Outlook lifts Del Monte shares
Del Monte Foods Co. shares surged 15% Feb. 25 on a stronger forecast for its fruits and petfoods, according to an article on www.MarketWatch.com.
The company said fiscal 2009 sales will grow 9% to 11% over 2008. It is the second time in three months Del Monte has lifted its sales outlook.
Del Monte boosted prices for its petfoods to shore up its profit margin. For the quarter ending on January 25, petfood sales rose 15% on new Meow Mix items and Kibbles 'n Bits dry petfood products.