ConAgra Reports Fiscal Q3 2008 Earnings

3/27 - "ConAgra Foods, Inc., (NYSE: CAG - News) one of North America’s leading packaged food companies, today reported results for the fiscal 2008 third quarter ended Feb. 24, 2008. Current-quarter diluted EPS from continuing operations was $0.63; items impacting comparability did not have a significant net effect on EPS. Prior-year diluted EPS from continuing operations of $0.37 included net expense of $0.07 from items impacting comparability. Items impacting comparability in the current and prior years are summarized toward the end of this release.

Gary Rodkin, chief executive officer of ConAgra Foods, commented, “Our Food & Ingredients segment had terrific results, and our Consumer Foods segment demonstrated top-line progress. Consumer Foods sales grew 8%, or 6% on a comparable basis, and pricing played a larger role in that segment’s sales performance. I congratulate our team on the successes and improvements to date, and expect momentum to build as we go forward.”

He continued, “As we announced earlier today, we have entered an agreement to divest our Trading & Merchandising operations. The deal is the right strategic step for us, and the timing underscores our confidence in our core food businesses. The transaction does not change our EPS growth commitments. While profits from the Trading & Merchandising operations have been extremely high over the past four quarters due to unprecedented volatility in commodities markets, our sole focus is on more repeatable earnings and cash flow growth from our core food operations. Due to the innovation, pricing, marketing, and cost-saving initiatives under way, we are confident the foundation has been set for strong future profitability.”