ConAgra Food Reports Increased Sales

By CnAgri2012-09-26 19:35:27 Print

ConAgra Foods, one of North America's leading packaged food companies, has reported diluted Earnings Per Share from continuing operations of $0.61 in the the first quarter of the 2013 financial year, up 177 percent over $0.22 earned in the year-ago period.

Gary Rodkin, ConAgra Foods' chief executive officer, said: "We are very pleased with our strong start to fiscal 2013. Based on continued momentum in our potato operations, effective margin management initiatives across the portfolio, and contribution from acquisitions, we are able to post a strong EPS performance in the midst of difficult marketplace conditions.

"It is clear that our operating capabilities, strategic initiatives, and prudent capital allocation are accelerating EPS performance. We have raised our EPS expectations for fiscal 2013 while continuing to make strong levels of marketing investment as part of long-term brand building initiatives."

The Consumer Foods segment posted sales of $2,043 million and operating profit of $235 million for the first quarter. Sales increased eight percent, reflecting eight percent contribution from acquisitions.

Brands posting sales growth for the quarter include ACT II, Lightlife, Marie Callender's, Orville Redenbacher's, PAM, Peter Pan, Reddi-wip, Ro Tel, Rosarita, Slim Jim, Wesson, and others.

Operating profit of $235 million grew 20 percent over $196 million in the year-ago period, as reported.

After adjusting for $7 million of net expense in the current period, and $16 million of net expense a year ago, from items impacting comparability, current-quarter operating profit of $242 million increased 14 percent over the comparable $212 million a year ago.