Del Monte Foods Co's quarterly profit handily beat Wall Street estimates on price increases and lower costs, prompting it to raise its full-year forecast for earnings from continuing operations.
Shares of the company rose 12 percent in pre-market trade.
For the first quarter, the maker of Del Monte canned fruit, Meow Mix cat food and Pup-Peroni dog treats, said profit was $58.6 million, or 30 cents a share, compared with a loss of $10.1 million, or 5 cents a share, a year earlier.
Revenue grew 12 percent to $813.7 million.
Analysts on average were expecting it to earn 4 cents a share, on revenue of $767.1 million, according to Reuters Estimates.
For fiscal 2010, the San Francisco-based company raised its per-share earnings view from continuing operation to 88 cents to 92 cents, up from its prior view of 76 cents to 80 cents.
Del Monte shares were at $11.59 Thursday before the bell. They closed at $10.36 Wednesday on the New York Stock Exchange. (Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Ratul Ray Chaudhuri)