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Pinnacle Foods fiscal Q1 profit climbs 9.9% YOY

Pinnacle Foods Inc. said its normalized net income for the fiscal first quarter ended March 27 amounted to 42 cents per share, compared with the S&P Capital IQ consensus estimate of 40 cents per share.

EPS increased 9.4% year over year from 38 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $49.4 million, an increase of 9.9% from $44.9 million in the year-earlier period.

The normalized profit margin fell to 5.4% from 6.8% in the year-earlier period.

Total revenue climbed 13.4% on an annual basis to $754.3 million from $665.3 million, and total operating expenses climbed 12.5% from the prior-year period to $643.7 million from $571.9 million.

Reported net income fell 39.7% year over year to $24.7 million, or 21 cents per share, from $41.0 million, or 35 cents per share.