Sara Lee Corp., the maker of Jimmy Dean breakfast foods and Ball Park franks, reported third- quarter profit that exceeded analysts’ estimates and raised its annual forecast after North American food sales rose.
Earnings excluding items such as divestitures were 22 cents a share in the period ended March 27, compared with the 21-cent average of 11 analysts’ estimates compiled by Bloomberg. The Downers Grove, Illinois-based company increased its fiscal 2010 earnings forecast to as much as $1.10, from a previous maximum of $1.07, according to a statement today.
Sales growth in the North American retail unit was driven by Jimmy Dean breakfast sandwiches and Hillshire Farm lunch meat, Sara Lee said.
Sara Lee rose 4 cents to $14 yesterday in New York Stock Exchange Composite trading. The stock has risen 15 percent this year.