PARSIPPANY, N.J., Aug. 13, 2014 /PRNewswire/ -- Pinnacle Foods Inc. (NYSE: PF) today reported its financial results for the second quarter ended June 29, 2014 and reaffirmed its guidance for double-digit EPS growth for the year. Net sales increased approximately 9% versus year-ago in the second quarter, primarily reflecting the benefit of the Wish-Bone acquisition, and earnings per share advanced 22%, on a pro forma basis excluding items affecting comparability.
Net sales for North America Retail, which is comprised of the Birds Eye Frozen and Duncan Hines Grocery segments, increased 11% versus year-ago, driven by Wish-Bone and strength across the Company's Leadership Brand portfolio, partially offset by lower sales of the Company's Foundation Brand portfolio.
GAAP diluted earnings per share increased to $0.30 in the second quarter of 2014, compared to a loss per share of $0.28 in the year-ago period. Excluding items affecting comparability, on a pro forma basis which is described in the accompanying reconciliation tables, diluted earnings per share advanced 22% to $0.33, compared to diluted earnings per share of $0.27 in the year-ago period.
Second Quarter Consolidated Results
Net sales in the second quarter of 2014 increased 8.6% to $617.8 million, compared to net sales of $569.0 million in the second quarter of 2013, primarily due to a 9.6% benefit from the Wish-Bone acquisition and a 2.0% increase from higher volume/mix, largely reflecting the benefit of the Easter-related shift of sales from the first quarter to the second quarter of 2014. Partially offsetting this growth was lower net pricing of 2.8%, stemming from Easter-related promotional activity and trade investments made during the quarter to enhance competitiveness at retail. Also impacting the comparison was unfavorable foreign currency translation of 0.2%.
North America Retail net sales increased 11.0% to $536.2 million in the second quarter of 2014, compared to $482.9 million in the year-ago period, reflecting an 11.2% benefit from the Wish-Bone acquisition and a 3.2% increase from higher volume/mix, including the Easter-related sales shift, partially offset by lower net pricing of 3.2% and unfavorable foreign currency translation of 0.2%. The decrease in net pricing was largely due to the aforementioned Easter-related promotional activity and trade investments. Full report.
