Del Monte income eases in fiscal '07

by Staff
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SAN FRANCISCO — Net income at Del Monte Foods Co. for the year ended April 29 was $112,600,000, equal to 56c per share on the common stock, down 34% from $169,900,000, or 84c per share, in 2006.

Net sales were $3,414,900,000, a 14% increase from $2,998,600,000 last year.

"Overall, we continued our solid track record of generating strong cash flow well ahead of our fiscal 2007 guidance," said Richard G. Wolford, chairman and chief executive officer. "We still, however, must deal with challenges, including inflationary cost pressures and our StarKist Seafood business. Despite these ongoing headwinds, we believe we have the foundation in place to deliver strong fiscal 2008 performance."

Operating income for the consumer products segment was $170,400,000, a 20% decrease compared with $212,400,000 during 2006. Net sales for the segment were $2,133,000,000, nearly flat compared with $2,142,300,000 last year.

For the fourth quarter ended April 29, net income was $36,700,000, or 18c per share, a 37% drop compared with $57,900,000, or 29c per share, during the same quarter of the previous year. Net sales for the quarter were $940,100,000, an 18% increase compared with $799,200,000 during the same quarter of the previous year.

For fiscal year 2008, Del Monte is expecting a sales growth of 5% to 7% over 2007 net sales, and the coming year’s sales are expected to be driven by growth across the company’s portfolio.

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