Pinnacle Foods Shares Drop After First-quarter Sales Miss

Pinnacle Foods Inc. shares were down 1.7% in premarket trading after the company announced first-quarter sales that missed estimates. The food company said it had net income of $24.8 million, or 21 cents per share, down from $41.5 million, or 35 cents per share. Adjusted earnings for the quarter totaled 40 cents per share, meeting the FactSet consensus. Sales for the quarter were $754.3 million, up from $665.3 million, but missing the FactSet consensus of $775 million. Pinnacle Foods attributed the sales growth to the acquisition of Boulder Brands, a healthy foods company that makes items like butter and frozen foods. Boulder Brands contributed $100.8 million in sales in 10 weeks, according to the earnings release. Pinnacle Foods reaffirmed its full-year 2016 adjusted EPS between $2.08 and $2.13. Pinnacle Food shares are up 9% for the past year while the S&P 500 is down 0.9% for the same period.