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.
After it turned out that Deputy Prime Minister Andrei Belousov included the Fonbet betting company in the list of backbone enterprises that can count on state support, everyone started talking about these bookmakers.