Outlook Holds Steady for Pinnacle Foods After On-Track 1Q Earnings; Shares Still Rich
After Pinnacle Foods' on-track first-quarter earnings report, we do not plan to make a large change to our $53 fair value estimate. The no-moat firm saw 1.6% sales growth in the quarter (a 1.3% organic revenue dip) against a 19% adjusted EBITDA margin, behind our 2.5% and 22% full-year expectations. We think much of the shortfall is due to a late Easter that should push some sales into the second quarter, with associated cost leverage. Management reiterated its $2.55-$2.60 2017 adjusted diluted ...Pinnacle Foods is a holding company. The company is a manufacturer, marketer and distributor of convenience food products. The company's operations are managed and reported in four operating segments: frozen, which is comprised of the retail businesses of the company's legacy frozen brands, including vegetables, complete bagged meals, frozen dinners and entrees, among others; grocery, which is comprised of the retail businesses of the company's grocery brands; boulder, which is comprised of the retail businesses of the company's health and wellness lifestyle brands; and specialty, which includes the company's snack products (Tim's Cascade and Snyder of Berlin) and all of its U.S. foodservice and private label businesses.
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