November 10, 2009 / 1:30 PM / 9 years ago

UPDATE 1-Premium Brands Q3 profit tops estimates

* Q3 EPS C$0.39 vs est C$0.38

* Revenue remains flat at C$123.4 mln

Nov 10 (Reuters) - Food products maker Premium Brands Holdings Corp (PBH.TO) posted a third-quarter profit that beat market estimates, helped in part by lower commodity input costs.

“Looking forward, we are cautiously optimistic that we will continue to build on the positive momentum of the latter part of the third quarter,” Chief Executive George Paleologou said in a statement.

Paleologou expects the 2010 Winter Olympics in Vancouver to benefit the company’s fourth quarter.

The producer, marketer and distributor of branded specialty food products earned C$6.9 million, or 39 Canadian cents a share, compared with C$7.4 million, or 42 Canadian cents a share, last year.

Revenue remained flat at C$123.4 million for the quarter ended Sept. 26.

Analysts on average expected the company to earn 38 Canadian cents a share on revenue of C$127.8 million, according to Thomson Reuters I/B/E/S.

“Through continued growth in our businesses focusing on the grocery channel we were able to offset sales decreases in some of our more economically sensitive businesses,” CEO Paleologou said.

Margins benefited from a combination of lower commodity input costs and other cost-saving initiatives, the CEO said.

Shares of the Richmond, British Columbia-based company closed at C$10.85 Monday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Ratul Ray Chaudhuri)

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