Associated Press | Sara Lee Corp. lost money in its fiscal third quarter, pulled down by a
tax charge and other items, the food maker said Thursday. But the
company raised its 2010 adjusted earnings guidance above Wall Street’s
expectations.

Sara Lee reported a loss of $336 million, or 49 cents per share, for
the quarter that ended March 27, compared with net income of $165
million, or 24 cents per share, a year ago.

Excluding a tax charge and other items, the company earned 29 cents per share.

That beats the 21 cents per share analysts polled by Thomson Reuters had expected. Analyst estimates typically exclude one-time items.

Revenue was flat at $2.58 billion, as favorable currency exchange rates offset lower prices and a drop in sales volume as it exited certain parts of its meat business.

The revenue missed analyst’s $2.71 billion estimate.

Sara Lee said it expects to earn 60 to 64 cents per share for the full year or $1.06 to $1.10 per share on an adjusted basis, up slightly from its guidance in March.

Analysts anticipate the company will earn $1.05 per share for the year.