TIDMHSH
The Hillshire Brands Company (NYSE: HSH) today reported results
for the second quarter and first six months of fiscal year
2014.
-- Second quarter net sales increased 2.1% to $1.1 billion
-- Adjusted1 operating income of $139 million, up 9.0%;
reported operating income increased 16.9% to $116 million
-- Adjusted diluted EPS of $0.66, up 6.5%; reported diluted EPS from
continuing operations of $0.91 up 93.6%
-- Fiscal 2014 adjusted diluted EPS now expected to be near the high end
of the previous range
CEO Perspective
"I'm pleased to report a strong second quarter," said Sean
Connolly, president and chief executive officer of The Hillshire
Brands Company. "Despite significant input cost inflation, both
sales and profit exceeded our expectations. This reflects the
strong ongoing progress our team is making to build our brands and
improve our cost efficiencies. We are now well into the second year
of our plan and achieving our goal of delivering strong and
sustainable shareholder returns."
"During the quarter, we implemented pricing actions on the
businesses most affected by inflation. Encouragingly, the volume
impact we saw was more modest than expected, with most consumers
remaining loyal to our brands. The associated benefit, along with
strong supply chain productivity and timing of expenses, enabled us
to deliver strong performance on the bottom line."
"As we've moved into the second half, our pricing actions have
become more broad-based. This reflects our revised expectation of
significantly higher input cost inflation throughout the remainder
of the fiscal year. We've also increased our investment plans for
second-half MAP to further support our core brands and exciting new
innovations."
"Given this strong first-half performance will be partially
offset by our higher second-half investment plans, we now expect
EPS to be near the high end of the previously provided guidance
range. We also continue to expect sales for the full year to
increase slightly, despite the near-term volume pressure we
anticipate from additional pricing."
Discussion of Continuing Operations Results
Net sales of $1.1 billion were up 2.1% versus the prior year's
second quarter as positive price/mix in both the Retail and
Foodservice/Other segments more than offset volume declines
resulting largely from pricing actions. Planned declines in
commodity turkey sales also contributed to the volume declines in
the Foodservice/Other segment. Adjusted operating income of $139
million increased 9.0% over the prior year as pricing actions,
lower MAP, cost efficiencies/favorability, and timing of SG&A
and corporate expenses more than offset significant input cost
inflation. Reported operating income was $116 million, up 16.9%
from the prior year's second quarter.
On a year-to-date basis, net sales of $2.1 billion were up 1.6%
versus the prior-year period as positive price/mix more than offset
volume declines. Adjusted operating income of $215 million
decreased 5.8% versus the prior year's 44.2% increase as pricing
actions and cost efficiencies did not fully offset input cost
inflation.
Retail
Retail net sales were up 2.7% in the quarter versus the prior
year as favorable price/mix more than offset lower volumes
resulting largely from pricing actions. Operating segment income
increased 2.8% versus the prior year's 23.2% increase as increased
sales, lower MAP, cost efficiencies/favorability, and timing of
SG&A expenses more than offset higher input costs.
Jimmy Dean grew both volume and sales of frozen breakfast
sandwiches and other frozen convenience items by double digits in
the quarter. Jimmy Dean flatbread, which launched last January,
continues to expand distribution and is performing well. Aidells
also showed double-digit volume and sales growth behind new
innovation and expanded distribution of meatball offerings.
Hillshire Farm lunchmeat performed well, delivering flat volume
versus the prior year's strong increase.
MAP was down $9 million in the quarter, reflecting a shift on
certain businesses from advertising to merchandising support,
aligning the timing of MAP investment with second-half innovation
launches, and increased efficiency.
Foodservice/Other
Net sales showed a slight increase of 0.3% from the prior year's
comparable quarter as favorable price/mix offset volume declines.
Excluding commodity meat sales, net sales increased 0.7%. Operating
segment income increased 10.9% versus the prior year's 8.5%
increase as the segment maintained a rigorous approach to cost
management.
The business saw strong performance in desserts, where
double-layer Luxe Layer pies are exceeding expectations and Bistro
branded desserts sales are up double digits. The business also
launched new innovation in the C-store channel, including a Jimmy
Dean convenience breakfast sausage that is performing well.
Overall, however, the macroeconomic environment remains challenging
and the outlook for the segment remains modest.
Corporate
Excluding significant items, corporate expenses for the quarter
totaled $7 million behind cost favorability, timing of expenses,
and $3 million of favorable mark-to-market gains.
Capital Allocation
During the second quarter, the company repurchased 633 thousand
common shares for approximately $20 million. On a year-to-date
basis, the company has repurchased 933 thousand common shares for
approximately $30 million.
Outlook
The company's fiscal 2014 adjusted diluted EPS is now expected
to be near the high end of the previously provided range as
first-half over-delivery is partially offset by expense timing,
investments, and higher than expected second-half inflation. Net
sales are still expected to grow slightly as back-half innovation
and higher than previously planned MAP investments help offset
anticipated volume softness as consumers adapt to higher price
points. As second-half input cost inflation is now expected to be
significantly higher, the company expects second-half gross margin
to be relatively consistent with the first half.
Corporate expenses are now expected to be between $50-$55
million, excluding significant items and mark-to-market
adjustments. The company also expects an effective tax rate of
35-36% and continues to expect net interest expense of
approximately $40 million.
Webcast
The Hillshire Brands Company's review of its second quarter
fiscal year 2014 results will be broadcast live via the Internet
today at 9:30 a.m. CST. The live webcast, together with the slides
reviewed during the webcast, can be accessed in the Investor
Relations section on www.hillshirebrands.com. For people who are
unable to listen to the webcast live, a recording will be available
on the website at 2:00 p.m. CST on the day of the webcast until
July 31, 2014.
1 The term "adjusted operating income" and other financial
measures identified as "adjusted" are explained and reconciled to
comparable GAAP measures at the end of this release.
About The Hillshire Brands Company
The Hillshire Brands Company (NYSE: HSH) is a leader in branded,
convenient foods. The company generated approximately $4 billion in
annual sales in fiscal 2013, has more than 9,000 employees, and is
based in Chicago, IL. Hillshire Brands' portfolio includes iconic
brands such as Jimmy Dean, Ball Park, Hillshire Farm, State Fair,
Sara Lee frozen bakery and Chef Pierre pies, as well as artisanal
brands Aidells, Gallo Salame and Golden Island premium jerky. For
more information on the company, please visit
www.hillshirebrands.com.
Forward-Looking Statements
This release contains forward-looking statements regarding
Hillshire Brands' business prospects and future financial results
and metrics, including statements contained under the heading "CEO
Perspective," and "Outlook." Forward-looking statements are
typically preceded by terms such as "will," "anticipates,"
"intends," "expects," "plans," "likely" or "believes" and other
similar terms. These forward-looking statements are based on
currently available competitive, financial and economic data and
management's views and assumptions regarding future events and are
inherently uncertain.
Investors must recognize that actual results may differ from
those expressed or implied in the forward-looking statements, and
the company wishes to caution readers not to place undue reliance
on any forward-looking statements. Among the factors that could
cause Hillshire Brands' actual results to differ from such
forward-looking statements are those described under Item 1A, Risk
Factors, in Hillshire Brands' most recent Annual Report on Form
10-K, as well as factors relating to:
-- The consumer marketplace, such as (i) intense competition, including
advertising, promotional and price competition; (ii) changes
in
consumer behavior due to economic conditions, such as a shift
in
consumer demand toward private label; (iii) fluctuations in
raw
material costs, Hillshire Brands' ability to increase or
maintain
product prices in response to cost fluctuations and the impact
on
profitability; (iv) the impact of various food safety issues
and
regulations on sales and profitability of Hillshire Brands'
products;
and (v) inherent risks in the marketplace associated with
product
innovations, including uncertainties related to execution and
trade
and consumer acceptance;
-- Hillshire Brands' relationship with its customers, such as (i) a
significant change in Hillshire Brands' business with any of its
major
customers, such as Wal-Mart, its largest customer; and (ii)
credit and
other business risks associated with customers operating in a
highly
competitive retail environment;
-- Hillshire Brands' spin-off of its international coffee and tea
business in June 2012, including potential tax liabilities and
other
indemnification obligations; and
-- Other factors, such as (i) Hillshire Brands' ability to generate
margin improvement through cost reduction and productivity
improvement
initiatives; (ii) Hillshire Brands' credit ratings, the impact
of
Hillshire Brands' capital plans on such credit ratings and the
impact
these ratings and changes in these ratings may have on
Hillshire
Brands' cost to borrow funds and access to capital/debt markets;
and
(iii) the settlement of a number of ongoing reviews of
Hillshire
Brands' income tax filing positions and inherent uncertainties
related
to the interpretation of tax regulations in the jurisdictions in
which
Hillshire Brands transacts or has transacted business.
Income Statement Summary:
Reported to Adjusted
For the Second Quarter ended December 28, 2013 and December 29,
2012 (in millions, except per share data--unaudited)
Second Quarter ended
December 28, 2013 December 29, 2012
Significant Significant
Reported Items Adjusted(1) Reported Items Adjusted(1)
Continuing
Operations:
Retail $ 799 $ 799 $ 777 $ 777
Foodservice/Other 283 283 283 283
Net 1,082 1,082 1,060 1,060
sales
% change from prior year 2.1 % 2.1 %
Cost of 757 6 751 728 1 727
Sales
Gross Profit 325 (6 ) 331 332 (1 ) 333
Gross Margin 30.0 % 30.5 % 31.3 % 31.4 %
SG&A
MAP 33 -- 33 42 -- 42
SG&A (excluding MAP) 169 10 159 182 18 164
Net charges for exit activities, 7 7 -- 9 9 --
asset and business dispositions
Total operating 116 (23 ) 139 99 (28 ) 127
income
% change from prior year 16.9 % 9.0 %
Operating Margin 10.7 % 12.8 % 9.3 % 12.0 %
Net interest 9 -- 9 10 -- 10
expense
Income tax expense (7 ) (55 ) 48 31 (10 ) 41
(benefit)
Income from continuing $ 114 $ 32 $ 82 $ 58 $ (18 ) $ 76
operations
% change from prior year 94.8 % 7.9 %
Net Margin 10.5 % 7.6 % 5.5 % 7.2 %
Reconciliation from operating segment
income to operating income:
Retail $ 115 $ 115 $ 112 $ 112
Foodservice/Other 31 31 28 28
Operating segment income 146 146 140 140
General corporate expense (9 ) -- (9 ) (8 ) -- (8 )
Mark-to-market derivative gains/(losses) 3 -- 3 (4 ) -- (4 )
Amortization of trademarks/intangibles (1 ) -- (1 ) (1 ) -- (1 )
Significant items (23 ) (23 ) -- (28 ) (28 ) --
Total operating $ 116 $ (23 ) $ 139 $ 99 $ (28 ) $ 127
income
Average Shares
Outstanding
Basic 123 123 123 123
Diluted 124 124 123 123
Earnings per share of common stock
from continuing operations
Basic $ 0.92 $ 0.25 $ 0.67 $ 0.47 $ (0.15 ) $ 0.62
% change from prior year 95.7 % 8.1 %
Diluted $ 0.91 $ 0.25 $ 0.66 $ 0.47 $ (0.15 ) $ 0.62
% change from prior year 93.6 % 6.5 %
(1) Represents a non-GAAP financial measure. See detailed
explanation of these and other non-GAAP measures at end of this
release.
Income Statement Summary:
Reported to Adjusted
For the Six Months ended December 28, 2013 and December 29,
2012 (in millions, except per share data--unaudited)
Six Months ended
December 28, 2013 December 29, 2012
Significant Significant
Reported Items Adjusted(1) Reported Items Adjusted(1)
Continuing
Operations:
Retail $ 1,513 $ 1,513 $ 1,496 $ 1,496
Foodservice/Other 553 553 538 538
Net 2,066 2,066 2,034 2,034
sales
% change from prior year 1.6 % 1.6 %
Cost of 1,476 9 1,467 1,408 4 1,404
Sales
Gross Profit 590 (9 ) 599 626 (4 ) 630
Gross Margin 28.6 % 29.0 % 30.8 % 31.0 %
SG&A
MAP 73 -- 73 88 -- 88
SG&A (excluding MAP) 336 25 311 349 35 314
Net charges for exit activities, 10 10 -- 6 6 --
asset and business dispositions
Total operating 171 (44 ) 215 183 (45 ) 228
income
% change from prior year (7.1 )% (5.8 )%
Operating Margin 8.3 % 10.4 % 9.0 % 11.2 %
Net interest 20 -- 20 19 -- 19
expense
Income tax expense 8 (62 ) 70 57 (16 ) 73
(benefit)
Income from continuing $ 143 $ 18 $ 125 $ 107 $ (29 ) $ 136
operations
% change from prior year 33.2 % (7.4 )%
Net Margin 6.9 % 6.1 % 5.3 % 6.7 %
Reconciliation from operating segment
income to operating income:
Retail $ 175 $ 175 $ 196 $ 196
Foodservice/Other 56 56 53 53
Operating segment income 231 231 249 249
General corporate expense (19 ) -- (19 ) (20 ) -- (20 )
Mark-to-market derivative gains/(losses) 5 -- 5 1 -- 1
Amortization of trademarks/intangibles (2 ) -- (2 ) (2 ) -- (2 )
Significant items (44 ) (44 ) -- (45 ) (45 ) --
Total operating $ 171 $ (44 ) $ 215 $ 183 $ (45 ) $ 228
income
Average Shares
Outstanding
Basic 123 123 122 122
Diluted 124 124 123 123
Earnings per share of common stock
from continuing operations
Basic $ 1.16 $ 0.14 $ 1.02 $ 0.88 $ (0.23 ) $ 1.11
% change from prior year 31.8 % (8.1 )%
Diluted $ 1.15 $ 0.14 $ 1.01 $ 0.87 $ (0.23 ) $ 1.10
% change from prior year 32.2 % (8.2 )%
(1) Represents a non-GAAP financial measure. See detailed
explanation of these and other non-GAAP measures at end of this
release.
Net Sales Bridge
For the Quarter and Six Months ended December 28, 2013 (unaudited)
The following table illustrates the components of the change in net sales versus the prior year:
Foodservice/ Total
Second quarter ended December 28, 2013 Retail Other Company
Volume (1.8 )% (6.0 )% (3.2 )%
Price/Mix 3.8 6.3 4.8
Organic sales change 2.0 0.3 1.6
Acquisitions 0.7 -- 0.5
Total Net Sales Change 2.7 % 0.3 % 2.1 %
Foodservice/ Total
First Six Months ended December 28, 2013 Retail Other Company
Volume (1.2 )% (3.0 )% (1.8 )%
Price/Mix 1.9 5.9 3.1
Organic sales change 0.7 2.9 1.3
Acquisitions 0.4 -- 0.3
Total Net Sales Change 1.1 % 2.9 % 1.6 %
See detailed explanation of this and other
non-GAAP measures in this release.
Condensed Consolidated
Balance Sheet Data
At December 28, 2013 and June 29,
2013 (in millions--unaudited)
December 28, 2013 June 29, 2013
Assets
Cash and equivalents $ 205 $ 400
Short term investments 192 --
Trade accounts receivable, 221 219
less allowances
Inventories 276 313
Current deferred income taxes 98 71
Income tax receivable -- 18
Other current assets 80 85
Total current assets 1,072 1,106
Property, net of accumulated 811 818
depreciation
of $1,238 and $1,185, respectively
Trademarks and other identifiable 136 121
intangibles
Goodwill 371 348
Deferred income taxes 62 20
Other noncurrent assets 22 21
$ 2,474 $ 2,434
Liabilities and Equity
Accounts payable $ 266 $ 295
Accrued liabilities 324 357
Current maturities of long-term debt 108 19
Total current liabilities 698 671
Long-term debt 840 932
Pension obligation 112 119
Other liabilities 256 228
Equity
Hillshire Brands common 568 484
stockholders' equity
$ 2,474 $ 2,434
Consolidated Statements
of Cash Flows
For the Six Months ended
December 28, 2013 and
December 29, 2012 (in
millions--unaudited)
Six Months ended
December 28, 2013 December 29, 2012
Operating activities -
Net income $ 144 $ 118
Adjustments to reconcile
net income to
net cash from operating
activities:
Depreciation 67 78
Amortization 11 8
Net gain on business -- (9 )
dispositions
Increase (decrease) in (74 ) 18
deferred income taxes
Other 16 (6 )
Changes in current assets
and liabilities,
net of businesses
acquired and sold:
Trade accounts receivable (2 ) 6
Inventories 38 (18 )
Other current assets 5 16
Accounts payable (36 ) (57 )
Accrued liabilities (33 ) (57 )
Accrued taxes 38 32
Net cash from operating 174 129
activities
Investing activities--
Purchases of property (59 ) (79 )
and equipment
Purchases of software and (6 ) (3 )
other intangibles
Acquisition of businesses (35 ) --
Dispositions of businesses -- 16
and investments
Cash from (used in) derivative (1 ) 3
transactions
Cash used to invest in (269 ) --
short-term investments
Cash received from maturing 76 --
short-term investments
Sales of assets -- 1
Net cash used in investing (294 ) (62 )
activities
Financing activities--
Issuances of common stock 2 39
Purchase of common stock (30 ) --
Repayments of other debt (10 ) (5 )
and derivatives
Payments of dividends (37 ) (31 )
Net cash from (used in) (75 ) 3
financing activities
(Decrease) / Increase in (195 ) 70
cash and equivalents
Less: Cash balances -- (6 )
of discontinued
operations at end of period
Cash and equivalents 400 235
at beginning of year
Cash and equivalents $ 205 $ 299
at end of period
Supplemental cash flow data:
Cash paid for restructuring $ 43 $ 48
actions
Cash contributions 3 3
to pension plans
Cash paid for income taxes 44 6
Significant
Items
Quarter
Ended
December 28,
2013
and
December 29,
2012
(in
millions,
except per
share
data--unaudited)
Quarter Ended December 28, 2013 Quarter Ended December 29, 2012
Pretax Net Income Diluted EPS Pretax Net Income Diluted EPS
(In Impact (Loss) (2) Impact(1) Impact (Loss) (2) Impact(1)
millions,
except
per share
data)
Continuing
operations:
Total $ (18 ) $ (11 ) $ (0.08 ) $ (15 ) $ (10 ) $ (0.08 )
restructuring
actions
excluding
accelerated
depreciation
Accelerated (5 ) (3 ) (0.02 ) (10 ) (6 ) (0.05 )
depreciation
Other -- 46 0.36 (3 ) (2 ) (0.01 )
significant
items(*)
Impact (23 ) 32 0.25 (28 ) (18 ) (0.15 )
of
significant
items on
income
from
continuing
operations
Impact 2 1 0.01 -- 4 0.03
of
significant
items on
income
from
discontinued
operations
(**)
Impact $ (21 ) $ 33 $ 0.26 $ (28 ) $ (14 ) $ (0.11 )
of
significant
items
on net
income
(loss)
Impact
of
significant
items
on income
from
continuing
operations
before
income
taxes
Cost of $ (6 ) $ (1 )
sales
Selling, (10 ) (18 )
general
and
administrative
expenses
Exit and (7 ) (9 )
business
dispositions
Total $ (23 ) $ (28 )
Notes:
(1) EPS amounts are rounded to the nearest
$0.01 and may not add to the total.
(2) Taxes computed at applicable statutory rates.
* Includes impact from tax settlements, tax valuation
allowance adjustments and other costs.
** Includes impact of tax-related matters on dispositions.
Significant Items
Six Months ended
December 28,
2013
and December 29,
2012
(in millions,
except per
share
data--unaudited)
Six Months Ended December 28, 2013 Six Months Ended December 29, 2012
Pretax Net Income Diluted EPS Pretax Net Income Diluted EPS
(In millions, Impact (Loss) (2) Impact(1) Impact (Loss) (2) Impact(1)
except
per share data)
Continuing
operations:
Total $ (35 ) $ (22 ) $ (0.17 ) $ (21 ) $ (14 ) $ (0.11 )
restructuring
actions excluding
accelerated
depreciation
Accelerated (10 ) (6 ) (0.05 ) (21 ) (13 ) (0.11 )
depreciation
Other significant 1 46 0.36 (3 ) (2 ) (0.02 )
items(*)
Impact (44 ) 18 0.14 (45 ) (29 ) (0.23 )
of significant
items on income
from continuing
operations
Impact 2 1 0.01 2 6 0.05
of significant
items on income
from discontinued
operations
(**)
Impact $ (42 ) $ 19 $ 0.15 $ (43 ) $ (23 ) $ (0.19 )
of significant
items
on net income
(loss)
Impact
of significant
items
on income from
continuing
operations
before
income taxes
Cost of sales $ (9 ) $ (4 )
Selling, general (25 ) (35 )
and
administrative
expenses
Exit and business (10 ) (6 )
dispositions
Total $ (44 ) $ (45 )
Notes:
(1) EPS amounts are rounded to the nearest
$0.01 and may not add to the total.
(2) Taxes computed at applicable statutory rates.
* Includes impact from tax settlements, tax valuation
allowance adjustments and other costs.
** Includes impact from gain on disposition
of Fresh Bakery and North American
Foodservice businesses and impact of tax-related
matters on dispositions.
Operating Income Reconciliation:
Reported to Adjusted
For the Quarter and Six Months ended December 31, 2011
(in millions, except per share data--unaudited)
Second Quarter ended Six Months ended
December 31, 2011 December 31, 2011
Significant Significant
Reported Dispositions Items Adjusted(1) Reported Dispositions Items Adjusted(1)
Retail $ 91 $ 91 $ 149 $ 149
Foodservice/Other 27 27 49 49
Operating segment income 118 118 198 198
General corporate expense (19 ) -- -- (19 ) (37 ) -- -- (37 )
Mark-to-market derivative gains/(losses) 3 -- -- 3 (1 ) -- -- (1 )
Amortization of trademarks/intangibles (1 ) -- -- (1 ) (2 ) -- -- (2 )
Significant items/dispositions (78 ) 3 (81 ) -- (111 ) 7 (118 ) --
Total operating $ 23 $ 3 $ (81 ) $ 101 $ 47 $ 7 $ (118 ) $ 158
income
(1) Represents a non-GAAP financial measure. See detailed
explanation of these and other non-GAAP measures at end of this
release.
Explanation of Non-GAAP Financial Measures
Management measures and reports Hillshire Brands' financial
results in accordance with U.S. generally accepted accounting
principles ("GAAP"). In this release, Hillshire Brands highlights
certain items that have significantly impacted the company's
financial results and uses several non-GAAP financial measures to
help investors understand the financial impact of these significant
items. Other companies may calculate these non-GAAP financial
measures differently than Hillshire Brands.
"Significant items" are income or charges (and related tax
impact) that management believes have had or are likely to have a
significant impact on the earnings of the applicable business
segment or on the total company for the period in which the item is
recognized that are not indicative of the company's core operating
results and affect the comparability of underlying results from
period to period. Significant items may include, but are not
limited to: charges for exit activities; consulting and advisory
costs; lease and contractual obligation exit costs; impairment
charges; tax charges on deemed repatriated earnings; tax costs and
benefits resulting from the disposition of a business; impact of
tax law changes; gains on the sale of discontinued operations;
changes in tax valuation allowances; and favorable or unfavorable
resolution of open tax matters based on the finalization of tax
authority examinations or the expiration of statutes of
limitations. Management highlights significant items to provide
greater transparency into the underlying sales or profit trends of
Hillshire Brands or the applicable business segment or discontinued
operations and to enable more meaningful comparability between
financial results from period to period. Additionally, Hillshire
Brands believes that investors desire to understand the impact of
these factors to better project and assess the longer term trends
and future financial performance of the company.
This release contains certain non-GAAP financial measures that
exclude from a financial measure computed in accordance with GAAP
the impact of the significant items and the impact of dispositions.
Management believes that these non-GAAP financial measures reflect
an additional way of viewing aspects of Hillshire Brands' business
that, when viewed together with Hillshire Brands' financial results
computed in accordance with GAAP, provide a more complete
understanding of factors and trends affecting Hillshire Brands'
historical financial performance and projected future operating
results, greater transparency of underlying profit trends and
greater comparability of results across periods. These non-GAAP
financial measures are not intended to be a substitute for the
comparable GAAP measures and should be read only in conjunction
with our consolidated financial statements prepared in accordance
with GAAP.
In addition, investors frequently have requested information
from management regarding the impact of significant items.
Management believes, based on feedback it has received during
earnings calls and discussions with investors, that these non-GAAP
measures enhance investors' ability to assess Hillshire Brands'
historical and projected future financial performance. Management
also uses certain of these non-GAAP financial measures, in
conjunction with the GAAP financial measures, to understand, manage
and evaluate our businesses and in planning for and forecasting
financial results for future periods. Certain of these measures are
also used in determining achievement of compensation under our
annual incentive plan. Many of the significant items will recur in
future periods; however, the amount and frequency of each
significant item varies from period to period.
The following is an explanation of the non-GAAP financial
measures presented in this release.
"Adjusted Diluted EPS" excludes from diluted EPS for continuing
operations the per share impact of significant items.
"Adjusted Net Sales" for continuing operations for all segments
combined or for an indicated business segment excludes from net
sales as reported the impact of businesses that have been exited or
divested for all periods presented but does not exclude the impact
of businesses acquired after the start of the fiscal period
presented. Results for businesses acquired are included from the
date of acquisition onward.
"Adjusted Operating Income" for continuing operations excludes
from operating income the impact of significant items. It also
excludes the results of businesses that have been exited or
divested for all periods presented but does not exclude the impact
of businesses acquired after the start of the fiscal period
presented. Results for businesses acquired are included from the
date of acquisition onward.
"Operating Segment Income" for all business segments combined or
for an indicated business segment excludes from the applicable
operating segment income measure the impact of significant items
recognized by that portion of the business during the fiscal period
presented and excludes the results of businesses that have been
exited or divested for all periods presented but does not exclude
the impact of businesses acquired after the start of the fiscal
period presented. Results for businesses acquired are included from
the date of acquisition onward.
"Adjusted Income from Continuing Operations" excludes from
income from continuing operations the impact of significant items
related to continuing operations recognized in the fiscal period
presented. It does not exclude the impact of businesses that have
been exited or divested and does not exclude the impact of
businesses acquired after the start of the fiscal period presented.
Results for businesses acquired are included from the date of
acquisition onward.
"Adjusted income tax expense (benefit)" excludes from income tax
expense (benefit) the impact of significant items. It does not
exclude the impact of businesses that have been exited or divested
and does not exclude the impact of businesses acquired after the
start of the fiscal period presented. Results for businesses
acquired are included from the date of acquisition onward.
In addition, we include measures such as "Adjusted Cost of
Sales," "Adjusted Gross Profit," "Adjusted Gross Margin," and
"Adjusted SG&A (excluding MAP)" which exclude the impact of
significant items. These measures also exclude the results of
businesses that have been exited or divested for all periods
presented but do not exclude the impact of businesses acquired
after the start of the fiscal period presented. Results for
businesses acquired are included from the date of acquisition
onward.
The Hillshire Brands CompanyMedia: Jon Harris,
1.312.614.8661Analysts: Melissa Napier, 1.312.614.8739
This information is provided by Business Wire
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