ConAgra Foods (CAG) Tops Q2 EPS by 11c

ConAgra Foods (NYSE: CAG) reported Q2 EPS of $0.71, $0.11 better than the analyst estimate of $0.60. Revenue for the quarter came in at $3.09 billion versus the consensus estimate of $3.38 billion.

• Consumer Foods posted double-digit operating profit growth, as the benefit of favorable price/mix, strong net productivity, and lower commodity input costs more than offset increased marketing investment and the unfavorable impact of foreign exchange.
• Commercial Foods posted double-digit operating profit growth, largely on the strength of Lamb Weston’s international volumes as well as lower product costs.

Guidance:

The company currently expects fiscal 2016 third quarter comparable EPS to be modestly higher than comparable year-ago amounts. The company’s outlook includes expected contribution from the private label operations (classified as discontinued operations) in the current outlook and in the basis for comparison a year-ago; as noted previously, results for discontinued operations in the current fiscal year are benefitting from the absence of depreciation and amortization expense.

The company expects to complete the divestiture of the private label operations in the first quarter of calendar year 2016. The company will comment on expectations for the remainder of fiscal 2016 once the sale of the private label transaction is complete.

For earnings history and earnings-related data on ConAgra Foods (CAG) click here.

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