Sara Lee Corp. (SLE) reported that its second-quarter net earnings were $371 million or $0.53 per share, compared to a loss of $17 million or $0.02 per share in the same quarter last year. Adjusted earning were $0.36 per share, compared to $0.19 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.23 per share. Analysts' estimates typically exclude special items.
Net sales for the quarter were $2.86 billion, compared to $2.86 billion in the prior year quarter. Six analysts had consensus revenue estimate of $3.12 billion for the quarter.
Sara Lee currently expects full-year fiscal 2010 total earnings per share to be in the range of $1.36 to $1.41, compared to previous estimates of $1.12 to $1.18 per share.
Full-year 2010 adjusted earnings per share are now expected to be in the range of $1.00 to $1.05 per share, compared to prior outlook of $0.90 to $0.96 per share. Net sales for the year is still anticipated to be between $12.9 billion and $13.2 billion. Analysts expect the company to report earnings of $0.95 per share on revenues of $11.46 billion for fiscal 2010.
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