Pinnacle Foods Reaffirms Outlook for 2017
PARSIPPANY, N.J., Dec. 13, 2017 (GLOBE NEWSWIRE) -- In connection with an investor gathering in Colorado that the Company is hosting tomorrow, Pinnacle Foods Inc. (NYSE:PF) today reaffirmed its outlook for full year 2017 Adjusted diluted EPS at the low end of its guidance range, or $2.55 per share.
Non-GAAP Measure: Adjusted diluted earnings per share
Forecasted Adjusted diluted EPS provided herein is a non-GAAP measure. The Company does not provide guidance for the most directly comparable GAAP measure, diluted EPS, and similarly cannot provide a reconciliation between forecasted Adjusted diluted EPS and diluted EPS without unreasonable effort due to the unavailability of reliable estimates for certain line items, such as non-cash gains or losses resulting from mark-to-market adjustments of hedging activities and foreign currency impacts. These items are not within the Company’s control and may vary greatly between periods and could significantly impact future financial results.
The Company believes that Adjusted diluted EPS provides transparent and useful information to management, investors, analysts and other parties in evaluating and assessing its primary operating results from period to period after removing the impact of unusual, non-operational or restructuring-related activities that affect comparability. Adjusted diluted EPS is used by management for planning and budgeting and for monitoring and evaluating financial and operating results.
Pinnacle Foods Contact
Sr. Vice President, Investor Relations
About Pinnacle Foods Inc.
Pinnacle Foods Inc. (NYSE:PF) is a leading manufacturer, marketer and distributor of high-quality branded food products with a mission of unleashing brand potential. With annual sales in excess of $3 billion, our portfolio includes well-known brands competing in frozen, refrigerated and shelf-stable formats, such as Birds Eye, Birds Eye Voila!, Duncan Hines, Earth Balance, EVOL, Gardein, Glutino, Hungry-Man, Log Cabin, Udi’s, Vlasic, and Wish-Bone, along with many others. The company is headquartered in Parsippany, NJ and has nearly 5,000 employees across the U.S. and Canada. For more information, please visit www.pinnaclefoods.com.
This release may contain statements that predict or forecast future events or results, depend on future events for their accuracy or otherwise contain "forward-looking information." The words "estimates," "expects," "contemplates," "anticipates," "projects," "plans," "intends," "believes," "forecasts," "may," "should," and variations of such words or similar expressions are intended to identify forward-looking statements. These statements are made based on management's current expectations and beliefs concerning future events and various assumptions and are not guarantees of future performance. Actual results may differ materially as a result of various factors, some of which are beyond our control, including but not limited to: general economic and business conditions, deterioration of the credit and capital markets, industry trends, our leverage and changes in our leverage, interest rate changes, changes in our ownership structure, competition, the loss of any of our major customers or suppliers, changes in demand for our products, changes in distribution channels or competitive conditions in the markets where we operate, costs of integrating acquisitions, loss of our intellectual property rights, fluctuations in price and supply of raw materials, seasonality, our reliance on co-packers to meet our manufacturing needs, availability of qualified personnel, changes in the cost of compliance with laws and regulations, including environmental laws and regulations, and the other risks and uncertainties detailed in our Form 10-K filed with the Securities and Exchange Commission on February 23, 2017 and subsequent reports filed with the Securities and Exchange Commission. There may be other factors that may cause our actual results to differ materially from the forward-looking statements. We assume no obligation to update the information contained in this announcement except as required by applicable law.