PARSIPPANY, N.J., Oct. 29, 2015 /PRNewswire/ -- Pinnacle Foods Inc. today reported its financial results for the third quarter ended September 27, 2015 and reaffirmed its guidance for full-year adjusted diluted earnings per share of $1.89 to $1.91, representing growth of 9-10% versus year-ago.
Consolidated net sales in the third quarter of 2015 increased 2.0% versus year-ago, reflecting strong growth in North America Retail, which is comprised of the Birds Eye Frozen and Duncan Hines Grocery segments, partially offset by the expected decline in the Company's Specialty Foods segment. North America Retail net sales increase of 4.8% was driven by the benefit of the Gardein acquisition and growth of the base business.
GAAP diluted earnings per share totaled $0.41 in the third quarter of 2015, compared to $1.16 in the year-ago period, reflecting the benefit in 2014 of $0.79 per diluted share associated with the termination of the Company's merger agreement with The Hillshire Brands Company. Excluding the termination fee and other items affecting comparability, which collectively totaled ($0.05) in the third quarter of 2015 and $0.75 in the third quarter of 2014, diluted earnings per share advanced 12.2% to $0.46, compared to $0.41 in the year-ago period. The items affecting comparability are detailed and described in the accompanying reconciliation tables. Full report.
