- Pinnacle Foods Inc. grew net sales 17.8% in the fourth quarter of fiscal 2016, according to a company release. Q4 revenue grew to $858.48 million, or 79 cents per share, exceeding analyst expectations.
- The food company also posted profit of $211.1 million, or $1.79 per share, for the year, with revenue for 2016 coming in at $3.13 billion.
- Pinnacle Foods expects full-year earnings for 2017 between $2.55 and $2.60 per share, shooting higher than industry estimates of $2.50 per share.
Pinnacle Foods attributes its net sales growth to the company's acquisition of Boulder Brands, which has contributed a significant amount to the company's top-line growth in past quarters, and a strong performance from its frozen foods segment — especially the Birds Eye brand.
Frozen food segments have struggled in recent years, but consumer demand for convenience foods and Birds Eye's commitment to product innovation in the space has helped bolster Pinnacle's overall sales for the past few earnings periods.
Boulder Brands has also spurred healthy sales growth for the company, which could lead to further M&A with better-for-you acquisition targets in the future.
The growing popularity of convenient frozen foods and healthier options put Pinnacle on track to meet its reset financial targets.
"Looking ahead, we are highly confident in our outlook for 2017, due to strong underlying momentum in the business, our very robust innovation and margin agenda and the benefit of our recent refinancing," Pinnacle Foods CEO Marke Clouse said in the company release.