Sara Lee Corp. , the maker of frozen cakes and Jimmy Dean sausages, reported fourth-quarter profit that exceeded analysts’ estimates as production costs fell.
Earnings totaled 29 cents a share, excluding some items, topping the 24-cent average of analysts’ projections compiled by Bloomberg. Revenue declined to $3.16 billion in the quarter ended June 27, Downers Grove, Illinois-based Sara Lee said today in a statement. Analysts estimated $3.26 billion on average , Bloomberg reports.
Excluding impairment charges of $207 million at its Spanish bakery business and $61 million in other charges, earnings per share were 29 cents.
Revenue for the quarter ended June 27 declined 10 percent to $3.16 billion from $3.51 billion.
Analysts, who usually exclude one-time items, expected the Downers Grove, Ill.-based company to earn 24 cents per share and revenue of $3.27 billion , The Associated Press reports.
The company, which also makes Sara Lee baked goods and Jimmy Dean sausage, said its loss narrowed to $14 million, or 2 cents a share, in the fourth quarter ended June 27 from $672 million, or 95 cents a share, a year earlier.
Excluding one-time items, earnings were 29 cents a share, compared with the analysts' average forecast of 24 cents, according to Reuters Estimates.
For fiscal 2010, the company forecast earnings of $1.03 to $1.09 a share, including a 19-cent contingency payment related to a tobacco business it sold in fiscal 1999 , Reuters reports.