, or $0.35 per share. Excluding certain items, the company's earnings climbed to $0.41 per share from $0.35 per share. Its net sales gained 9% to $624 million from $573 million. However, analysts were expecting earnings of $0.41 per share on revenue of $620.20 million. Sales at its Duncan Hines Grocery segment rose 20.9% to $271.2 million, while net sales at the Birds Eye Frozen segment fell slightly to $257.4 million from around $258. Net sales at the Specialty Foods segment rose 5.7% to $95.4 million. North America retail net sales climbed 9.6% to $528.6 million in the quarter. Adjusted EBITDA surged 15.5% to $122.0 million from $105.6 million. Net cash provided by operating activities in the quarter came in at $226.1 million, up from $29.6 million in the year-ago period. Pinnacle Foods Chief Executive Officer Bob Gamgort said, "We continue to execute well, delivering another quarter of volume and market share growth. Our gross margin performance remained solid, despite higher-than-anticipated inflation and a highly competitive pricing environment, due to improved mix and robust productivity. Our strong cash flow performance enabled us to pay down debt, as we continue to focus rigorously on allocating our capital to drive long-term shareholder value." Pinnacle Foods now expects full-year earnings of $1.71 to $1.74 per share, versus its prior forecast of $1.70 to $1.75 per share. Pinnacle Foods shares rose 1.17% to $33.75 at 11:30 a.m. ET.