Del Monte Rides Higher Prices

Del Monte Foods Co. said its fiscal fourth-quarter profit rose 42%, helped by price hikes and cost cuts, and issued an upbeat outlook.

For the current year, the canned-foods and pet-food company expects earnings from continuing operations of 76 cents to 80 cents a share, on net-sales growth of 4% to 6%. Analysts were expecting earnings of 75 cents a share on revenue growth of 4%.

Chief Executive Richard G. Wolford said the company is optimistic it can drive revenue in the slow economy by continuing to invest in core brands. Del Monte expects marketing spending to rise 30% to 40% this year.

Read Full Article from Wall Street Journal

- Posted: 2009-06-11 09:27:04

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