Sara Lee (SLE) Swings to Q4 Profit; Traders Sell the News
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Price: $4.03 -6.93%
Financial Fact:
Net income (loss), per common share - Diluted: 0.23
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Net income (loss), per common share - Diluted: 0.23
Today's EPS Names:
BTTX, VAXX, ELYS, More
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Sara Lee Corp. (NYSE: SLE) said Thursday that it was able reverse a loss from last year when the company was hampered by a big tax charge. The food maker reported fourth-quarter earnings of $187 million or 28 cents per share, swinging to a profit from a loss of $14 million or 2 cents per share in the same quarter last year.
Excluding one-time items, the company earned 19 cents per share in the quarter, 3 cents better than the analyst estimate of 16 cents per share.
Revenue for Sara Lee rose 4.2 percent to $2.8 billion in the three month period ended July 3, compared to the market consensus of $2.86 billion.
“Sara Lee concluded a very strong year, highlighted by robust earnings per share growth, an increase in cash flow and higher adjusted operating segment income in most of our ongoing business segments,” said Sara Lee Corp. interim chief executive officer Marcel H. M. Smits. “As intended, we made a significant investment behind marketing in the fourth quarter. During the year, we made meaningful progress in divesting our International Household and Body Care business.”
The company did not indicate any progress on its search for a successor to CEO Brenda Barnes who stepped down earlier this week to focus on her health following a stroke.
Looking forward, Sara Lee sees earnings for the full year 2011 in the range of 88 cents to 95 cents, below the Street’s view of 96 cents per share.
Shares of Sara Lee are down 16 cents to $14.31 this afternoon.
Excluding one-time items, the company earned 19 cents per share in the quarter, 3 cents better than the analyst estimate of 16 cents per share.
Revenue for Sara Lee rose 4.2 percent to $2.8 billion in the three month period ended July 3, compared to the market consensus of $2.86 billion.
“Sara Lee concluded a very strong year, highlighted by robust earnings per share growth, an increase in cash flow and higher adjusted operating segment income in most of our ongoing business segments,” said Sara Lee Corp. interim chief executive officer Marcel H. M. Smits. “As intended, we made a significant investment behind marketing in the fourth quarter. During the year, we made meaningful progress in divesting our International Household and Body Care business.”
The company did not indicate any progress on its search for a successor to CEO Brenda Barnes who stepped down earlier this week to focus on her health following a stroke.
Looking forward, Sara Lee sees earnings for the full year 2011 in the range of 88 cents to 95 cents, below the Street’s view of 96 cents per share.
Shares of Sara Lee are down 16 cents to $14.31 this afternoon.
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