Del Monte Foods Profits Rise, Sales Fall (DLM)

Del Monte Foods Company DLM on Thursday morning released financial results that beat Wall Street earnings expectations, while missing revenue estimates. Del Monte Foods Company reported that its 2nd quarter net income rose to $81.1 million, or 41 cents per share, up from $62.6 million, or 31 cents per share, a year earlier. The company's revenue fell to $940.9 million, down from $958.9 million a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 35 cents per share, on revenue of $956.96 million. Del Monte Foods Company (DLM) continues to expect fiscal 2011 diluted EPS from continuing operations of $1.38 to $1.42, excluding the impact a potential transaction that was announced on November 25, 2010. Del Monte Foods Company ended the previous trading session at $18.76 per share. Analysts covering the company's stock have a consensus price target of $17.08 per share. Read more from Benzinga's Company news.