ConAgra (CAG) Reaffirms FY12 EPS Outlook; Updates on 'Recipe For Growth' Plan

ConAgra Foods (NYSE: CAG) will provide a company update to analysts and investors at the annual Consumer Analyst Group of New York Conference in Boca Raton, Fla, today. ConAgra Foods CEO Gary Rodkin, President of Consumer Foods Andre Hawaux, and Chief Financial Officer John Gehring will present the company’s accomplishments and outlook.

Rodkin will discuss the company’s Recipe For Growth, which focuses on expanding in adjacencies, international opportunities, and private label operations. Hawaux will comment on Customer Connect, a series of initiatives designed to strengthen customer relationships and grow revenues for the Consumer Foods segment, and he will also discuss Consumer Foods’ productivity initiatives. Gehring will confirm that the company is on track to meet its fiscal 2012 EPS expectations, previously communicated as a low to mid-single-digit rate of EPS growth, adjusted for items impacting comparability, over the comparable $1.75 earned in fiscal 2011, and that the long term financial goals remain as follows:

• The company expects approximately 3% annual sales growth.
  
• The company expects 6-8% EPS growth annually, adjusted for items impacting comparability.
  
• The company expects Return on Invested Capital to be 13-14%, adjusted for items impacting comparability.
  
• Paying a top-tier dividend remains a priority for the company.
  
• The company expects to repurchase shares and invest in growth, both organically and through acquisitions, as opportunities arise.

Rodkin commented, “While current conditions are certainly challenging, we are confident in our strong foundation and our ability to successfully execute our initiatives over the long term. We plan to leverage our operating competencies and utilize our sizeable cash flow to create long-term shareholder value through organic growth and prudent capital allocation.”

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