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Pinnacle Foods Inc. (PF) SEC Filing 10-Q Quarterly report for the period ending Sunday, April 1, 2018

Pinnacle Foods Inc.

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CIK: 1564822 Ticker: PF
Exhibit 99.1

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Pinnacle Foods Inc. Reports Q1 2018 Results
Company Reaffirms Full-Year Guidance

Parsippany, NJ, May 3, 2018 - Pinnacle Foods Inc. (NYSE: PF) today reported its financial results for the first quarter ended April 1, 2018 and reaffirmed its guidance for Adjusted diluted earnings per share (EPS) for the year.

Diluted EPS in the first quarter of 2018, including items affecting comparability1 increased to $0.48 versus $0.19 in the year-ago period. Excluding items affecting comparability, Adjusted diluted EPS advanced 14.0% to $0.57, compared to $0.50 in the year-ago period.

Net sales in the first quarter of 2018 advanced 1.7% versus year-ago (excluding the AJ Exit2, net sales expanded 4.3%), led by growth in the Company’s Frozen segment. In-market performance3 was also robust, with retail consumption growing 3.5% in the quarter (5.1% excluding Aunt Jemima) and market share advancing 0.4 share points versus year-ago, marking the Company’s 16th consecutive quarter of share growth.

Commenting on the results, Pinnacle Foods Chief Executive Officer Mark Clouse stated, “Our start to 2018 was very much in-line with our expectations, with Adjusted diluted EPS growth of 14% in the quarter. The exceptionally strong retail consumption and market share performance that we have experienced over the past several quarters has continued into 2018. This translated to robust net sales growth in the first quarter, with the Frozen segment up an impressive 7.5%. Looking forward, we expect gross margin growth starting in Q2 and continuing over the balance of the year and we continue to have conviction in our EPS guidance for the year, which would represent our sixth consecutive year of outpacing our long-term algorithm and delivering significant shareholder value.”

First Quarter Consolidated Results
Net sales in the first quarter of 2018 increased 1.7% to $778.8 million, compared to net sales of $766.1 million in the year-ago period. Strong underlying growth was driven by volume/mix of 2.7%, net price realization of 0.7% and favorable foreign currency translation of 0.1%. The earlier timing of Easter added an additional 0.8% of growth. Partially offsetting these growth drivers was the impact of the AJ Exit, which negatively impacted the quarter by 2.6%.

Gross profit in the first quarter of 2018 decreased 2.0% versus year-ago to $206.4 million, or 26.5% of net sales, compared to gross profit of $210.6 million, or 27.5% of net sales, in the prior year period. This performance reflected the favorable impact versus year-ago of items affecting comparability, along with productivity and the impact of higher net sales. More than offsetting these growth drivers were input cost inflation, which was primarily driven by higher transportation costs, and higher outsourcing costs related to innovation. Adjusted gross profit declined 3.1% to $211.2 million and, as a percentage of net sales, Adjusted gross profit margin declined approximately 130 basis points to 27.1%, essentially in-line with expectations.

Earnings before interest and taxes (EBIT) advanced 4.0% to $115.7 million, or 14.9% of net sales, compared to $111.2 million, or 14.5% of net sales, in the prior year period. This performance largely reflected the lower operating expenses in the first quarter of 2018, resulting from the planned phasing of marketing and advertising spending to align with innovation launches, as well as items affecting comparability in the prior year period. Adjusted EBIT

 
1 Adjusted financial metrics used throughout this release exclude items affecting comparability and are non-GAAP measures. Please see reconciliation to GAAP measures in the financial tables that accompany this release.
2 Aunt Jemima exit, including the Recall, of certain retail and foodservice breakfast products (the AJ Exit), initiated in May 2017.
3 In-market performance (retail consumption; market share) based on Pinnacle’s IRI custom category definitions, period ending April 1, 2018.

1
The following information was filed by Pinnacle Foods Inc. (PF) on Thursday, May 3, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Pinnacle Foods Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (unaudited)
Consolidated Balance Sheets (unaudited) (parenthetical)
Consolidated Statements Of Cash Flows (unaudited)
Consolidated Statements Of Comprehensive Earnings (unaudited)
Consolidated Statements Of Operations (unaudited)
Consolidated Statements Of Shareholders' Equity (unaudited)
Consolidated Statements Of Shareholders' Equity (unaudited) (parenthetical)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (tables)
Accumulated Other Comprehensive Loss - Components Of Accumulated Other Comprehensive Income (loss) (details)
Accumulated Other Comprehensive Loss - Reclassifications Out Of Aoci (details)
Acquisitions
Acquisitions (tables)
Acquisitions - Narrative (details)
Acquisitions - Summary Of The Allocation Of The Total Cost Of The Acquisition To Assets Acquired (details)
Balance Sheet Information
Balance Sheet Information (tables)
Balance Sheet Information - Schedule Of Accounts Receivable (details)
Balance Sheet Information - Schedule Of Accrued Liabilities (details)
Balance Sheet Information - Schedule Of Inventories (details)
Balance Sheet Information - Schedule Of Other Long-term Liabilities (details)
Balance Sheet Information - Schedule Of Plant Assets (details)
Commitments And Contingencies
Commitments And Contingencies - Narrative (details)
Debt And Interest Expense
Debt And Interest Expense (tables)
Debt And Interest Expense - Amended Credit Agreement (details)
Debt And Interest Expense - Fourth Amendment (details)
Debt And Interest Expense - Schedule Of Interest Expense (details)
Debt And Interest Expense - Schedule Of Long-term And Short-term Debt Instruments (details)
Debt And Interest Expense - Schedule Of Redemption Price Percentages (details)
Debt And Interest Expense - Schedule Of The Estimated Fair Value Of The Company's Long-term Debt, Including The Current Portion (details)
Debt And Interest Expense - Senior Notes (details)
Debt And Interest Expense - Summary Of Debt Acquisition Cost (details)
Equity-based Compensation Expense And Earnings Per Share
Equity-based Compensation Expense And Earnings Per Share (tables)
Equity-based Compensation Expense And Earnings Per Share - Plan Narrative (details)
Equity-based Compensation Expense And Earnings Per Share - Schedule Of Equity-based Compensation Expense (details)
Equity-based Compensation Expense And Earnings Per Share - Schedule Of Weighted Average Number Of Shares (details)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Financial Assets And Liabilities Subject To Recurring Fair Value (details)
Financial Instruments
Financial Instruments (tables)
Financial Instruments - Schedule Of Derivative Financial Instruments On The Consolidated Statements Of Operations And Accumulated Other Comprehensive (loss) Earnings (details)
Financial Instruments - Schedule Of Derivative Instruments Not Designated In Qualifying Hedging Relationships (details)
Financial Instruments - Schedule Of Foreign Currency Exchange Contracts (details)
Financial Instruments - Schedule Of Interest Rate Swaps (details)
Financial Instruments - Schedule Of The Fair Value Of Derivative Financial Instruments As Well As Their Consolidated Balance Sheets Classification (details)
Financial Instruments - Summary Of Derivative Assets And Liabilities (details)
Goodwill, Tradenames And Other Assets
Goodwill, Tradenames And Other Assets (tables)
Goodwill, Tradenames And Other Assets - Schedule Of Goodwill By Segment (details)
Goodwill, Tradenames And Other Assets - Schedule Of Other Assets (details)
Goodwill, Tradenames And Other Assets - Schedule Of Tradenames By Segment (details)
Guarantor And Nonguarantor Statements
Guarantor And Nonguarantor Statements (tables)
Guarantor And Nonguarantor Statements - Condensed Consolidating Balance Sheets (details)
Guarantor And Nonguarantor Statements - Condensed Consolidating Statements Of Cash Flows (details)
Guarantor And Nonguarantor Statements - Condensed Consolidating Statements Of Operations And Comprehensive Earnings (details)
Interim Financial Statements
Other Expense, Net
Other Expense, Net (tables)
Other Expense, Net - Schedule Of Other Expense (income), Net (details)
Pension And Retirement Plans
Pension And Retirement Plans (tables)
Pension And Retirement Plans - Multi-employer Plans (details)
Pension And Retirement Plans - Narrative (details)
Pension And Retirement Plans - Schedule Of Net Periodic (benefit) Cost, Pinnacle Foods (details)
Provision For Income Taxes
Provision For Income Taxes (tables)
Provision For Income Taxes - Narrative (details)
Provision For Income Taxes - Schedule Of Provision For Income Taxes (details)
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements (policies)
Recently Issued Accounting Pronouncements - Additional Information (details)
Restructuring Charges
Restructuring Charges (tables)
Restructuring Charges - Accrued Restructuring Charges (details)
Restructuring Charges - Narrative (details)
Revenue Recognition
Segments
Segments (tables)
Segments - Schedule Of Segment Reporting Information, By Segment (details)
Summary Of Business Activities
Summary Of Business Activities (details)

Material Contracts, Statements, Certifications & more

Pinnacle Foods Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: PF
CIK: 1564822
Form Type: 10-Q Quarterly Report
Accession Number: 0001564822-18-000027
Submitted to the SEC: Thu May 03 2018 4:04:47 PM EST
Accepted by the SEC: Thu May 03 2018
Period: Sunday, April 1, 2018
Industry: Food And Kindred Products

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