Del Monte Posts Profit, Raises Outlook

Del Monte Foods Co. swung to a fiscal first-quarter profit as price increases and cost cuts combined with volume gains to boost the canned-foods and pet-food company's bottom line.

Del Monte, based in San Francisco, also raised its target for the year, now projecting earnings from continuing operations of 88 cents to 92 cents a share on net sales growth of 4% to 6%. The company's better-than-expected June forecast was for earnings of 76 cents to 80 cents a share on 4% sales growth.

Chairman and Chief Executive Richard G. Wolford called the quarter's earnings a record as price increases more than offset higher raw-material costs in recent years. He also highlighted increased investment in core brands. The company also said it expects marketing spending to increase 40% to 50% from last year, up 10 percentage points from the prior forecast.

Read Full Article from Wall Street Journal

- Posted: 2009-09-03 12:28:01

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