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Del Monte posts quarterly loss

Del Monte posts quarterly loss

Inflationary costs continue to batter Del Monte Foods Co., which reported a net loss of $10.1 million in the first quarter compared to a gain of $3.5 million in the same period last year.

The San Francisco seller of pet foods, canned fruits and vegetables reported sales grew 15.9 percent to $726.2 million in the three months ended July 27.

Earnings per share came in at a loss of 5 cents per share vs. a gain of 2 cents last year. Excluding discontinued operations, earnings would have been 4 cents per share, meeting analysts' expectations as calculated by Thomson Financial Network.

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In June, Del Monte announced it would sell its seafood business, including the StarKist Tuna brand.

The company, which operates an administrative office on Pittsburgh's North Shore, said profit margins were hurt by increases in the costs of ingredients, packaging and transportation. Higher pricing offset some of the impact of those costs.

Del Monte is maintaining its guidance for the fiscal year of earnings per share toward the lower end of a 58-to-62-cent range. Analysts are looking for about 58 cents per share.

First Published: August 28, 2008, 2:30 p.m.

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