ConAgra Q3 e.p.s. to be higher than planned
February 19, 2008
by FoodBusinessNews.net Staff
OMAHA, NEB. — ConAgra Foods, Inc. announced it is expecting future annual earnings per share growth of 8% to 10%, sales growth exceeding 4% in the near term and in the range of 4% in the long term, as well as return on invested capital to exceed 12% in the near term and 13% over the long term.
The company also announced e.p.s. from continuing operations for the third quarter ending Feb. 24 will be higher than planned. The company previously said it expected second-half e.p.s to be approximately 70c with more in the third quarter than the fourth quarter.
Third-quarter expectations are up as the result of strong performance in the Trading and Merchandising and Food and Ingredients segments. The Consumer Foods segment, meanwhile, has been negatively impacted by higher input costs, and the company has implemented pricing actions for a number of consumer brands and various increases to be effective in late March 2008.