UPDATE: ConAgra Foods, Inc. (CAG) Tops Q4 EPS by 1c

June 27, 2013 7:35 AM EDT
(Updated - June 27, 2013 7:36 AM EDT)

ConAgra Foods, Inc. (NYSE: CAG) reported Q4 EPS of $0.60, $0.01 better than the analyst estimate of $0.59. Revenue for the quarter came in at $4.59 billion versus the consensus estimate of $4.61 billion.

ConAgra Foods, Inc. sees FY2014 EPS of ~$2.40, versus the consensus of $2.48.

Gary Rodkin, ConAgra Foods' chief executive officer, said, "We are pleased to have driven a 17% increase in comparable EPS for fiscal 2013, and to have posted comparable year-over-year Consumer Foods volume growth in the fiscal fourth quarter as planned. Today we provided our current view of our strong near-term and long-term EPS growth potential, taking into account an increase in expected synergies from the recent Ralcorp transaction, as well as the benefit of our ongoing innovation, marketing, and margin management initiatives. We are confident in our strategy and our ability to execute it. After the strong fiscal 2013 performance from the Commercial Foods segment, we will be dealing with some profit headwinds related to that segment in fiscal 2014, and we expect to manage through these and still post very good EPS growth for the fiscal year. As we look to the longer term, given the opportunities ahead of us, we expect to grow comparable EPS by at least 10% per year from fiscal 2015-2017; this is expected to result in five consecutive years of double-digit EPS growth, and EPS in excess of $3.00 per share in fiscal 2017."

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


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