ConAgra Foods Reports Fiscal 2011 First-Quarter
Results; Revises Fiscal 2011 Outlook to 5-7%
Comparable EPS Growth; Increases Dividend
First Quarter Fiscal 2011 Highlights:
l 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.
l 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
l 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.
l 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.
l The company raised the annualized 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.
September 21, 2010 07:33 AM Eastern Daylight Time
OMAHA, Neb.--(EON: Enhanced Online News)--ConAgra Foods, Inc., (NYSE: CAG) one of North America’s
leading packaged food companies, today reported results for the fiscal 2011 first quarter ended Aug. 29, 2010.
Diluted EPS from continuing operations was $0.32, including $0.02 per diluted share of net expense from items
impacting comparability. Adjusting for those items, diluted EPS from continuing operations was $0.34, which is
below comparable year-ago amounts. For the same period a year ago, diluted EPS from continuing operations as
reported was $0.37, which included $0.01 of expense from items impacting comparability. Items impacting
comparability in the current year and prior ye