The Consumer Foods segment posted sales of approximately $2 billion and operating profit of $186 million, as reported. Sales declined 2% as reported, which includes 2% contribution from acquisitions, a 3% organic volume decline, and a 1% decline in price/mix.
Sales for the Commercial Foods segment were $1.26 billion, essentially in line with $1.27 billion a year ago. Segment operating profit was $130 million, 7% below year-ago amounts.
Ralcorp businesses contributed a total of $942 million in sales and $82 million in operating profit for the fiscal first quarter, as reported.
Our first-quarter Consumer Foods volumes were lower than planned due to category and customer challenges,commented CEO Gary Rodkin.We are revising our merchandising and promotion plans to improve our volume, and we have already begun additional SG&A cost management initiatives that should improve EPS performance as the fiscal year progresses. We still expect to post good EPS growth this fiscal year, and we are confident in our long-term EPS growth and cash flow outlook as the sizeable synergies from Ralcorp are achieved over the next few years.
ConAgra sees FY14 EPS of $2.34 - $2.38, versus the consensus of $2.35.
For earnings history and earnings-related data on ConAgra (CAG) click here.