Income from continuing operations was $57.2 million, or $0.28 earnings per share from continuing operations (EPS), compared to $59.6 million, or $0.30 EPS in the previous year. Results for the third quarter fiscal 2010 include pretax costs of $21 million ($0.06 EPS) related to the company’s refinancing of its Senior Credit Facility.
“Del Monte delivered a strong third quarter, with financial results ahead of our expectations,” said Richard G Wolford, chairman and CEO of Del Monte Foods Company. “Our brands are performing well across the portfolio, driving volume gains and share improvements. We have nearly doubled our marketing investment this quarter versus the prior year to strengthen our key equities. Our investment in our brands, which is focused in the second half of fiscal 2010, will provide momentum as we enter fiscal 2011. Our productivity initiative is on target to produce $80 million in savings for the fiscal year as we generated $24 million in productivity savings in the third quarter. In sum, we successfully executed our Accelerated Growth Plan strategy, with the strategic initiatives tracking to, if not better than, plan.”
Continued Mr Wolford: “As we look to the remainder of fiscal 2010, we continue to expect that the fourth quarter net sales and earnings will be down year over year, primarily due to the 53rd week included in fiscal 2009. However, based on the over delivery of results in the third quarter fiscal 2010 and our revised outlook for full year costs, we are increasing our EPS target range for fiscal 2010. Our expectations of over 40% EPS growth place Del Monte at the top of its peer set.”
Source: Del Monte Foods Company
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