Pinnacle Foods Shares Fall After Sales Miss

Pinnacle Foods Inc. shares were down 1.3% in Thursday premarket trading after the company reported second-quarter sales that missed estimates. Pinnacle Foods' portfolio of brands includes Birds Eye, Duncan Hines, Hungry-Man and Log Cabin. Net income for the quarter was $18.7 million, or 16 cents per share, down from $45.8 million, or 39 cents, last year. Adjusted EPS was 53 cents, beating the 52-cent FactSet consensus. Revenue was $744.6 million, down from $756.4 million and below the $764.0 million FactSet consensus. The company attributed the decline to a number of factors such as the business exit, including a recall, of some Aunt Jemima products. Pinnacle Foods reaffirmed its full-year outlook for adjusted EPS of $2.55 to $2.60, and now expects to come in at the low end of the range. The FactSet consensus is $2.59. Pinnacle Foods shares are up 15.6% for the year so far while the S&P 500 index is up 10.7% for the period.