Supervalu Inc. (SVU) reported third-quarter net earnings of $109 million, or $0.51 per share, compared to a loss of $2.94 billion, or $13.95 per share in the year ago quarter.
The prior year quarter results included a non-cash goodwill and intangible asset impairment charges of $3.3 billion pre-tax or $3.1 billion after-tax, or $14.57 per share. Excluding non-cash impairment charges, net earnings for the prior year quarter were $132 million or $0.62 per share.
On average, 16 analysts polled by Thomson Reuters expected the company to report earnings of $0.40 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales were $9.22 billion, down from $10.17 billion in the year ago quarter. Analysts had consensus revenue estimate of $9.43 billion for the quarter.
Looking ahead to fiscal 2010, Supervalu still projects GAAP earnings in the range of $1.95 - $2.05 per share, on net sales of about $41 billion. The company also reiterated its adjusted earnings outlook of $2.01 - $2.11 per share. Wall Street analysts estimate earnings of $1.86 per share on revenue of $41.22 billion.
Also, Supervalu announced its fiscal 2011 capital spending plan of approximately $700 million.
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