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ConAgra Foods shows decreased profits
By Shaun Weston
22 September 2010
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Business
Financial
Food
Highlights
Diluted EPS from continuing operations of $0.32 as reported and $0.34, adjusted for items impacting comparability. Diluted EPS from continuing operations declined 14% as reported and 11% on a comparable basis.
Consumer Foods’ sales and operating profits declined, reflecting difficult competitive conditions for some categories, a sluggish retail environment, and inflation that outpaced cost savings. Innovation and accelerating productivity are expected to improve this segment’s results in the back half of the fiscal year.
Commercial Foods’ operating profits decreased as expected due to higher costs associated with the prior year’s potato crop. Benefits from the new potato crop are expected to improve results in the back half of the fiscal year.
Revised outlook
– Fiscal 2011 diluted EPS adjusted for items impacting comparability now expected to grow 5-7% over the fiscal 2010 comparable base of $1.74.
>The company raised the annualised dividend 15% to $0.92 per share from $0.80 per share. The new quarterly rate of $0.23 per share will be effective with the December 2010 payment.
Source: ConAgra Foods
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