ConAgra Foods Reports Strong Second-Quarter EPS Growth; Raises Fiscal 2013 Expectations; Acquisition Of Ralcorp Holdings, Inc. On Track For Closing In The First Quarter Of Calendar 2013
ConAgra Foods, Inc., (NYSE: CAG):
Fiscal 2013 Second-quarter Highlights (% cited vs. year-ago period amounts, where applicable):
- Diluted EPS from continuing operations of $0.51 as reported and $0.57 adjusted for items impacting comparability, up 19% as reported and up 16% on a comparable basis.
- Consumer Foods’ operating profit increased 12% as reported and 8% on a comparable basis, including a double-digit increase in base business marketing investment. Segment sales increased 11%, driven by acquisitions.
- Commercial Foods’ operating profit grew 5% as reported and segment sales increased 5%.
- The company now expects EPS expectations for the full fiscal year, adjusted for items impacting comparability, to be at least $2.06, an increase from the previous guidance of $2.03 - $2.06 on that same basis. This upwardly revised outlook includes a strong year-over-year increase in marketing investment, and does not include any fiscal 2013 EPS benefit from acquiring Ralcorp, which will be determined in due course after the transaction closes.
- The company continues to expect operating cash flow in excess of $1.2 billion for the fiscal year, excluding any fiscal 2013 cash flow from acquiring Ralcorp.
- The company’s planned acquisition of Ralcorp for $90 per share in cash is on track to close in the first quarter of calendar 2013. Please refer to the company’s press release dated Nov. 27, 2012, for details on the transaction.
ConAgra Foods, Inc., (NYSE: CAG) one of North America’s leading packaged food companies, today reported results for the fiscal 2013 second quarter ended Nov. 25, 2012. Diluted EPS from continuing operations was $0.51 in the fiscal second quarter, up 19% over $0.43 earned in the year-ago period. Excluding $0.06 of net expense in both the current quarter and the year-ago period from items impacting comparability, current quarter EPS of $0.57 was 16% above the comparable $0.49 earned in the year-ago period. Items impacting comparability in the second quarter of fiscal 2013 and the same period a year ago are summarized toward the end of this release and reconciled for Regulation G purposes starting on page 9.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV