Birds Eye owner Pinnacle Foods tops earnings estimates, led by strength in frozen segment

Pinnacle Foods Inc. said Thursday it had net income of $56.9 million, or 48 cents a share, in the first quarter, up from $23.1 million, or 19 cents a share, in the year-earlier period. Adjusted per-share earnings came to 57 cents, a penny ahead of the 56 cents FactSet consensus. The owner of Birds Eye, Duncan Hines and Earth Balance brands said sales rose 1.7% to $778.8 million, also ahead of the FactSet consensus of $769 million. Chief Executive Mark Clouse said sales growth was driven by a 7.5% surge in frozen segment. The company is still expecting 2018 adjusted EPS of $2.85 to $2.95. Shares were not yet active premarket, but have gained 1.9% in the last 12 months, while the S&P 500 has gained 10%.