NEW YORK (TheStreet) -- Shares of Pinnacle Foods (PF)  are climbing 2.18% to $48.60 this afternoon after reporting higher-than-expected 2016 second quarter results and strong yearly guidance.

Adjusted earnings for the second quarter were 42 cents per diluted share, topping estimates of 40 cents per share.

The company also reported revenue of $756.4 million, higher than Wall Street's expected $755.4 million. Revenue saw a 19.7% year-over-year increase.

For the full-year 2016, Pinnacle Foods forecasts adjusted earnings between $2.10 and $2.15 per diluted share, up from a previous estimate of $2.08 to $2.13 per share.

CEO Mark Clouse said that results for the quarter reflected a strong base business program, which benefited from innovation and "meaningful" broad-based gross margin expansion.

Pinnacle Foods is a Parsippany, NJ-based food company manufacturing Birds Eye frozen foods and Duncan Hines, amongst other brands.

Separately, 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 rated this stock as a "buy" with a ratings score of B+.

The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels, good cash flow from operations and solid stock price performance. TheStreet Ratings feels its strengths outweigh the fact that the company has had sub par growth in net income.

You can view the full analysis from the report here: PF

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