Pinnacle Foods Shares Rise After Earnings Beat Estimates, Outlook Raised

Pinnacle Foods Inc. shares rose 1% in Thursday premarket trading after second-quarter results beat estimates and the food company raised full-year earnings guidance. The company reported net income of $45.8 million, or 39 cents per share, up from $43.7 million, or 37 cents per share, for the same period last year. Adjusted earnings were 42 cents per share, exceeding the FactSet consensus of 39 cents per share. Revenue for the quarter totaled $756.4 million, up from $631.7 million last year and exceeding the FactSet consensus of $756 million. Pinnacle's Boulder Brands business beat estimates, according to Chief Executive Mark Clouse, contributing $123 million for the quarter. Pinnacle Foods raised its full-year 2016 adjusted EPS outlook to a range of $2.10 to $2.15 from a previous range of $2.08 to $2.13. The company now expects Boulder Brands to contribute about 7 cents to 8 cents versus a previous guidance of about 5 cents. Pinnacle Foods shares are up 12% for the year so far while the S&P 500 Index is up 6% for the year to date.