DOWNERS GROVE (dpa-AFX) - Sara Lee Corp. (SLE) posted third quarter loss of $2 million or breakeven per share versus profit of $153 million or $0.25 per share a year ago.
Adjusted earnings per share were $0.21 versus $0.30 a year ago. Adjusted earnings per share from continuing operations were $0.20, down from $0.22 in the same quarter last year.
On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $0.25 per share. Analysts' estimates typically exclude special items.
Net sales grew to $1.9 billion from $1.86 billion in the prior-year quarter. Analysts expected revenues of $1.95 billion.
Chief Executive Officer Marcel Smits said, 'I am pleased to report that Meat Co showed continued improvement in volume trends, achieved SG&A reductions and launched new innovation in the third quarter. The Coffee & Tea business performed well in its main markets with underlying margin improvement, and is gearing up for significant innovation..'
The company now expects 2012 adjusted earnings per share to fall in the middle of the $0.89-$0.95 range. Net sales and operating income will meet objectives at the low end of their respective guidance ranges, the company said.
Previously, the company expected net sales in a range of $7.9 billion to $8.15 billion. Analysts expected earnings of $0.92 per share, on revenues of $8.08 billion.
Copyright RTT News/dpa-AFX
© 2012 AFX News
