Pinnacle Foods (PF) Quarterly Income Statement

Income Statement Summary

Pinnacle Foods (PF) quarterly income statement covering the six quarters from March 2017 to June 2018, as reported to the SEC.

Pinnacle Foods reported net sales of $741.76M in the quarter ended June 30, 2018, down 0.38% from $744.61M a year earlier.
That is 4.8% lower than the March 2018 quarter.
Gross profit was $211.46M, up 29% from $163.93M. That is a gross margin of 28.5%.
Operating income was $103.25M, up 137.2% from $43.53M. Operating margin was 13.9%.
Net earnings were $56.32M, up 201.7% from $18.67M. Net margin was 7.6%.
Diluted (in dollars per share) was $0.47, up 193.7% from $0.16.
Cost of products sold took 71.5% of net sales, research and development expenses 0.65% and administrative expenses 4.8%.

An income statement shows what a company sold and what it cost to run the business, ending with the profit left over.

Figures in USD thousands, except per share data

						Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17
Net sales
741,761	778,832	883,506	749,814	744,608	766,074	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net sales						741,761	778,832	883,506	749,814	744,608	766,074	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Cost of products sold
530,299	572,402	609,149	530,523	580,681	555,501	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Cost of products sold						530,299	572,402	609,149	530,523	580,681	555,501	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Gross profit
211,462	206,430	274,357	219,291	163,927	210,573	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Gross profit						211,462	206,430	274,357	219,291	163,927	210,573	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Operating expenses
Marketing and selling expenses
50,617	49,227	37,563	50,492	49,470	55,594	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Marketing and selling expenses						50,617	49,227	37,563	50,492	49,470	55,594	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Administrative expenses
35,368	34,674	30,281	30,962	33,630	36,011	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Administrative expenses						35,368	34,674	30,281	30,962	33,630	36,011	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Research and development expenses
4,786	4,764	3,561	3,908	4,580	4,021	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Research and development expenses						4,786	4,764	3,561	3,908	4,580	4,021	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Tradename impairment charges
-	-	-	39,100	27,430	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Tradename impairment charges						-	-	-	39,100	27,430	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Termination fee received, net of costs, associated with the Hillshire merger agreement
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Termination fee received, net of costs, associated with the Hillshire merger agreement						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other expense, net
-17,445	-2,865	-2,596	-775	-5,288	-4,230	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other expense, net						-17,445	-2,865	-2,596	-775	-5,288	-4,230	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total operating (income) expenses
108,216	91,530	74,001	125,237	120,398	99,856	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total operating (income) expenses						108,216	91,530	74,001	125,237	120,398	99,856	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Operating income
103,246	114,900	200,356	94,054	43,529	110,717	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Operating income						103,246	114,900	200,356	94,054	43,529	110,717	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Non-operating income
802	801	-	-	491	491	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Non-operating income						802	801	-	-	491	491	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Earnings before interest and taxes
104,048	115,701	-	-	44,020	111,208	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Earnings before interest and taxes						104,048	115,701	-	-	44,020	111,208	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest expense
30,184	41,894	31,224	29,125	28,507	80,731	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest expense						30,184	41,894	31,224	29,125	28,507	80,731	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest income
16	212	88	37	13	15	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest income						16	212	88	37	13	15	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Earnings before income taxes
73,880	74,019	168,238	64,966	15,526	30,492	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Earnings before income taxes						73,880	74,019	168,238	64,966	15,526	30,492	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Provision (benefit) for income taxes
17,624	17,105	-275,635	18,385	-3,092	7,343	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Provision (benefit) for income taxes						17,624	17,105	-275,635	18,385	-3,092	7,343	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net earnings
56,256	56,914	443,873	46,581	18,618	23,149	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net earnings						56,256	56,914	443,873	46,581	18,618	23,149	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Less: Net (loss) earnings attributable to non-controlling interest
-61	-	-	-	-51	223	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Less: Net (loss) earnings attributable to non-controlling interest						-61	-	-	-	-51	223	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net earnings attributable to Pinnacle Foods, Inc. and subsidiaries common shareholders
56,317	56,914	443,873	46,581	18,669	22,926	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net earnings attributable to Pinnacle Foods, Inc. and subsidiaries common shareholders						56,317	56,914	443,873	46,581	18,669	22,926	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net earnings per share attributable to Pinnacle Foods, Inc. and subsidiaries common shareholders:
Basic (in dollars per share)
0.47	0.48	3.75	0.39	0.16	0.20	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Basic (in dollars per share)						0.47	0.48	3.75	0.39	0.16	0.20	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Weighted average shares outstanding- basic (in shares)
118,773	118,496	118,497	118,328	118,114	117,623	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Weighted average shares outstanding- basic (in shares)						118,773	118,496	118,497	118,328	118,114	117,623	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Diluted (in dollars per share)
0.47	0.48	3.71	0.39	0.16	0.19	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Diluted (in dollars per share)						0.47	0.48	3.71	0.39	0.16	0.19	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Weighted average shares outstanding- diluted (in shares)
119,948	119,812	119,579	119,690	119,606	119,331	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Weighted average shares outstanding- diluted (in shares)						119,948	119,812	119,579	119,690	119,606	119,331	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Dividends declared (in dollars per share)
0.32	0.32	0.32	0.32	0.28	0.28	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Dividends declared (in dollars per share)						0.32	0.32	0.32	0.32	0.28	0.28	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx