Del Monte Says It Won’t Meet Estimates
Del Monte Foods Co., the largest U.S. producer of canned fruits and vegetables, said fiscal third-quarter earnings will be lower than analysts’ estimates because customers are reducing inventory levels. The San Francisco-based company said it expects earnings to range from 20 cents to 23 cents, compared with analyst estimates of 26 cents. It said net sales for the quarter will be 4% to 6% higher than the same period last year. Shares of Del Monte closed up 7 cents at $8.97 on the NYSE before the announcement.
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