Del Monte quarterly profit rises; sales slip
NEW YORK (MarketWatch) — Del Monte Foods Co. said Thursday its fiscal second-quarter earnings rose to $81.1 million, or 41 cents a share, from $62.6 million, or 31 cents a share, in the year-ago period. Sales fell to $941 million from $959 million. Analysts polled by FactSet Research were looking for earnings of 35 cents a share, on average, with sales of $956.5 million. For the year, the San Francisco food-products company said it now expects sales to be down 1% to up 1%, versus its prior expectation of 1% to 3% growth. Earnings for fiscal 2001 are expected to be in a range of $1.38 to $1.42 a share. Shares of Del Monte closed Wednesday at $18.76, up 3 cents.
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