Pinnacle Foods Finance LLC announced its financial results for the fourth quarter and fiscal year ended Dec. 30, 2012. Net sales for the quarter increased 3 percent versus a year-ago to $705 million, and net earnings in the quarter were $44 million, after giving effect to approximately $10 million of after-tax charges, primarily related to restructuring. For 2012, net sales of $2.48 billion were essentially even with year-ago, and net earnings were $53 million, after giving effect to approximately $51 million of after-tax charges, principally related to restructuring and refinancing.
Commenting on the results, Pinnacle Foods chief executive officer Bob Gamgort said, in a prepared statement, "We posted solid performance in the fourth quarter by delivering a 3 percent increase in adjusted [earnings before interest, taxes, depreciation and amortization (EBITDA)]. In a food industry environment that is showing some signs of improving, we generated share growth on more than half of our portfolio, driving 4 percent net sales growth on our North America retail business. Further, we expanded gross margin, excluding restructuring, as inflation moderated and our productivity initiatives accelerated."
