Hillshire Brands Co. swung to a profit in its first quarter of 2013 as the company bounced back from high ingredient costs and began to establish itself as a standalone, $4 billion company.
Net income for the quarter ended Sept. 29 was $53 million compared to a $220 million loss a year ago when the company was part of Sara Lee Corp.
"I am very pleased with our first quarter performance," CEO Sean Connolly said in a statement. "Our volumes are moving in the right direction, our key brands are gaining strength, our costs are coming down and our team is markedly stronger."
Adjusted earnings per share grew 59 percent to 51 cents, adjusted net sales grew 2 percent to $1.01 billion, and adjusted operating income grew 76 percent to $105 million. Adjusted numbers eliminate items such as income tax, lingering lease obligations and activities to exit discontinued businesses.
To read the rest of the story, please go to: Chicago Tribune