Before the market open on Thursday, the food products distributor reported earnings of 70 cents per share, slightly higher than analysts' forecasts for earnings of 69 cents per share.
Revenue increased by 2.4% year-over-year to $722.5 million, missing Wall Street's estimates for revenue of $728.7 million. Sales in Pinnacle's BirdsEyeFrozen division increased by 8.3% during the quarter, while sales in the company's Duncan Hines Grocery division dropped by 3.1%.
Additionally, Pinnacle projected 2016 earnings to range between $2.08 per share to $2.13 per share, in-line with analysts' projections for earnings of $2.10 per share.
"For the fourth consecutive year, we grew our composite market share, and we again delivered strong gross margin expansion and double-digit growth in adjusted diluted EPS," CEO Bob Gamgort said in a statement.
Separately, recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rates this stock as a "buy" with a ratings score of B+. he company's strengths can be seen in multiple areas, such as its revenue growth and solid stock price performance. We feel its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.
You can view the full analysis from the report here: PF