Exhibit 99.1
pinnaclelogoa01a01a02a07.jpg
Pinnacle Foods Inc. Reports Q4 and Full Year 2017 Results
Company Provides EPS Guidance for 2018

Parsippany, NJ, March 1, 2018 - Pinnacle Foods Inc. (NYSE: PF) today reported its financial results for the fourth quarter and full year ended December 31, 2017. Diluted earnings per share for the year more than doubled to $4.45, largely due to items affecting comparability, including a one-time, non-cash benefit of $2.80 per share in 2017, stemming from revaluing deferred tax liabilities as a result of the Tax Cuts and Jobs Act of 2017 (“U.S. tax reform”). Adjusted diluted EPS for the year advanced approximately 19% to $2.55, and the Company expects another year of double-digit growth in Adjusted diluted EPS in 2018, guiding to the range of $2.85 to $2.95
.

Full Year 2017 Highlights
Significantly outpaced retail category performance, growing composite consumption by 2.4% (or 3.5%, excluding exited Aunt Jemima business) and market share by 0.5 points.
Grew net sales by 0.5% to $3.14 billion (or 2.5%, excluding the AJ Exit1), including underlying net sales growth led by Birds Eye, Duncan Hines and gardein and the benefits of the 53rd week and three extra weeks of Boulder ownership.
Achieved productivity savings of 4.1% of cost of products sold and Boulder acquisition synergies of $16 million.
Delivered double-digit Adjusted diluted EPS growth for the fifth consecutive year since the IPO.
Successfully refinanced the Company’s term loan debt in early 2017, significantly reducing interest expense, improving interest rate exposure on floating rate debt and improving Pinnacle’s liquidity profile.
Acquired the Beaver Dam frozen warehouse and vegetable packaging business, which will expand the Company’s frozen manufacturing and warehousing capacity, enabling continued top-line growth of the Birds Eye franchise and future margin enhancement of the Frozen segment.
Generated free cash flow2 of $322 million and reduced total net leverage ratio3 to 3.9x at year-end.

Commenting on the results, Pinnacle Foods Chief Executive Officer Mark Clouse stated, “We delivered another year of exceptional in-market performance, with retail consumption and market share advancing for the sixth consecutive year. At the same time, our financial results reflected a number of discrete issues that we navigated during the year, with the acceleration of strategic manufacturing investments strengthening our network and positioning us well for the future. All in, we are pleased that, despite the impact of the discrete items, we delivered Adjusted diluted EPS growth consistent with our guidance of almost 19% in 2017, including underlying Adjusted EBIT growth in excess of our long-term organic algorithm, due to modest gross margin improvement and aggressive management of expenses.”

1 Aunt Jemima exit, including the Recall, of certain retail and foodservice breakfast products (the AJ Exit), initiated in May 2017.
2 Reflects net cash provided by operating activities less capital expenditures.
3 As defined in the Company’s credit facilities.

1

The following information was filed by Pinnacle Foods Inc. (PF) on Thursday, March 1, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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