Sara Lee, the maker of baked goods and Jimmy Dean sausage, posted a narrower loss for its fiscal fourth quarter. Sara Lee posted a loss of $14 million, or 2 cents per share, as compared to a loss of $672 million, or 95 cents per share in the same quarter last year. Excluding charges, earnings totaled 29 cents per share, better than analysts expected. However, the company expects adjusted fiscal 2010 earnings of 84 to 90 cents per share, below analyst forecasts of 92 cents.
Sara Lee shares trading down over five percent Wednesday morning.
Meanwhile, the world’s largest food and drink producer, Switzerland’s Nestle, posted a 2.7 percent drop in profit for the first six months of the year, earning the equivalent of $4.7 billion. The company said the decline was based on weak demand, and a strong Swiss franc.
Nestle shares are trading down nearly four percent on Wednesday morning.
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