US food firm Pinnacle Foods has booked a drop in third-quarter earnings, which were hit be charges related to restructuring and refinancing.
In a regulatory filing yesterday (8 November), Pinnacle said EBIT dropped to US$60m in the third quarter, down from $65m in the comparable period of last year. The company said earnings were hit by $20m in charges. Excluding one-offs EBIT would have risen 15%, the group emphasised. Adjusted EBITDA was up 5% to $98m.
Sales during the period decreased 1.2%, falling to $568m. The fall was attributed to Pinnacle's move from lower-margin, higher volume business in its speciality business. The majority of volume declines were offset by pricing adjustments.
Source:
http://www.just-food.com/news/charges-dent-profits-at-pinnacle-foods_id121129.aspx
