Sara Lee's (SLE) Swapping Buns for Sausages as Q1 Results Miss
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Price: $4.33 +5.10%
Financial Fact:
Income tax expense: 23M
Today's EPS Names:
EDXC, BICX, FBPI, More
Financial Fact:
Income tax expense: 23M
Today's EPS Names:
EDXC, BICX, FBPI, More
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Sara Lee Corp. (NYSE: SLE) shares have moved into positive territory this morning, following third-quarter earnings results from the Downers Grove, IL-baked goods manufacturer.
Operating net income in the quarter was $137 million, or $0.22 per diluted share, a near-500 percent gain from $23 million reported in the same period last year. Adjusting for a gain on the sale of discontinued ops and other items, EPS from operations was $0.24.
Revenues increased 6.9 percent from $2.08 billion to $2.22 billion.
Overall, consensus was looking for EPS of $0.25 on revs of $2.23 billion.
Sara Lee entered an agreement for the acquisition of Aidells Sausage Company for $87 million in cash. Closing on the deal is expected over the next several months. Additionally, on the M&A front, the Company is in the process of evaluating strategic options for International Bakery and North American refrigerated dough businesses.
Looking ahead, Sara Lee reduced its FY11 EPS outlook by 6 cent to a range of $0.79 - $0.83, shy of $0.86 that the consensus was expecting. Revenues were also revised down from $9.0 - $9.1 billion to $9.0 - $8.9 billion, compared to the consensus views calling for revs of $8.88 billion.
Sara Lee shares are up 1.6 percent this morning.
Operating net income in the quarter was $137 million, or $0.22 per diluted share, a near-500 percent gain from $23 million reported in the same period last year. Adjusting for a gain on the sale of discontinued ops and other items, EPS from operations was $0.24.
Revenues increased 6.9 percent from $2.08 billion to $2.22 billion.
Overall, consensus was looking for EPS of $0.25 on revs of $2.23 billion.
Sara Lee entered an agreement for the acquisition of Aidells Sausage Company for $87 million in cash. Closing on the deal is expected over the next several months. Additionally, on the M&A front, the Company is in the process of evaluating strategic options for International Bakery and North American refrigerated dough businesses.
Looking ahead, Sara Lee reduced its FY11 EPS outlook by 6 cent to a range of $0.79 - $0.83, shy of $0.86 that the consensus was expecting. Revenues were also revised down from $9.0 - $9.1 billion to $9.0 - $8.9 billion, compared to the consensus views calling for revs of $8.88 billion.
Sara Lee shares are up 1.6 percent this morning.
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