ConAgra Foods, Inc. (CAG) Tops Q3 EPS by 2c; Reaffirms Outlook

March 20, 2014 7:31 AM EDT
ConAgra Foods, Inc. (NYSE: CAG) reported Q3 EPS of $0.62, $0.02 better than the analyst estimate of $0.60. Revenue for the quarter came in at $4.39 billion versus the consensus estimate of $4.4 billion.

Consumer Foods sales declined in line with expectations, and comparable operating profit was flat. Challenges for a few key brands are weighing on overall segment sales results. Strong productivity, lower marketing expense, and other cost reductions benefited segment profits.

Commercial Foods posted a slight decline in sales and a decrease in operating profit, as expected. The decrease in profit was due to previously discussed customer transition and crop quality issues in the Lamb Weston potato products business.

Private Brands sales and comparable operating profit increased substantially, although below original expectations, as prior year results included only 27 days of contribution from Ralcorp given the date of that acquisition.

Reaffirms FY2014 guidance.

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

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