ConAgra Foods (CAG) Tops Q1 EPS by 13c
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ConAgra Foods (NYSE: CAG) reported Q1 EPS of $0.61, $0.13 better than the analyst estimate of $0.48. Revenue for the quarter came in at $2.67 billion versus the consensus estimate of $2.73 billion.
Sean Connolly, president and chief executive officer of ConAgra Foods, commented, “We continue to make strong progress as we reshape our portfolio, capabilities, and culture. Our efforts to infuse focus and discipline into our consumer businesses are clearly enabling us to expand our margins as we build a higher quality revenue base, improve efficiency, and deliver stronger, more consistent performance. While we are taking broad-based actions to build a higher quality revenue base, the related volume declines are concentrated in brands where we have historically under-priced and over-promoted.”
He added, “I’m very pleased with the outstanding performance of the Lamb Weston business this quarter. We look forward to sharing more detailed information on Lamb Weston and Conagra Brands at each company’s respective investor event next month.”
The Company expects this to be the last earnings release as ConAgra Foods.
The Company remains on-track to execute the spin-off of the Lamb Weston business this fall. The spin-off will result in two independent, publicly-traded, pure play companies, Conagra Brands and Lamb Weston.
Conagra Brands and Lamb Weston have announced their intention to host investor events on October 18, 2016 and October 13, 2016, respectively. Each company expects to share more details, including fiscal year 2017 and longer-term outlooks, growth initiatives, efficiency programs, and capital allocation priorities, at these events.
For earnings history and earnings-related data on ConAgra Foods (CAG) click here.
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