- Pinnacle Foods (NYSE:PF) reports net sales rose 1.6% in Q1, due to strong growth of the Boulder segment, including the carry-over benefit of the Boulder Brands acquisition totaling 2.9%, and solid growth of the Company’s Grocery segment.
- The company saw lower volume/mix of 1.8% for the period.
- Segment sales: Frozen: $320.94M (-2.9%); Grocery: $259.35M (+3.4%); Specialty Foods: $88.49M (-4.5%); Boulder Brands: $97.29M (+21.4%).
- Gross margin rate improved 130 bps to 27.6%.
- Adjusted gross margin rate up 120 bps to 28.5%.
- Adjusted EBIT margin rate grew 150 bps to 15.7%.
- FY2017 Guidance: Net interest expense: ~$123M; Adjusted Diluted EPS: $2.55 to $2.60; Diluted share count: ~120; Capex: $115M to $125M.