Pinnacle Foods sees Hillshire deal completed by September Says will not comment on pending transaction with Hillshire Brands (HSH). Expects productivity to outpace inflation for the year. Says faced industry growth challenges in Q1 driven by the late Easter and unusually tough weather. Expects specialty sales to remain under pressure, but sees specialty EBIT up for the full year. Sees inflation higher in 1H, productivity greater in 2H. Sees FY CapEx $120M-$130M. Comments made on the Q1 earnings conference call.
Pinnacle Foods sees FY15 adjusted EPS $1.86-$1.91, consensus $1.91 Sees FY15 input cost inflation estimated at 3%-3.5%; Sees FY15 productivity estimated at range of 3%-4%. Sees FY15 effective tax rate of 38%.