US-based Pinnacle Foods has swung to a profit of $53m for the fiscal year ended 30 December 2012, compared to a loss of $47m a year ago, when the company incurred restructuring and impairment charges of $156m.
The company's net revenues totaled $2.48bn in 2012 compared to $2.47bn in the previous year. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was $426m in 2012, compared to $450m a year earlier.
For the fourth quarter ended 30 December 2012, Pinnacle Foods posted 3% increase in net sales to $705m, compared to $686m for the same period in 2011, partially offset by the impact of the company's exit from lower-margin businesses in its Specialty Division.
Pinnacle Foods' North America retail businesses posted 4% increase in net sales in the quarter, reflecting the benefit of the 53rd week in 2012.
For the quarter, the company registered sales growth for Birds Eye Voila!, Van de Kamp's and Mrs. Paul's frozen seafood, Vlasic pickles and Log Cabin syrups, while net sales of Birds Eye vegetables, Duncan Hines baking products and Aunt Jemima frozen breakfasts declined.
Net earnings for the fourth quarter were $44m, compared to a loss of $88m for the corresponding period in 2011, which included $133m of after-tax charges primarily related to goodwill and impairments.
Pinnacle Foods chief executive officer Bob Gamgort said the company posted solid performance in the fourth quarter by delivering a 3% increase in adjusted EBITDA.
"In a food industry environment that is showing some signs of improving, we generated share growth on more than half of our portfolio, driving 4% net sales growth on our North America retail business," Gamgort added.
Pinnacle Foods, headquartered in Parsippany, New Jersey, offers shelf stable and frozen food products including Duncan Hines baking mixes and frostings; Vlasic shelf-stable pickles; Mrs. Butterworth's and Log Cabin table syrups; Armour canned meats, Brooks and Nalley chili and chili ingredients among others.
