Consumer Foods to negatively impact ConAgra results
September 03, 2008
by FoodBusinessNews.net Staff
OMAHA, NEB. — ConAgra Foods, Inc. said underperformance in its Consumer Foods segment will negatively impact the company’s fiscal 2009 first-quarter earnings per share from continuing operations.
Earnings, excluding gains and losses impacting comparability, are expected to be slightly below the previously announced estimate of 26c to 28c per diluted share.
The results are driven by lower-than-expected profits for the Consumer Foods segment, with key areas of underperformance being cooking oils, tablespreads, Banquet frozen foods and popcorn, ConAgra said.
The company does not expect any material change in its full-year fiscal 2009 outlook but is in the process of determining if first-quarter results will cause a downward revision to the low end of its expected e.p.s. range for the full fiscal year
After closing trading at $21.46 on Sept. 2, shares of ConAgra stock opened at $19.53 and fell to as low as $19.45 in early morning on Sept. 3 following news of the reduced outlook.