News last update:7 Aug 2012

Del Monte posted higher quarterly profit

Del Monte Foods Co posted higher quarterly profit on Thursday as price increases and higher sales helped mitigate rising costs for everything from fish to packaging materials.

The maker of StarKist tuna, 9Lives cat food and College Inn soups said profit was $53.3 million, or 26 cents a share, for the fiscal third quarter ended January 27, compared with $46.5 million, or 23 cents a share, a year earlier.

Excluding restructuring costs, earnings were 28 cents a share, compared with the average analyst estimate of 26 cents a share, according to Reuters Estimates. Sales rose 10.4% to $1 billion.

The company also said it expected fourth-quarter earnings of 23 cents to 27 cents a share from continuing operations, including 4 cents a share of restructuring costs.

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Source: Reuters

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