ConAgra (CAG) Issues Mixed Q1 Results as Margin Pressures Linger
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Price: $16.27 +0.31%
Financial Fact:
Selling, general and administrative expenses: 281.5M
Today's EPS Names:
EDXC, BICX, FBPI, More
Financial Fact:
Selling, general and administrative expenses: 281.5M
Today's EPS Names:
EDXC, BICX, FBPI, More
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ConAgra (NYSE: CAG) is slightly lower Tuesday, following first-quarter earnings results which was mixed as margin pressures lingered. The results from the food company follows yesterday's dropped bid for Ralcorp (NYSE: RAH), after numerous unsuccessful overtures.
Revenue for the producer of products like Cef Boyardee, Healthy Choice, and Swiss Miss, increased 9.5 percent from $2.80 billion to $3.07 billion.
Net income dipped 41.7 percent to $85.3 million, or 21 cents per share. Adjusting for certain items like unallocated derivatives and restructuring charges, and earnings were more robust at 29 cents per share.
Overall, the Street was looking for earnings of 31 cents per share on revenue of $2.95 billion.
"The first-quarter EPS reflects the negative impact of short-term wheat market dynamics in our Commercial Foods segment and severe inflation in our Consumer Foods segment," commented CEO Gary Rodkin. "We took pricing actions in the first quarter in both of our operating segments, and more pricing actions will soon be implemented in both segments."
ConAgra's Consumer Foods segment saw a 4 percent increase in sales, while it's Commercial Foods segment saw a 19 percent jump.
Fiscal 2012 guidance was reaffirmed.
ConAgra shares are 3.8 percent lower Tuesday morning ahead of the bell.
Revenue for the producer of products like Cef Boyardee, Healthy Choice, and Swiss Miss, increased 9.5 percent from $2.80 billion to $3.07 billion.
Net income dipped 41.7 percent to $85.3 million, or 21 cents per share. Adjusting for certain items like unallocated derivatives and restructuring charges, and earnings were more robust at 29 cents per share.
Overall, the Street was looking for earnings of 31 cents per share on revenue of $2.95 billion.
"The first-quarter EPS reflects the negative impact of short-term wheat market dynamics in our Commercial Foods segment and severe inflation in our Consumer Foods segment," commented CEO Gary Rodkin. "We took pricing actions in the first quarter in both of our operating segments, and more pricing actions will soon be implemented in both segments."
ConAgra's Consumer Foods segment saw a 4 percent increase in sales, while it's Commercial Foods segment saw a 19 percent jump.
Fiscal 2012 guidance was reaffirmed.
ConAgra shares are 3.8 percent lower Tuesday morning ahead of the bell.
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